A new analysis of House Ways and Means Committee Chairman Dave Camp’s tax-reform proposal predicts it would reduce U.S. charitable giving by 7 percent to 14 percent, The Hill reports. That could mean up to $34-billion in lost donations, based on last year’s total giving of $240-billion, according to the study from the Tax Policy Center and the Urban Institute’s Center on Nonprofits and Philanthropy.
Nonprofit leaders have focused on Mr. Camp’s proposed limits on charitable deductions, but the study says broader changes in the Michigan Republican’s plan—such a bigger standard deduction that would reduce the number of people who itemize—would have a greater impact on donations. The congressman has argued that his overhaul would boost philanthropy because a streamlined tax code will stimulate economic growth.
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