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Clinton Tax Plan to Exempt Charitable Deduction from Cap

March 7, 2016

Fundraising Professionals Thank Candidate for Preserving the American Tradition of Philanthropy

(Arlington, VA.) – The Association of Fundraising Professionals (AFP) applauded presidential candidate Hilary Clinton’s plan to exempt the charitable deduction from a 28 percent deduction limit on the highest tax brackets, 33 percent and above.

In response to the proposal, AFP President and CEO Andrew Watt, FInstF, had the following statement:

Hillary Clinton’s tax plan recognizes the unique value of the charitable deduction by expressly exempting the deduction that would cap itemized deductions at 28 percent for certain families and individuals.

America’s donors span all socio-economic strata and play a vital role in American society. They provide more than $335 billion dollars in programs and services to vulnerable and under-served people and accounts for nearly ten percent of the national workforce.

A calculation of the charitable deduction indicates that for every tax dollar invested through the deduction through American philanthropy, nonprofits and the people they serve receive approximately $2.50 in charitable services in local communities.

The deduction is a powerful symbol of the American tradition and system of philanthropy. It represents an acknowledgement of the effectiveness of nonprofit and community action and a commitment to the longstanding tradition of philanthropy in America. 

It is extremely encouraging that Mrs. Clinton appreciates the value of the nonprofit sector and the charitable contributions that fund their altruistic endeavors. On behalf of the more than 33,000 charities and fundraisers raising $115 billion annually that AFP represents, we thank Mrs. Clinton for explicitly exempting the charitable deduction from her proposed limitation on itemized deductions.

For more information about AFP’s views on philanthropy and the charitable deduction, including AFP’s testimony before Congress on the importance of the deduction, email Morgan Roth at mroth@afpnet.org.

 

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Since 1960, the Association of Fundraising Professionals (AFP) has inspired global change—helping nonprofits and charities and supporting fundraising efforts that have generated more than $1 trillion.  AFP advances effective and ethical philanthropy by providing advocacy, research, education, mentoring, collaboration and technology opportunities for the world’s largest network of professional fundraisers. AFP’s more than 33,000 members raise over $115 billion annually, equivalent to more than one-third of charitable giving in North America, with millions more generated around the world. For more information, go to www.afpnet.org.



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