|President Obama’s FY14 Budget Proposes Increases for Key Programs, Limits to Charitable Giving |
On Wednesday, President Obama released his budget proposal for Fiscal Year 2014, making the case for some renewed investments in programs that are important to museums while again suggesting harmful changes to tax incentives for charitable donations. The $3.77 trillion budget would provide:
“With the release of this budget proposal, Congress and the President will continue working on important tax and spending decisions that have the potential to affect every museum,” said American Alliance of Museums President Ford W. Bell. “Our field needs to be sure its voice is heard in the debates ahead.”
More Attacks on the Charitable Deduction
President Obama’s budget yet again contains a proposed 28% cap on the value of itemized deductions, including those for charitable donations. The Alliance has joined with a broad coalition of nonprofit organizations to fight against this cap, writing to the President this week about the damage it could do to charitable donations, which account for roughly one-third of museums’ budgets. With many in Congress talking about comprehensive tax reform, now is a great time to tell them to protect the charitable deduction.
Please visit www.aam-us.org/advocacy to learn more about the Alliance’s advocacy for museums.