On Dec. 22, 2017, President Trump signed the most far-reaching tax legislation since the Reagan era. The measure reduces taxes, and thus government revenues, by an estimated $1.5 trillion. It may also significantly impact the number and size of individual financial contributions to nonprofits.
U.S. government support for charitable giving has historically taken the form of tax deductions, and the new tax bill leaves those deductions nominally in place. For practical purposes, however, they will no longer be available to millions of Americans. (more…)