Two members of the Senate Finance Committee led a bipartisan group of more than 30 senators in a recent letter to its Chairman Max Baucus and Ranking Member Orrin Hatch underscoring the importance of maintaining the charitable tax deduction in any United States tax reform package.
In calling for no reduction to the charitable tax break, the lawmakers are insisting on an exemption to a previous general understanding that all tax expenditures would be on the table in any future tax reform agreement to lower tax rates.
The letter concluded that analysis has repeatedly shown that proposals to cut, cap, or limit the charitable deduction could cause charitable donations to decline by billions of dollars annually. The letter pointed out that weakening the charitable deduction would hurt the adults and children who receive vital charitable services.
