This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NAEIR President Gary C. Smith Submits Comments To Congress On Tax Reform And The Charitable Deduction

GALESBURG, Ill., Feb. 15, 2013 /PRNewswire/ -- Gary C. Smith, president and chief executive officer of the National Association for the Exchange of Industrial Resources (NAEIR), www.NAEIR.org, in response to an invitation extended by Congressman Dave Camp (R-MI), chairman of the Committee on Ways and Means, submitted comments this week for the hearing on Tax Reform and Charitable Contributions held in Washington, D.C.

In his testimony, Smith urged Congress to secure the future of the charitable contribution and pursue fairness and parity in tax treatment of America's charities and small businesses. Over the past several months, tens of thousands of charities and citizens have urged Congress to avoid jeopardizing the future of the nonprofit sector in considering any proposals that would impose caps or limits on the charitable deduction.

Congress now has an opportunity to help charitable organizations and small businesses across the country with the Charitable Contribution Parity & Enhancement Act, H.R. 2592, which was introduced last year by Congressman Aaron Schock (R-IL). If passed, the bill would provide tax incentives to over 3 million of the nation's small businesses—most of which are S corporations—to donate their excess inventory to struggling charities throughout the country. The legislation would make available hundreds of millions of dollars in excess inventory to charities across the United States and would correct a long-standing disparity between tax benefits offered to large corporations versus small businesses.

"The various proposals currently being considered to remove or cap the charitable deduction would be ill-advised," Smith said in his testimony. "Adopting any one of these proposals, in whole or in part, would only serve to weaken our nation's charities. Additionally, it is of equal importance that we continue to look for ways to harmonize the differences that exist in the tax code when it comes to charitable incentives for larger corporations versus those of smaller businesses."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs