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."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV