Robert Smith: “among the provisions included in the tax package we voted on today is a provision of great importance to the charitable…”

“among the provisions included in the tax package we voted on today is a provision of great importance to the charitable giving community: an extension of the enhanced deduction for contributions of publicly-traded stock to private foundations. Although extending this deduction benefits many and is a useful tool for providing funds for charitable purposes, this deduction alone is not enough. In this era of ever-tightening fiscal constraints, we have asked our communities to do more and more for those less fortunate. Charitable organizations in our communities have become an integral part of the safety net for the poor and homeless and significant sources of assistance for education, health care, child development and the arts. To meet the increasing deficit in unmet social needs, the government cannot merely expect the private sector to fill the gap, but must provide the leadership for the use of private sector resources through changes in the Tax Code. One source of untapped resources for charitable purposes is the contribution of closely held corporate stock.”