CMF joins Council on Foundations in opposing House version of tax reform
A statement from CMF:
We support simplifying the tax code. However, the House of Representatives’ tax reform bill, H.R. 1, the Tax Cuts and Jobs Act, which passed Thursday will negatively impact the charitable sector’s ability to carry out our work in the communities we serve.
If signed into law as passed by the House, H.R. 1 will result in a projected $20 billion reduction in annual charitable giving. By adding new taxes and reporting requirements and allowing foundations and nonprofits to accept political donations and endorse candidates, it will reduce the services being provided to those residents of Michigan most in need of assistance. Ultimately it will result in a loss of jobs for nonprofits challenged to meet growing needs.
We appreciate the support of both Senators Debbie Stabenow and Gary Peters to maintain incentives for charitable giving and will work with them on the Senate version of tax reform.