“A preliminary tax plan released by the Trump administration Wednesday calls for doubling the standard deduction and eliminating the estate tax, changes that could have detrimental effects for charitable fundraising,” write Alex Daniels and Megan O’Neil in Wednesday’s (4/26) Chronicle of Philanthropy (subscription required). “Nonprofit leaders and tax experts noted that the plan contains few details, but some expressed relief that it keeps the deduction for charitable gifts intact. Jamie Tucker, director of public-policy strategy and operations at Independent Sector, said the Trump administration is at the very least acknowledging that it sees value in the charitable deduction even as it looks to do away with other tax breaks.… Two nonprofit coalitions, the Alliance for Charitable Reform and the Charitable Giving Coalition, praised the plan for keeping the charitable deduction but called for a ‘universal deduction’ that would let taxpayers deduct charitable gifts from their income even if they use the shortest tax form available.”
Posted April 27, 2017
