Representatives of various charities and nonprofits presented a case for preserving charitable deductions in the Tax Code in a hearing before the House Ways and Means Committee, arguing that imposing a cap on such deductions would cause many of them to cut back services at a time of critical demand.
“In light of declining federal and state funding and reductions in Medicaid spending, the role of charitable contributions has never been more important,” said Volunteers of America president and CEO Mike King in testimony prepared for Thursday’s hearing. “Since the economic downturn in 2008, charitable giving has declined by $25 billion as Americans have struggled to navigate a difficult economy. Federal and state budget cuts have further overburdened and diminished the capacity of nonprofits and disproportionately affected those least able to help themselves.”
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