Colorado Springs Gazette editorial: Protect charitable deductions in tax reform
Congress and President Donald Trump hope to pass sweeping tax reform, and House Speaker Paul Ryan said Wednesday that he hopes to have a bill ready for Trump to sign before the Dec. 23 congressional recess.
Give us tax reform, and give it to us soon. Just be careful to protect the country’s private-sector safety net while doing so.
Soak-the-rich types are pressuring lawmakers to reduce the charitable donations deduction, which cynics characterize as a loophole for wealthy donors.
President Barack Obama tried and failed to reduce the top charitable deduction of $39.60, for each $100 donation, to $28. He was opposed by the rich, poor, Republicans and Democrats. When people can afford to give, everyone benefits.
This year is the 100th anniversary of Congress enacting the charitable deduction, and it is no time for the federal government to reduce the incentive to give.
Locally, a reduced cap on charitable deductions could result in lost jobs. Colorado Springs serves as a major hub for nonprofit headquarters, as host to everything from the National Dog Mill Rescue, to Compassion International, to Orphans Tree, to Angels of America’s Fallen and more. Nonprofits rank favorably among the military, and tourism is a principle component of our local economy.
Beyond Colorado Springs, a disincentive to give could wreak havoc on the sick and poor.