Yesterday, the Charitable Giving Coalition issued a press release urging Democratic presidential candidate, Hillary Clinton, to reconsider funding her college affordability plan at the expense of millions of Americans who rely on services made possible through the charitable deduction. As many of our members know, the Council is a long-time, leading member of the Coalition—a diverse group of nonprofit organizations dedicated to preserving the full value of the charitable deduction.
Earlier this week, Clinton proposed a plan that would help undergraduate students earn degrees at community colleges and public universities without taking out student loans: the “New College Compact.” To fund this plan—which would cost a total of $350 billion over 10 years—she proposes a 28% cap on itemized deductions, which includes the charitable deduction.
“The charitable deduction is different than other itemized deductions in that it encourages individuals to give away a portion of their income to those in need. It rewards a selfless act…” yesterday’s press release states.
The Council, along with our colleagues in the Charitable Giving Coalition, will continue to monitor policy proposals issued by the 2016 presidential candidates for impact on charitable organizations, and engage in outreach to emphasize the importance of the charitable deduction to communities around the country.