Charities could lose nearly $13 billion in yearly under POTUS Donnie’s tax proposal. Now compare that to the $50 billion lose to the Treasury currently happening and that under the proposal that lose will drop massively – PB/TK
Charities Could Lose $13 Billion A Year Under Trump Tax Plan, They’re Fighting Back – By Ashlea Ebeling / May 18 2017
Charities have been bemoaning how President Donald Trump’s tax plan could hurt giving and now they’ve put a hard and fast number on the potential damage: $13 billion. That’s how much charities could lose in gifts in just one year, according to a new study by Indiana University’s Lilly Family School of Philanthropy. Charitable giving to religious organizations could drop by as much as 4.7% and giving to other types of charities could drop by as much as 4.4%.
This looming danger has led charities to reintroduce an old idea—the above-the-line charitable income tax deduction—that would be available to all taxpayers, regardless of whether they take itemized deductions. It was the law from 1982 to 1986, and it could be the answer to democratize charitable giving. Expanding the charitable deduction this way has the potential to more than offset the estimated loss in charitable dollars resulting from current tax reform proposals, according to the Indiana University study, Tax Policy And Charitable Giving Results.
You could call it the holy grail: A new above-the-line universal charitable tax deduction would produce a net gain in total giving of up to $4.8 billion a year.
Continue to forbes.com article: https://www.forbes.com/sites/ashleaebeling/2017/05/18/charities-could-lose-13-billion-a-year-under-trump-tax-plan/#3dd506f4611b
