On December 22nd, the President signed comprehensive tax reform legislation into law, drastically impacting tax incentives for charitable giving.
The Tax Cuts and Jobs Act is estimated to reduce giving by 5% and tax 21 million Americans on their donations to charities*. Fewer charitable donations means fewer resources to fund private food banks, homeless or domestic violence shelters, provide day care, or job training. This will damage the very fabric of the charitable sector and our communities.
Fortunately, Representative Mark Walker and Senator James Lankford have introduced the Universal Charitable Giving Act of 2017 (H.R. 3988/ S. 2123) which expands the charitable giving tax benefits to all Americans. Raise your voice and tell your Member of Congress to fight for charities by co-sponsoring the Universal Charitable Giving Act of 2017.
Congress should support American values of giving by expanding the charitable giving tax benefits - not reducing them.
*Estimate from Indiana University’s Lilly Family School of Philanthropy report “Tax Policy and Charitable Giving Results”. May 2017. https://www.independentsector.org/wp-content/uploads/2017/05/tax-policy-charitable-giving-finalmay2017-1.pdf and Tax Policy Center analysis, January 2018. http://tpc.io/2qUsySt
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Why the charitable deduction should be available for all taxpayers
Currently, Americans can reduce their taxes by giving to charities. This is called the charitable deduction. The charitable deduction is only available to itemizers. Under the current proposals, only 5% of Americans are expected to itemize their taxes. It's time for all American taxpayers to have access to the charitable deduction. Watch the video and take action above.