And have not charity
"It is not possible to endorse the work of charitable agencies -- including "faith-based" agencies -- while simultaneously working to eliminate the estate tax.
President Bush claims he wants to expand the capacity and effectiveness of "faith-based" nonprofits. If he succeeds in eliminating the estate tax, however, his legacy will be that of the president who crippled the nonprofit sector and drove many of those faith-based charities out of business.
The Congressional Budget Office has completed a new study on the impact of the estate tax on charitable giving. It confirms what every previous study on the subject had found: Elimination of the estate tax would result in a decrease in charitable giving of up to 12 percent.
Consider the impact of that decrease.
This is essentially a 12-percent, across-the-board budget cut for every nonprofit and philanthropic agency in the country: Art museums, hospitals, soup kitchens, theaters, health clinics, universities, housing agencies, operas, domestic violence shelters, mentoring programs, dance companies, after-school programs, conservation and preservation groups, homeless shelters, orphanages, adoption agencies, local churches, food pantries, parochial schools, libraries, animal welfare agencies, historical societies, mission agencies, job training programs, group homes, disaster relief agencies, international aid groups. The scope of their work is vast. Their impact is immeasurable.
All of these will have to learn to make do with 12 percent less. They will have to do 12 percent less. We're talking about a 12-percent decrease in the good, the beautiful and the true.More than 12 percent, actually. Many nonprofit agencies operate with very tight margins. This is particularly true of those agencies that serve the neediest and poorest. When the art museum catches a cold, the soup kitchen gets pneumonia. For many vital nonprofit agencies on the front lines, a 12-percent drop in charitable giving will mean they have to close their doors."