April 26, 2017
This afternoon, the White House released highlights of President Trump’s tax reform plan. The proposal would reduce tax rates on individuals and businesses. It would also double the standard deduction for individual taxpayers, which would reduce the number of people who itemize their deductions. The plan also states that it would close many of the deductions available to itemizers, except for the home mortgage interest deduction and the charitable deduction. Below is a copy of the plan’s summary that was passed out at the White House briefing today.
More details about the plan will continue to evolve along with Congressional proposals for tax reform. While the charitable deduction is preserved in the current proposal, its impact could actually be weakened by the fact that many middle-class taxpayers would no longer be able to itemize their deductions, like charitable contributions, because of the larger standard deduction. While the standard deduction assumes that taxpayers make charitable contributions, there is no specific incentive nor requirement to prove charitable donations were made.
We believe that the charitable deduction should be made available to 100 percent of all taxpayers, regardless if they itemize, and that’s why we support the Independent Sector’s Giving 100 campaign and are a member of the Charitable Giving Coalition, which has long fought for the protection of the full value and scope of the charitable tax deduction.
To get the latest on other tax proposals and their impact, as well as Americans for the Arts “Statement on Tax Reform and the Charitable Contribution Deduction,” please visit the Arts Mobilization Center.
Thank you for being an Arts Action Fund member.
Nina Ozlu Tunceli
Executive Director, Arts Action Fund
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White House Releases Trump's Tax Reform Proposal
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