September 16, 2004 | Read Time: 1 minute
President Bush’s call for fundamental changes to the federal tax code, made during his speech at the Republican National Convention, could have implications for charity fund raising.
At a campaign appearance this month, President Bush said the adoption of a flat tax in place of the current income tax was “certainly one option” that the government could consider.
If re-elected, Mr. Bush said he would create a bipartisan committee to advise the Treasury Secretary on how to make the tax code “simpler, fairer, and pro-growth.” The White House said that any changes would need to recognize the importance of charity in American society.
Some philanthropy leaders fear that a flat tax without deductions for charitable contributions would dampen charitable giving. Others argue that a flat tax would lead to economic growth and higher incomes — and a resulting increase in charitable donations.
