Friday, February 9, 2018

Nonprofits Oppose the GOP Tax Bill

In this article, Pam Fessler discusses how nonprofits oppose the GOP tax bill. She says that many nonprofits believe that the tax bill will reduce charitable contributions. She believes that the new tax bill incentivizes people to take the standard deduction instead of itemizing. The new bill raises the standard deduction to $12,000 for individuals and $28,000 for married couples. Majority of people who itemize their tax returns take the deduction for charitable giving. If tax payers start taking the standard deduction, they will not be able to take the deduction for charitable contributions. Nonprofits worry this could cause people to not make donations. For more information about why nonprofits oppose the new tax bill, click here: https://www.npr.org/2017/11/04/561978437/nonprofits-fear-house-republican-tax-bill-would-hurt-charitable-giving

 

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http://lawprofessors.typepad.com/nonprofit/2018/02/nonprofits-oppose-the-gop-tax-bill.html

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