editorials
Israel Bonds’ Bad Business Decision
Expanding Incentives for Charitable Giving
G iving to charity is a meaningful and rewarding
way to build and strengthen community. Studies
indicate that in addition to the benefi t of knowing
that their donations help support the important work
of charitable institution and programs, donors feel
better about themselves when they are able to help
others through charitable donations.

Our community is fortunate to have a wide range
of nonprofi t institutions that serve our community
in a variety of meaningful ways, including as a
local safety net for our most vulnerable. Our local
charities provide social, cultural, educational and
religious support for members of our community
and are able to provide neighborhoods and families
with lifesaving support and assistance in situations
where government benefi ts may not be available or
are diffi cult to access. In addition, many of our local
institutions have links to national and international
10 MARCH 9, 2023 | JEWISH EXPONENT
organizations that are poised to respond to a
wide range of needs and crises that develop all
over the world.

The more we can incentivize charitable giving,
the better our world will be. It is for that reason
that we were pleased to learn last week of the
bipartisan Charitable Act introduced by 11 U.S.

senators. The legislation seeks to expand tax
deductions for charitable giving by individuals, with
the goal of encouraging higher levels of giving to
charitable organizations, houses of worship and
religious institutions.

Under the act, taxpayers who do not itemize
their deductions will be permitted to claim up to
an additional one-third of the standard deduction
for non-itemizers for their charitable donations. For
2023, that would translate to an increase in the
deduction from the current $300 for individual fi lers
and $600 for married fi lers to a deduction of up to
$4,500 for an individual fi ler and $9,000 for married
couples fi ling jointly. (A similar provision was part of
the CARES Act — a COVID-19 response bill passed
in 2020, which has since lapsed.)
The bill is supported by a wide range of nonprofi ts
from all sectors of the charitable world, including
Jewish Federations of North America. As explained
by Elana Broitman, JFNA’s senior vice president for
public aff airs, “When disaster strikes, when tragedy
hits, when crises befall us, everyday Americans want
to step up and lend a hand, often by supporting the
nonprofi t sector’s vital work.” The Charitable Act will
add a meaningful benefi t for taxpayers to do just
that. They can help nonprofi ts do what they do best,
and get a tax benefi t for their generosity.

The Charitable Act is a win-win proposition. We
encourage prompt passage of the bill. ■
Pool photo by Ronen Zvulun/ UPI
I and homes, Smotrich declared: “I think the
srael Bonds, also known as the
village of Huwara needs to be wiped out. I
Development Corporation for Israel, is the
think the state of Israel should do it.”
U.S. underwriter of debt securities issued
Smotrich’s screed was so alarming and
by the state of Israel. The concept of Israel
profoundly off ensive that the normally
Bonds was inspired by Israel’s fi rst prime
staid State Department spokesperson Ned
minister, David Ben-Gurion, as part of an
Price called the remarks “irresponsible,”
eff ort to engage Diaspora Jewry as partners
“repugnant” and “disgusting.” Price
in the building of the Jewish state through
characterized Smotrich’s comments as
their investment in the fl edgling state’s debt
“amount[ing] to incitement to violence,” and
securities. The enterprise has been very
urged Prime Minister Benjamin Netanyahu
successful. Since its inception in 1951, Israel
and “senior Israeli offi cials to publicly and
Bonds’ worldwide sales have exceeded
clearly reject and disavow these comments.”
$48 billion, and Israel Bonds have become
None of that seems to faze Israel Bonds.

a staple in many retirement and pension
In a release late last week that appears
accounts of businesses and organizations
Israeli Prime Minister Benjamin Netanyahu and Israeli Finance Minister
Bezalel Smotrich hold a news conference on Jan. 25.

oblivious to the swirling controversy
throughout North America.

over Smotrich’s visit and the protests
Given that background, one would expect
it has already attracted, and which will almost
Israel Bonds to be sensitive to Diaspora concerns conference in Washington, D.C., next week.

regarding positions taken, comments expressed
Smotrich is more than a fi rebrand. He is a certainly mount, Israel Bonds doubled down on its
and actions pursued by Israel’s government and its lightning rod. He has been variously described as a decision, asserting that it is “a nonpartisan fi nancial
leaders, as any alienation of Diaspora Jewry could be misogynist, a homophobe, a racist, a bigot, a Jewish organization” and that Smotrich’s visit is part of the
bad for business. And one would expect heightened fundamentalist and a hate-mongering ideologue. history of “Israel fi nance ministers from across the
sensitivity to any embrace by Israel Bonds of an The fact that he is Israel’s fi nance minister changes political spectrum [who] have attended our events.”
The White House recognizes Smotrich’s
extremist or controversial personality within Israel’s none of that. But his high-ranking cabinet position
toxicity and has made clear that U.S. government
government, like the new Finance Minister Bezalel gives him a prominent perch from which to make
Smotrich, whose pronouncements and activities public pronouncements. Thus, last Wednesday, offi cials will not be meeting with him during this
have raised alarm with the Biden administration and following the killing of two Israelis in a terror attack in visit. But Israel Bonds’ plans remain unchanged.

alienated large segments of Diaspora Jewry. But the Palestinian town of Huwara, which was followed The organization’s alignment with Smotrich is
those assumptions and expectations are incorrect. by a mob of hundreds of revenge-seeking settlers morally troubling and is alienating a substantial
Israel Bonds has embraced Smotrich and has who stormed the town, killing one person and portion of Israel Bonds’ investor base. It is a bad
invited him to speak at its national leadership injuring dozens in addition to destroying businesses business decision. ■