A Florida congressman has brought out a proposal to reform the federal tax code to allow more incentives for charitable donations.
U.S. Rep. Vern Buchanan, R-Fla., who sits on the U.S. Ways and Means Committee, unveiled the “Everyday Philanthropist Act” last week. The bill creates Flexible Giving Accounts (FGAs) to allow employees to designate up to $2,700 annually to the charities of their choice without having to pay taxes on those funds.