Our Voice: Letter to Congress: Private foundation excise tax
September 21, 2010 - McKnight and 200 other foundations urged leaders in Congress to pass legislation that would simplify the nation's tax system and make it easier for the philanthropic sector to devote more resources to giving.
Dear Members of Congress,
We the undersigned private foundations are writing to you today to ask that you support a change in the law that both simplifies the tax code and encourages foundation spending. At a time when the foundation community is doing so much to help our nation and our communities recover from the economic downturn, we call upon you to help foundations by simplifying the private foundation excise tax on net investment income to a flat rate that is revenue neutral so we can do even more...