The Orthodox Union and others in the Jewish community have strongly urged all NYS lawmakers to oppose a new proposal to limit the deductibility of charitable contributions. They join together with other nonprofit leaders in New York, including The American Red Cross, New York State Catholic Conference, United Jewish Appeal-Federation of Jewish Philanthropies and United Way of New York State.
The proposed limit would cut by 50% the deductibility of charitable gifts from higher income donors. Donors who earn $1 million or more are only able to claim 50% of their contribution as a deduction. This proposal would require donors earning $10 million or more to claim only 25% of their contribution.
This proposal will curtail charitable giving at exactly the time that nonprofits – large and small – are being asked to step up and do more, with less. The donors may be the target of this proposal but it is those serviced by nonprofits that bear the burden. Nonprofits, in particular the small ones that operate on stretched budgets even in the best of times are now on the front line of assisting those with financial, legal and emotional issues related to the current economic downturn. Now is not the time to increase the burden on those institutions, including our member congregations and affiliated day schools, as well as various social service agencies serving the hungry, those with disabilities, youth, university students and more. But by making it harder for them to raise needed revenue, even as government cuts back its own services and its own grants to nonprofits, this is a double hit that nonprofits – and more importantly, those they serve, can ill afford.
The State could jeopardize philanthropic giving at any level, at the same time as state funding for most human services programs has been reduced multiple times.
{Noam Amdurski-Matzav.com Newscenter}
who sponsored this stupid proposal? A democrat no doubt. This is dangerous please give more info on who to contact to protest this.