Rep. Dave Camp (R-MI), Chairman of the House Ways & Means Committee, just unveiled the first major plan in decades to reform the nation’s tax code.
While the primary goals of the draft legislation, according to Camp, were to lower tax rates and to make the code simpler and fairer for businesses and families, the comprehensive draft spanning nearly 1,000 pages contains numerous proposals that would significantly impact Christ-centered churches and charities.
“I salute Rep. Camp for his desire to simplify the tax code, lower tax rates, and close loopholes,” said Dan Busby, president of ECFA. “At the same time, I am very concerned about the reduction in incentives which would negatively impact charitable giving—particularly the proposed floor on the charitable giving deduction and changes to valuation rules for gifts of property. Additionally, eliminating the rebuttable presumption will allow the IRS to wield too much power against charities.”
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