Experts assess how Trump tax plan to double the standard deduction would cost ministries bigly [sic].
If you make between $50,000 and $100,000 a year, you’ll probably give less to charity under President Donald Trump’s proposed tax plan.
So says a study commissioned by Independent Sector, a coalition of nonprofits, foundations, and corporate giving programs.
Back in May, researchers from Indiana University’s Lilly Family School of Philanthropy ran the numbers on the Trump administration’s proposal to double the standard deduction from $6,300 to $12,600 for individuals, and from $12,600 to $24,000 for joint filers.
This week, key Republicans affirmed the plan, which also increases the child tax credit and eliminates most itemized deductions except for mortgage interest and charitable contributions.
The changes, which still have to get past Congress, would mean less money in the federal government’s pockets—and also mean less for ministries. Read More
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Trump's tax proposals are not only going to cost churches and other charitable organizations hugely, they are also going to negatively impact single parent families, large families, and upper middle income earners in states with high income taxes. To pay for these tax cuts Congress can be expected to further dismantle the nation's social safety net. Those who can least afford it will pay for the tax cuts.
Will the proposed tax cuts reinvigorate the economy? The last time the corporate tax rate was lowered, the corporations that benefited from the lowered rates did not plow the money back into the economy. Rather they used the money to pay larger dividends to their stockholders. The same thing can be expected to happen this time if these proposals are adopted.
Trump and the Trump Organization also stand to benefit greatly from the cuts.
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