Charitable Giving Will Go Down
Citing various sources, tax policy expert Steve Woolf reported this week that unless tax reform makes further changes such as a non-itemizer deduction, most Americans would lose the tax incentive to make charitable contributions under proposed legislation on Capitol Hill. The charitable sector is advocating for a universal or “non-itemizer” deduction to make sure the charitable giving pie does not shrink. Additionally, “endowed giving and giving vehicles such as donor advised funds should be held harmless in tax reform,” he said. Woolf will be the guest speaker at the Foundation’s Legal & Tax Advisory Committee meeting on December 14. Call 614-338-2365 for more information.