TASC is proud to announce that The Greater Give Backed Everyday Philanthropist Act Has Been Introduced in the US Senate

USA - English

• USA - English

MADISON, Wis., Dec. 8, 2021 /PRNewswire-PRWeb/ -- The Everyday Philanthropist Act (H.R. 4585/S. 3191) – a bipartisan bill that would incent more Americans to make charitable donations by providing an effective tax break has been introduced in the U.S. Senate. This bill would allow employees to set aside up to $2,700 per year, on a pre-tax basis, to give to the charity or charities of their choice through the establishment of Flexible Giving Accounts (FGAs). The bill was introduced in the U.S. Senate by Senators Ben Sasse (R-NE) and Tammy Baldwin (D-WI). Sponsor of the bill in the U.S. Congress include Representatives Vern Buchanan (R-FL), Mark Pocan (D-WI), Dean Phillips (D-MN), Barry Loudermilk (R-GA), Mike Gallagher (R-WI), Cheri Bustos (D-IL), Tim Walberg (R-MI), and Bryan Steil (R-WI).

"Everyday Americans are the foundation of charitable giving across the country. The Everyday Philanthropist Act is a commonsense proposal that provides Americans with a tax break to help them support the charities and non-profits of their choice that serve some of the most vulnerable populations in our communities," said Rep. Vern Buchanan (R-FL).

Charities and non-profit groups throughout the U.S. serve some of the most vulnerable populations in our communities and are essential to addressing some of the most pressing needs. Unfortunately, when many of the services these groups provide are most needed, they are facing significant reductions in giving.

The Everyday Philanthropist Act gives taxpayers the ability to make charitable donations on a pre-tax basis. Our current tax code provides only taxpayers who itemize their deductions - those typically in the highest tax brackets – the opportunity to lower their income taxes by giving to charity. The Everyday Philanthropist Act changes that. Providing encouragement for non-itemizers to want to give more, more often.

"We need a tax code that is about fairness – especially when it comes to charitable donations," said Rep. Tom Suozzi (D-NY). "This legislation would give a tax break to millions of Americans, all while helping support our team nation's charities and the work they do to better our communities."

This straightforward improvement to the tax code will broaden the nation's philanthropic base, provide increased incentive to give now and foster a culture of more regular charitable donations for the future. Further, the establishment of pre-tax FGAs as set forth in H.R. 4585/S. 3191 would incentivize charitable giving in a manner that is fiscally sound, compliance friendly, and effective.

"The Everyday Philanthropist Act would help people who give currently to give more and encourage those who don't already give to start," says Dan Rashke, Founder of The Greater Give. "It would revolutionize the way Americans give back and could have incredible impacts on those in our community who are in need."

Media Contact

Bruce Stein, TASC, +1 608 268-8807, [email protected]

Bruce Stein, TASC, (800) 422-4661 8807, [email protected]

SOURCE TASC