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Tax Reform Framework Released
September 28, 2017 by Americans for the Arts
Republican Congressional leaders released their long-awaited tax reform framework yesterday on Capitol Hill.  Their goal is to move a tax package quickly through the U.S. Congress by the end of this year, using the framework as a new starting-point.
 
Americans for the Arts cares deeply about fully preserving the charitable tax deduction incentive since nonprofit arts organizations rely on donations made by individual taxpayers for approximately 25 percent of their budgets. Below are some highlights of our analysis of the proposal. You can find more analysis in the detailed statement online.
  • We applaud the GOP proposal for preserving the charitable tax deduction for those taxpayers who itemize such qualifying expenses as mortgage interest, property taxes, and charitable gifts. 
  • However, the GOP plan also proposes to double the standard deduction. This would have the impact of moving taxpayers away from itemizing their deductions. While this change would simplify the average tax return, it would also have a negative impact on the future of charitable giving as whole.  It is anticipated that this plan could cause charities to lose up to $13 billion in donations each year.
  • Congress can avoid unintentionally harming charities by including a new “universal charitable tax deduction” provision that could be made available to ALL taxpayers, both itemizers and non-itemizers. With the incentive of a charitable tax deduction given to all taxpayers, it is anticipated that charities could see a significant increase in donations, a $4.8 billion net increase in giving.
Please take two minutes to help us urge Congress to expand charitable giving incentives to all American taxpayers. Charities are the bedrock of our society, dedicated to advancing the public good.
 
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