As we’re approaching the “Fiscal Cliff,” we fear that the Charitable Deduction could be on the chopping block. As a non-profit cultural, educational museum and archive, THS depends on the support of our donors.
If Congress reduces the benefits to donors by eliminating the charitable contribution, we could lose valuable funding. Unlike Europe, where traditionally there is direct government funding of cultural organizations, the U.S. utilizes an indirect system. Donors make charitable contributions and have the ability to deduct this amount from their Federal tax return. Many Americans rely on this deduction to lower their tax liability and support arts and cultural organizations.
Read the message below from the American Alliance of Museums and take action to support THS!
Congress Considers Cutting the Charitable Deduction: How You Can Stop Them
With the end of the year fast approaching, members of Congress are searching frantically for spending cuts and new tax revenue that can help them avoid the so-called “Fiscal Cliff.” People in both parties have proposed limits on tax deductions for charitable giving in the past and Congress is clearly considering them this time around. We know how important charitable donations are to your museum, but do your legislators? Let them know right now.
On December 5th, American Alliance of Museums President Ford W. Bell will join with Alliance board members and over 200 representatives from nonprofits nationwide on Capitol Hill to tell policymakers that limiting the charitable deduction is the wrong way to deal with America’s fiscal problems. Over the last few years, museums and other charities have seen their public funding cut, while demand for their services has increased. Research has shown that some of the changes under consideration would reduce giving by billions of dollars every year, devastating museums, other nonprofits, and those who depend on them. Tell your members of Congress to protect the charitable deduction today.