“Freedom is never more than one generation away from extinction,” warned then governor Ronald Reagan in his 1967 inaugural address. These words highlight exactly why Cato’s mission is so crucial. Defeating COVID-19 will not happen through some top-down government solution but through the cooperation and collaboration of millions of free individuals. In times of adversity, we come together voluntarily to advance our shared values. That is the legacy of liberty we are committed to defending.

As Cato scholars continue to analyze the responses to the crisis, they will be looking for signals that policymakers are learning from this experience—that they will make the pro-liberty reforms necessary to combat future national emergencies and offer true protection against pandemics. While politicians attempt to take advantage of this crisis to consolidate power and enact their own policy agendas, Cato’s Sponsors empower the Institute to continue fighting for individual liberty, limited government, free markets, and peace.

In addition to providing absolutely essential annual support for Cato, in recent years the Institute’s Legacy Society Sponsors— individuals who have created planned gifts to Cato—have been providing tremendous resources, and starting important conversations, for Cato’s future.

Please let us know if you’ve created or are interested in creating a planned gift—including simple charitable gift annuities, bequests, beneficiary designations for retirement assets, complex trusts, and endowed chairs—so we can welcome you into our Legacy Society. As a Legacy Society Sponsor, you will enjoy a variety of benefits, including invitations to exclusive Cato events and complimentary access to special books, commentary, and multimedia.

We also want to update you on several short-term tax law changes related to charitable giving (courtesy of the $2 trillion emergency bill):

  • The CARES Act allows nonitemizers to make a charitable deduction, in addition to the standard deduction, on contribu- tions of up to $300 for gifts made in 2020 and claimed in 2021.
  • The act lifts the existing cap on annual contributions for itemizers from 60 percent of adjusted gross income to 100 percent.
  • The act includes a temporary suspension of required minimum distributions from defined contribution plans and IRAs.
  • Corporate giving has also been affected by the new legislation, raising the annual contributions limit from 10 percent of adjusted taxable income to 25 percent.

It is important to understand the full implications of these and other recent changes as a result of the CARES Act. Please speak with your tax advisors to receive the best and most relevant advice for you and your family’s financial and philanthropic priorities.

One of the greatest honors for Cato is working with our Sponsors to help them realize their vision for their own legacy for liberty. And these challenging times demonstrate how critical our ideas are to ensuring a flourishing world.