Biden Budget May Spur More Charitable Giving, Experts Say

Biden Budget May Spur More Charitable Giving, Experts Say

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In an analysis that will publish later Tuesday, the National Council of Nonprofits notes that the budget calls for a 16 percent increase in domestic spending. David Thompson, vice president for public policy at the council, said that such strong growth in domestic spending likely would mean extra revenue for nonprofits that contract with the government to provide services to poor and low-income people.

The council also praised the budget and associated documents for proposing to make “permanent several temporary tax provisions, including the expanded Earned Income Tax Credit, the Premium Tax Credit, the Child Tax Credit, and the Child and Dependent Care Credit.”

However, Thompson expressed disappointment that the budget does not call for an extension of a tax deduction available to people who don’t itemize their tax returns.

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Thompson warned that the president’s budget is only a proposal that will see significant changes in Congress, and there is nothing preventing Biden from proposing new limits on deductions in the future.

Source Name: 
The Chronicle of Philanthropy
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