WASHINGTON, DC -- The 2017 federal tax overhaul could cut the number of households donating to charity by 2.6 million per year and reduce charitable giving by up to $19.1 billion per year through 2025, according to a new report. The study was commissioned by Independent Sector, a group that advocates on behalf of nonprofits, and was conducted by the Lilly Family School of Philanthropy, at Indiana University.
Facts, Figures, Trends
HARTFORD, CT -- Forty-two percent of the 108 nonprofits recently surveyed by the CT Nonprofit Alliance and Connecticut Council for Philanthropy said they saw a decrease in donations in 2018, or expect a downturn this year. Karla Fortunato, president of the Connecticut Council for Philanthropy, which represents grantmakers in the state, can't say for certain why some people seem to be eschewing their regular donations to local nonprofits, but she believes the 2017 federal tax reform law has a lot to do with it.
NEW YORK, NY -- The Foundation Center, which has collected information on philanthropy for more than half a century, today announced that it will join forces with GuideStar, an electronic database of about 2.7 million nonprofits, to form a new nonprofit organization known as Candid.
WASHINGTON, DC -- The news any given day is filled with warnings of "doom loops," inverted yield rates, and other wonky predictors of a recession. A downturn is likely for 2019, economic cognoscenti say, if not inevitable by 2020, particularly given the drag of the monthlong federal-government shutdown.
HARTFORD, Susan Campbell writes about the possible effects the Tax Cuts and Jobs Act will have on charitable giving by individuals. She quotes CCP President Karla Fortunato and CCP's 2018 Connecticut Giving Report, and CCP Board Members Richard Porth, CEO of United Way of Connecticut, and Frances G. Padilla, president of Universal Health Care Foundation of CT.
NEW YORK, NY -- Starting this fall, and well into the future, medical students at New York University will get free tuition. In a few years, shiny new facilities will welcome cancer patients in Atlanta and brain researchers at Stanford. The announcements about these developments credit generous philanthropists, but fail to mention who else is footing much of the bill: American taxpayers. Like most charitable giving, health care philanthropy is tax-deductible. When wealthy people give away millions of dollars, their tax bills go down. But that leaves the rest of us either to pick up the slack or go without the investments that our government could have made with those funds.