For Immediate Release Contact:
March 4, 2014 Roslyn Singer, 212-613-8227
Today, the Union of Orthodox Jewish Congregations of America (Orthodox Union), the nation’s largest Orthodox Jewish umbrella organization, expressed concern about the impact President Obama’s 2015 budget proposal could have on the level of charitable giving in America.
As in past budgets, the President once again proposed that higher earning taxpayers (those making more than $250,000 for a married couple and $200,000 for an individual tax filer) will have their tax deduction for contributions to charities reduced to a maximum rate of 28 percent of their donations. Thus, for example, a person who is taxed at a rate of 35 percent making a $10,000 contribution to a charity would have his/her deduction reduced from $3,500 to $2,800 under the President’s proposal.
Nathan Diament, Executive Director of Public Policy for the Orthodox Union, stated: “The Orthodox Union, like others in America’s nonprofit sector, is deeply concerned over President Obama’s budget proposal to reduce the tax deductibility for charitable donations. Tax deductibility is an essential component to the fundraising efforts of so many Jewish organizations and charities. Without this incentive we risk losing the funds necessary to provide essential programming and resources to our fellow citizens. Experts have estimated that such a change in the tax law could reduce donations to American charities by approximately $4 billion annually. We are committed to working with our allies in Congress and across the nonprofit sector to prevent this harmful proposal from being enacted.”