Political Quotes

“I rise to join with Senator Coverdell in introducing the Charitable Donation Antitrust Immunity Act. The bill would strengthen the Charitable Gift Annuity Antitrust Relief Act, which enjoyed broad bipartisan support when it passed the Congress in 1995. Every day across this country, charitable organizations help build better lives for millions of Americans. They are on the front lines in the effort to provide food, clothing, shelter, medicine, and educational support to less fortunate individuals. Their efforts help prevent our social fabric from fraying. Over the years, charities have used gift annuities as a means of making it easier for people to donate money. Generally, these transactions work as follows: a person donates money or some other asset to a charity and receives a tax deduction. The charity then invests the money and makes fixed, periodic payments to the donor. When the donor dies, the remainder of the gift goes to the charity. These arrangements help both donors and charities, and it was never the intent of Congress to unduly restrict their use. Regrettably, the benevolent endeavors of charities have been jeopardized by a lawsuit, Ozee and Richie versus The American Council on Gift Annuities.”