Truth be told, if "leadership" in the House, Senate and White House took off their politicians' masks, they would really look like the Grinch who stole from Charity.
Early Saturday morning, the U.S. Senate passed a tax reform bill along an almost exclusively party-line vote of 51-49 with all Republicans voting yes, except for Sen. Bob Corker (R-Tenn.). Unfortunately, both versions of the tax bill would have a very negative impact on charitable giving. What is the status on charitable giving?
Unfortunately, the nonpartisan Tax Policy Center estimates that charities, including nonprofit arts organizations, could see a staggering loss of up to $20 billion annually as a result of this tax policy change. Data show that the charitable deduction under both bills also will no longer be viable to 95 percent of all taxpayers because of the expansion of the standard deduction. That means that 31 million taxpayers who currently claim the charitable deduction will lose it.
The loss of the charitable giving deduction not only affects arts organizations like Lucky Penny but all of the wonderful social service nonprofits that provide the most effective and efficient services to the most vulnerable members of our community.
If you care about nonprofits who provide, in many cases, life saving and life quality services, please write or email Trump, McConnell and Ryan and of course our own representatives Mike Thompson, Dianne Feinstein, and Kamala Harris.
Otherwise, "In God We Trust" will be replaced as "Bah Humbug" as our national motto.