Enlisting one million arts advocates to mobilize support for the arts and arts education Join for Free!

News

Urban and Brookings Institutes Estimate Negative Impact of Tax Bill on Charitable Giving

Posted on: Nov 15, 2017

Today, the Urban Brookings Tax Policy Center published a report estimating the negative effect the GOP tax bill would have on nonprofits. The Tax Policy Center (TPC) estimate is an increase in the loss in charitable giving, moving from the University of Indiana’s $12 billion projection to a projected loss between $12 billion to $20 billion.

TPC notes that "Even though the House version of the Tax Cuts and Jobs Act (TCJA) preserves the charitable income tax deduction, other income tax provisions of the bill could reduce charitable giving by between $12 billion and $20 billion in 2018, based on new estimates from the Tax Policy Center. A second provision—repeal of the estate tax—could reduce giving by another $4 billion in the longer run."

The Americans for the Arts Action Fund is working to #ProtectGiving. Help us fight for the universal charitable deduction with a contribution to the Arts Action Fund, or take two minutes and ask your representative to vote against this bill.