Source: Independent Sector
(WASHINGTON, November 8, 2017) – The following statement is from Daniel J. Cardinali, president and CEO of Independent Sector:
“Yesterday, the Joint Committee on Taxation (JCT) released an analysis confirming that the House of Representatives’ Tax Cuts and Jobs Act would result in a significant decline in charitable deductions claimed by taxpayers in 2018. Under the House bill, 31 million taxpayers lose access to the charitable deduction, cutting off almost 95 percent of taxpayers from a longstanding incentive that has, for 100 years, increased charitable investment in the economy and ensured the well-being of our communities.
The $95 billion in ‘savings’ from a 40 percent reduction in the number of taxpayers claiming the charitable deduction is used to pay for cuts in other parts of tax reform. But this is a “pay-for” that creates more problems than it solves. Charities and the communities we serve are more than a bargaining chip or line item in this debate. It is imperative that people committed to nonprofits and their missions make their voices heard.