Charitable Giving Could Drop by $17.2 Billion

(from the American Enterprise Institute) Charitable giving, including gifts to nonprofit independent schools, could drop by $17.2 billion as a result of the 2017 Tax Cuts and Jobs Act, according to a recent analysis. The new law nearly doubles the standard deduction, making it more difficult for taxpayers to receive tax incentives for charitable giving. Even high-income taxpayers are expected to cut back on giving, although relatively few of those in the 95th percentile are expected to switch from itemizing to the standard deduction.

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