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Proposed Tax Bill Has Broad Implications for Charitable Giving

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Nov 07, 2017

The proposed tax bill recently announced by the U.S. House of Representatives would make sweeping changes to the tax code, including deductions related to charitable giving. Nonprofit experts are warning that the proposed changes would dramatically decrease charitable giving, affecting nonprofits across the country. Coupled with the cuts in social services under the current administration, a decrease in contributed revenue could severely limit the nonprofit sector’s ability to meet the needs of community members.

According to Steve Taylor, senior vice president and counsel for public policy at United Way Worldwide, "Under this new proposal, only about 5 percent of people will itemize their taxes," he says. "What that means is effectively millions of Americans that currently claim the charitable deduction will lose it."

According to NPR, as a result of these proposed changes, “nonprofits are pushing Republicans to include something else in their tax plan that they say would increase charitable donations, but keep taxes simple: They want something called a universal charitable deduction, which taxpayers would get on top of the standard deduction. One proposal, by North Carolina Republican Mark Walker, would set the deduction at about $2,100 for individuals and $4,200 for couples.”

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