As you may know, the US Senate has begun a tax reform effort. In late June, U.S. Sen. Max Baucus, D-Montana and chairman of the Senate Finance Committee, and Sen. Orrin Hatch, R-Utah and a ranking member of the committee, made a case to their Senate colleagues for “blank slate” tax reform – a plan to essentially scrap the current tax code and start from scratch. Baucus and Hatch asked their colleagues to start with a blank slate and let them know by July 26 which deductions and exemptions should be put back in the code.
UCT, like all Fraternal Benefit Societies, is a tax exempt organization. Unless the Senate agrees that exemption should continue, that may no longer be the case. Volunteer efforts by members of Fraternals add $3.4 billion to the US economy, according to an economic study done at Georgetown University. If the tax exemption is eliminated, it will generate $50 million in additional tax revenue. It seems like a bad tradeoff to me.
If you agree that the Fraternal Tax exemption should stay in place, I would encourage you to write to your senators. If you would like to do so, here is a link that will make it easy. It takes just a few minutes, and you can let your senators know that you think Fraternals Matter. Time is of the essence. Do it today.
Thanks.
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