Editor’s note: This commentary is by Susan Z. Ritz, of Montpelier.
[L]ike many of you, I have been watching my financial portfolio grow rapidly since the election in November. At first I was distressed because the stock market seemed to be breaking records due to pending policies I vehemently oppose: the likely repeal of Obamacare; possible tax cuts for corporations and the wealthy; pending regulation reduction for the financial sector; and a proposed budget that could deliver billions to the Pentagon while slashing critical social services. These policies may play well on Wall Street, but for the most vulnerable Vermonters they signal hard times ahead. As an investor in the stock market, I did not want to gain from others’ losses, especially in this time of staggering income inequality.
Here in our state where half of our budget depends on federal dollars, “the deep cuts will have disastrous consequences,” according to Sen. Patrick Leahy. This means that many of the nonprofits I support will most likely lose the federal and state funding (which has already been decreasing over the last decade) that keeps their programs viable. Job training, food security, heating assistance, environmental protection, education and health care are all in jeopardy and will be relying more heavily on private philanthropy. It’s up to us to keep these programs and services reaching those who will need them now more than ever.
Therefore, I’ve decided to make several stretch contributions by donating appreciated stock to nonprofits I support. I will donate to protect our environment, fight for women’s rights and reproductive health, and feed Vermont’s hungry and heat their homes. I will donate to keep our arts and humanities flourishing. I will donate because I believe private philanthropy has never been so important.
As an investor in the stock market, I did not want to gain from others’ losses, especially in this time of staggering income inequality.
I’m asking you to resist with me. Whatever your cause, now’s the time to make a difference by donating appreciated stock to nonprofits you believe in. Get in touch with them and ask about the appropriate procedures for stock transfers. They don’t have to pay capital gains and you will receive a charitable donation tax deduction. If you don’t have stock, I urge you to consider a gift of cash or volunteer time, both very valuable to any cause you believe in.
Please help spread the word to others who may feel that the benefits they are receiving from the rise in the market can be used to help people and programs most affected by policies of this new administration.
Together, we can make a difference.
