Right now, some $1.2 trillion in wealth is warehoused in private foundations and donor-advised funds — whose wealthy donors got huge tax writeoffs. Meanwhile, the rest of us have been doing our best to get through the pandemic, helping our neighbors, and giving more to charities than ever before. It’s time to unleash charitable funds, and the Accelerating Charitable Efforts act would be a good start.
Despite this bill’s moderate goals and bipartisan support, some leaders in the foundation and nonprofit world are opposing it: putting the interests of billionaire donors above the neediest and most vulnerable in our society.
You can help by tweeting at these leaders and asking them to change their minds:
Click to Tweet:
I support the #ACEAct: The wealthy shouldn’t get big tax breaks while parking charitable donations for decades in foundations and donor advised funds. But @indsector is blocking reforms that would put more dollars into the hands of vital charities? @dancardinali @Ben_Kershaw
Click to Tweet:
Foundations should do good for the world, not just for their donors’ tax accounts. The #ACEAct would help close tax loopholes for rich donors – and they’d still have 15-50 years to decide where to give. @unitedphilforum, drop your opposition to this bill! @dbiemesderfer @_MLEvans
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Most folks in nonprofits and philanthropy want to do good in the world. Some would rather help the rich hoard wealth and power. I support the #ACEAct: modest changes to end tax loopholes and get money into charities that need it. Why would @COF_ oppose this? @Enright4Good
If you’re a donor, or associated with a foundation:
Click to Tweet:
Foundations should put charitable impact first, but the @COF_ is supporting wealth hoarding instead by lobbying against the #ACEAct. @Enright4Good, you don’t speak for foundations like mine.
Click to Tweet:
Right now, more than $1.2 trillion is parked in foundations and donor-advised funds — where it’s giving the wealthy a tax break, and not helping any charities. @dbiemesderfer @_MLEvans @unitedphilforum, I support the #ACEAct and you should too.
Click to Tweet:
Foundations shouldn’t just be a way for the rich to hoard their wealth. I support the #ACEAct, which would close tax loopholes for the wealthy and get more money into vulnerable communities. Why would @indsector oppose this? @dancardinali @Ben_Kershaw
You can also help by sending your Senators a message of support. Click here to use our tool to easily send them a letter!