Our take: As America continues to face a fiscal cliff, it is trying to generate revenue from any source. Eliminating the charitable deduction could be one of those sources. But how important is this deduction to the sustainability of charities and causes that are funded from these types of contributions? A short video from Alliance for Charitable Reform breaks down some of the complexities on this issue and argues that the charitable deduction must remain in place.
"The Alliance for Charitable Reform is a strong opponent of limitations or caps to the charitable deduction. During these fiscal cliff negotiations, proposals to cap or limit the charitable deduction have been a looming threat," the website says. "Our position is unambiguous — limits on the charitable deduction would reduce charitable giving and create increased burdens on charitable organizations and the constituents they serve."
The Alliance for Charitable Reform video looks back to 1917, saying lawmakers of the time saw the charitable deduction as a lifeline, not a loophole. If the deduction is changed or removed, charities would lose billions in support, and the country can't afford to make that choice, the video said.
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