Sarah Ford | February 13, 2013

Giving is a virtue under the U.S. tax code, but concern is growing among philanthropic leaders

growing concerns about changing tax code impact on philanthropyWorried that federal deficit-fighting efforts are putting a pinch on the tax break, dozens of United Way executives will visit Congress this week to plead their case.
The tax-writing House of Representatives Ways and Means Committee will hold a hearing on the deduction on Thursday, with United Way leaders planning to lobby lawmakers on Wednesday.
At issue is a write-off by more than 30 million Americans annually at a cost to taxpayers of $38 billion a year. The donations deduction is not in danger of outright repeal.
But proposals to cap tax breaks generally for the affluent are being discussed, and one has been enacted. Non-profits and other charities worry such measures could squeeze the charitable donations deduction, though some experts downplay this danger.

>> Read more about why philanthropic leaders are concerned.

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