Council on Foundations Statement on Passage of the Tax Cuts and Jobs Act
Council on Foundations Statement on Passage of the Tax Cuts and Jobs Act
(ARLINGTON, VA, December 20, 2017) Today, the Council on Foundations released the following statement from President and CEO Vikki Spruill:
“During a season when families and communities are coming together to find ways to give back and help those most in need, the House and Senate have voted to give Americans tax reform legislation that will increase the need and decrease their ability to help. Today’s passage of the Tax Cuts and Jobs Act will result in a decrease of $16-$24 billion in charitable giving every year, significantly decreasing the philanthropic sector’s ability to provide resources and services to people across the United States and abroad.
Our fight to enact public policy that strengthens philanthropy does not end with the passage of this tax reform. The Council team will continue to work with members of Congress and their staff to pass legislation that empowers—not hinders—the ability of our sector to continue the important work we do. We’ll keep engaging with the executive branch on the implementation of rules and regulations that impact philanthropy and charities. And our legal team will, where appropriate, bring our collective voice to the courts as well.
The year ahead brings new opportunities—and we are poised and ready to pursue policies that enhance charitable giving and empower our sector to support those in need. We will continue to fight for a Universal Charitable Deduction, for simplifying the Private Foundation Excise Tax to the desired flat 1% rate, and for allowing IRAs to be rolled over to Donor Advised Funds. We will also remain vigilant against any efforts to weaken or repeal the Johnson amendment protections that are so crucial to the integrity of our sector.
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About the Council on Foundations
An active philanthropic network, the Council on Foundations (www.cof.org), founded in 1949, is a nonprofit leadership association of grantmaking foundations and corporations. It provides the opportunity, leadership, and tools needed by philanthropic organizations to expand, enhance and sustain their ability to advance the common good. With members from all foundation types and sizes, the Council empowers professionals in philanthropy to meet today’s toughest challenges and advances a culture of charitable giving in the U.S. and globally.
