QuoteCharities are bracing for a big drop in donations
The new law nearly doubles the standard deduction — the amount everyone is allowed to subtract from their taxable income, thus lowering their tax bill — to $12,000 for singles (up from $6,350 for 2017) and $24,000 for married couples who file jointly (up from $12,700). That's seen as bad news for charities because taxpayers now have less of an incentive to itemize their deductions to reduce their taxable income. And that means people who donated to charity as a way to get a tax deduction may be less likely to do so.
https://www.marketwatch.com/story/how-to-get-a-tax-break-for-charitable-donations-under-the-republican-tax-bill-2017-12-22
Personally, I have no doubt that tax-free contributions have been abused beyond the extreme here and it's time to rein them in. But Debbie says this substantial tax rule change could stealthily bring about one of the largest, long-term shifts in US social order. IMO, small local charities are going to be hard-hit. (We might even see an end to the exponential proliferation of Free Will Baptist churches in the South, hhh.)
Yeah, this has huge implications. Churches will probably be hurt the most I'm guessing.
>Churches will probably be hurt the most I'm guessing.
I guess so, at least in sheer numbers. But there are also craploads of community art programs, job-training programs, etc. that are operating under a tax-exempt cloak.
This had the potential of changing communities and demographics at street level.