I applaud the recent testimony of Elder Dallin H. Oaks regarding the tax deduction for charitable giving. Public and private charities ease terrible suffering, enrich the fabric of our society and facilitate opportunities for many of us. Our goal should be to help charitable causes do more of these good things. A couple of suggestions:
1. Increase transparency. According to Giving USA, $100 billion was given to religious organizations during 2010. Additional transparency is necessary to ensure these charitable donations are being used for charitable purposes.
2. Encourage distribution. Giving USA reports the second and third largest destinations for charitable giving are education ($42 billion) and private foundations ($33 billion). Many institutions of higher education have endowments larger than $1 billion, and several have endowments larger than $10 billion. Think of the good that could come from even a small increase in required minimum distributions from endowments and private foundations.
At a time when people across America are increasingly skeptical and shrill, we should be celebrating what is right with our society. Our network of public and private charities is worthy of that celebration.
Matt Willes
Sandy
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If you want me to believe how charitable you are then open your books.
In a document outlining his 2010 budget plans, President Obama proposed limiting the value of the tax break for itemized deductions, including donations to charity, to 28 percent for families making more than $250,000.
Mnay More..
These are two very good proposals. On the endowment issue, this is an area much abused by universities as they hoard money for their own competitive purposes, creating the perception amongst the academic community that the bigger the endowment, the More..