Open Letter from Tim Delaney: Tax Bill Will Hurt Nonprofits and Communities
Tim Delaney, president and CEO of the National Council of Nonprofits, has published an open letter against the tax bill currently under consideration in Congress:
The Tax Cuts and Jobs Act changes personal exemptions and the standard deduction in a way that effectively denies 95 percent of taxpayers any tax incentive for giving back to their communities. The amount to which tax incentives drive donations can be disputed, but surely it will cut revenues some. Indeed, economists at the Tax Policy Center at the Urban Institute report that the tax change would reduce giving by $13 billion to $20 billion every year. The same group estimates that changes in the estate tax will reduce giving to charitable purposes by another $4 billion.