The introduction of The Everyday Philanthropist Act establishes the foundation for change in the way employers approach community giving and opens the door for a tremendous transformation in giving back.
H.R. 4585 is sponsored in the House of Representatives by Ways and Means committee members Tom Suozzi (D-NY) & Vern Buchanan (R-FL). There are three additional cosponsors. Mark Pocan (D-WI), Dean Phillips (D-MN), Barry Loudermilk (R-GA). This bi-partisan legislation empowers everyday Americans to become the Everyday Philanthropist®.
If passed, H.R 4585 is an opportunity to democratize giving by incentivizing not only the donor but also the employer. This is done through the benefits of pre-tax payroll deductions specifically for employee giving.
With current legislation, only Americans who itemize their tax returns are eligible to take their charitable donations as tax deductions. This strategy has an overwhelming benefit to the wealthiest in our country. Most American taxpayers do not itemize their taxes making them ineligible to take advantage of the charitable giving tax credit.
A Study from SHRM showed that 66% of employees are looking for employers who are philanthropically inclined. The Everyday Philanthropist Act and TASC’s Universal Benefit Account® allow employers to provide innovative ways to engage employees in their communities. This benefits the employer, employee, and the communities where we all live, work and play.
The Everyday Philanthropist Act would allow for more incentives for giving, greater rewards for charitable organizations, bigger impacts in communities. It would pave the way for every American to be an Everyday Philanthropist®. The bill gives taxpayers the ability to make charitable donations on a pre-tax basis.
TASC offers more than 50 feature accounts through Universal Benefit Account® that allow for customized offerings tailored to the unique needs and wants of employees. This includes fourteen employee giving account offerings.
A Paid Volunteer Hours Account incentivizes employees to make a positive impact on the communities where their employees work and live by cultivating a culture of volunteerism. Paid volunteer hours are a great incentive and enable employees to get into the community during their standard scheduled work hours. Employees may volunteer individually or as a group.
An Employee Giving Account is a tool employers can use to simplify program administration and allows flexibility to expand workplace giving. This type of account allows employees to decide when, how much, and where to donate their funds encouraging more giving, more often.
Those are just a few ways employers can empower employees to give back with TASC Universal Benefit Account®. Simple offerings to empower employees to give back.
The Everyday Philanthropist would enable millions of more Americans to receive immediate tax benefits for their charitable donations. It would allow employers to enhance their Corporate Social Responsibility (CSR). It would also improve employee engagement programs by incentivizing their staff to give back while lowering their own payroll taxes.
Since 2017, The Greater Give has played a crucial role in bringing this powerful legislation to life. What began as a seed of an idea — to compel more giving — grew to garner support from policymakers, businesses, charities, think tanks and individuals.
More incentives for giving, greater rewards for charitable organizations, bigger impacts in communities.
This bill is essential for charitable organizations across the country who rely on giving to do their good work. This legislation would give a tax break to millions of Americans & businesses, all while helping support our team nation’s charities and the work they do to better our communities.
We are optimistic that The Everyday Philanthropist Act will move forward in consideration this year. This will open the door for strengthening our communities through giving.
