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Tags: lael brainard | biden | charity | deductions | coons | tax credit
CORRESPONDENT

Top Economic Adviser Won't Endorse Charitable Act

John Gizzi By Thursday, 29 June 2023 10:33 AM EDT Current | Bio | Archive

Despite bipartisan support for a bill to expand and extend the nonitemized tax deductions charity, the president's top economic adviser won't give the White House's blessing to the measure designed to encourage more giving to charitable and religious organizations and nonprofits.

Asked by Newsmax on Thursday morning whether the administration supports raising the deductibility of charitable giving, National Economic Council Director Lael Brainard told Newsmax: "The most important things are the things we can see directly affecting those who are suffering the most. The Child Tax Credit cut poverty in half — we'd love to see that extended. The American people would love to see a tax system in which everyone pays their fair share, and it is generally known that is not true today."

Brainard added that "in terms of a broader set of tax positions might be, it would be great to have a broad conversation on that and the president has put his priorities on the table.

"We'd love to have an opportunity to do that, but unfortunately, Republicans didn't want to talk about taxes at all. They only wanted to focus on tax cuts that hurt the middle class."

Pressed by Newsmax about the Charitable Act, which extends below-the-line deductions for charity to taxpayers who don't itemize their returns — and reminded that one of its co-sponsors is President Biden's close friend Sen. Chris Coons, D-Del. — Brainard still would not praise the proposal.

"We have a bunch of priorities, and we'd love to have a conversation about that," she replied, "but unfortunately we couldn't do that as part of the Republican budget discussions because the Republicans didn't want to talk about it."

Senators from both parties have co-sponsored the Charitable Act, 11 in all, ranging from Democrats Coons, Jeanne Shaheen (N.H.), and Gary Peters (Mich.) and Republicans James Lankford (Okla.), Marco Rubio (Fla.), and Tim Scott (S.C.).

Their bill is backed by such venerable charities as the YMCA, United Way, Goodwill Industries, and the American Heart Association.

According to the Annual Report on Philanthropy For 2022, charitable giving fell to $499 billion, down 3.4% from a record year of donations in 2021.

John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.

© 2024 Newsmax. All rights reserved.


John-Gizzi
Despite bipartisan support for a bill to expand and extend the nonitemized tax deductions charity, the President's top economic adviser won't give the White House's blessing to the measure designed to encourage more giving to charitable and religious organizations and nonprofits.
lael brainard, biden, charity, deductions, coons, tax credit
375
2023-33-29
Thursday, 29 June 2023 10:33 AM
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