Congress Tax Reform Bill Negatively Impacts Charities
The House Ways and Means Committee pushed through the release of their official tax reform bill H.R. 1 in Congress to overhaul the American federal income tax system. There are strong concerns that it will have negative impact on charitable giving, nonprofit organizations, and professional artists as it proposes to limit the charitable tax deduction to only the highest income taxpayers. The charitable deduction to make contributions a tax-deductible gift must be available to ALL taxpayers giving to their favorite charities, not only the wealthiest.
See the Americans for the Arts Action Fund page for updates and further analysis.