GOP Tax Plan Could Hurt Donations To Austin Nonprofits

GOP Tax Plan Could Hurt Donations To Austin Nonprofits

Printer-friendly version

Both the U.S. House and Senate are proposing tax overhauls, and both plans include the doubling of the standard deduction – but there is a tradeoff.

“Unfortunately the downside of that is that we would go from 30 percent of taxpayers itemizing down to 5 percent of taxpayers itemizing,” said Rick Cohen, a spokesperson for the National Council of Nonprofits in Washington, D.C. “That means that only five percent of taxpayers would have access to the charitable deduction, which is a vital incentive for people to give.”

Cohen says a drop-off like that means a lot of money that would not be given to nonprofits.

...

“Ten percent of giving occurs on the last three days of the year, which really points to the fact that the tax incentive is an important motivator to give – and to give more,” said Cohen.

Source Name: 
KUT
Find Your State Association of Nonprofits

Find Your State Association of Nonprofits

Connect with local resources and expertise

Find

Connect With Us

1. Sign up for updates

Stay up-to-date with the latest nonprofit resources and trends by subscribing to our free e-newsletters.

2. Follow us on social media