Trump tax reform didn't spark philanthropic apocalypse as predicted

Fox Business | 4/24/2019 | Staff
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Kevin Hassett, chairman of the Council of Economic Advisers, explained how President Trump’s tax cuts have helped stimulate the U.S. economy. Hassett also discusses President Trump’s battle with the Fed and the U.S.-China trade war.

Around this time last year, anxieties were running high at charities around the country. Recent changes to the tax Opens a New Window. code, particularly the doubling of the standard deduction Opens a New Window. , led charitable leaders to worry that fewer taxpayers itemizing would imperil giving in the world’s wealthiest and most generous nation.

Enterprise - Institute - Donations - Percent - Tax

The American Enterprise Institute predicted that charitable donations would plummet by $17 billion, or about 4 percent. The Urban-Brookings Tax Policy Center pegged the figure higher at 5 percent. Instead, the opposite happened.

Overall charitable giving in the United States actually increased last year by 1.5 percent, according the new data published by Blackbaud. Large non-profit organizations saw giving increase by 2.3 percent, while medium-sized organizations saw donations grow by 2.0 percent.

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In sum, Americans willingly parted with an unprecedented $410 billion in savings to support good causes in their neighborhoods, and around the planet. And that figure fails to account for the hours spent volunteering or the dollars quietly given to friends in need.

Reasons - Warnings - Collapse - Deductions - People

There were reasons to be suspect of the dire warnings of charitable collapse. “Tax deductions aren’t why people donate to charity,” I wrote in a Fox opinion Opens a New Window. column last April. One-third of households itemized under the previous tax regime, but a full two-thirds of Americans give to charity. That highlights a broad swath of the population who give for reasons beyond tax savings.

People give because they see a way...
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