Preserve the Charitable DeductionThe Evangelical Council for Financial Accountability, the Association of Gospel Rescue Missions, Jewish Federations of North America, and the National Catholic Development Conference joined other charitable associations and foundations in a July 14th letter to Sen. Max Bacus, Chair of the Senate Finance Committee, asking him to oppose efforts by the President and others "to reduce or cap the value of itemized deductions for charitable contributions."
In a time of a skyrocketing national debt and gathering gloom about a possible national default on debt repayment, it's no surprise that Congress and the President (and state legislators and city councils) are searching for ways to increase government income. Yet, as the letter points out, in our current recession, charities need more, not fewer, resources to serve people and communities in need. And charities contribute to economic recovery through their employment and spending. Moreover, the charitable deduction, rather than serving to enrich those who take it, "encourages behavior that enriches communities . . . because it successfully encourages taxpayers to give more." In a time of economic stress, this is one tax incentive that ought to be preserved or even expanded.
For more on the charitable deduction and initiatives to protect it, go to:
Alliance for Charitable Reform