(WASHINGTON, September 27, 2017) — The following statement is from Daniel J. Cardinali, president and CEO of Independent Sector:
“After reviewing the Republican tax reform plan released today, known as the Unified Framework for Fixing Our Broken Tax Code, our assessment is that it does not accomplish their stated goal of unlocking charitable giving or strengthening civil society.
In fact, doubling the standard deduction and keeping the charitable deduction in its current form would lead to a $13 billion reduction in giving each year. This loss does not include the additional sharp decrease in giving that will result from the proposed repeal of the estate tax.
We will continue to advance the universal deduction as a solution to the negative impact this plan would have on charities and the communities we serve. The universal charitable deduction would not only help to offset estimated losses in charitable giving, but would also allow people at all income levels to take advantage of this incentive.
As the process moves forward, we will continue to engage leaders in Washington to make sure they are hearing from our communities.”
Independent Sector is the only national membership organization that brings together a diverse set of nonprofits, foundations, and corporations to advance the common good. Learn more at independentsector.org.
Kristina Gawrgy Campbell