Partnership for Philanthropic Planning:
The chairmen of President Obama's deficit commission, the National Commission on Fiscal Responsibility and Reform, have released their new plan, which proposes eliminating the charitable deduction and replacing it with a 12 percent non-refundable tax credit. This credit would only be available for amounts beyond two percent of a taxpayer's adjusted gross income. The Partnership for Philanthropic Planning (PPP) applauds efforts to address the budget deficit and national debt. However, PPP strongly opposes the Commission's characterization of incentives for charitable giving as "tax expenditures."
