GOP/TAXES: “Charities stand to lose billions in donations if Republicans advance their tax overhaul, prompting the nonprofits to carefully attempt to persuade lawmakers to reshape their plan.
As a result of a proposal to double the standard deduction and prevent people from deducting state and local taxes from federal taxable income, fewer taxpayers—5% instead of 30%—would have a financial incentive to itemize their deductions, including their charitable gifts, according to several estimates.
Moreover, each deduction would be worth less to individuals if marginal tax rates are reduced, as Republicans want.”
-Richard Rubin, “Charities Coax Lawmakers to Rethink Tax Plan,” The Wall Street Journal online, Aug. 6, 2017 09:00am