Did you know that 2017 marks the 100th anniversary of the charitable tax deduction?
Now is not the time to reduce the value of America’s long-standing giving tradition. In 2015 (the most recent data collection by Giving USA), Americans contributed $264.58 billion to charity. These charitable dollars are vital to America’s charities. The House Republican Blueprint and President Trump’s Tax plan propose to vastly increase the number of taxpayers who take the standard deduction, which would actually decrease the taxpayers who itemize deduction from 30% to 5%. Therefore, the charitable deduction will not be available to 95% of taxpayers. The Trump plan also places a hard cap on itemized deduction ($100,000 individuals/ $200,000 couples filing jointly). The nonpartisan Tax Policy Center estimates the Trump Plan would reduce giving by 4.5 to 9%. The American Enterprise Institute estimates the Trump plan could eliminate more than $17 BILLION in annual giving.
Learn more at http://protectgiving.org/about/charitable-giving-coalition/