Thursday, November 2, 2017

Congress Tax Reform Bill Negatively Impacts Charities

Republican leaders of the House Ways and Means Committee pushed through the release of their official tax reform bill H.R. 1 in Congress today to overhaul the American federal income tax system. While it will take several days to fully analyze this 429-page bill and its potential impact on charitable giving, nonprofit organizations and professional artists, we encourage you to check back frequently as we post updates and further analysis.

Topline Proposed Change:

The charitable deduction is severely compromised by limiting the charitable tax deduction to only the highest income taxpayers. Read more here about the potential negative impact.

The Solution:

Encourage your Senators and House members to include a “universal charitable deduction” to the tax reform bill so that all taxpayers (not just the highest income individuals) are encouraged to give to their favorite charities and take a tax-deduction for their generosity.

Charities are the bedrock of our society, dedicated to advancing the public good. 

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