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A taxing time on tap for philanthropy
By Chris Barnett / December 13, 2017 /   Loading Disqus...

The tax plan moving its way through Congress is making this a taxing time for nonprofits and charitable organizations. A new study by Indiana University’s Lilly Family School of Philanthropy estimates the proposed changes to tax deductions would cut nationwide charitable giving by $13.1 billion.

That’s why we’re joining with U.S. Senator Jack Reed and the United Way of Rhode Island to warn that the tax bills contain provisions that could also cause a significant reduction to charitable giving in Rhode Island, negatively impacting the ability of local nonprofits to provide needed services like food assistance, health care, job training, and support for education and research.

“One of the most disturbing aspects of this bill is the conscious effort to deny resources to our non-profit sector.  If this bill becomes law we’ll see charitable giving go down, everything we should be doing to help people will be done less and it’s going to hurt people,” says Senator Reed.

"Our biggest concern is that the gap between need and resources will grow. There'll be more people in need, there'll be more organizations that need support, and the incentives and resources will go down. Unfortunately, while philanthropy can do a lot, it can’t step in for all of the government cuts that could come with the federal tax proposal," says Neil D. Steinberg, our president and CEO.

“We speak on behalf of the thousands of people who will need help. Not just now, but especially in the future” says United Way of Rhode Island President and CEO Anthony Maione. “While people give for many different reasons, the charitable deduction has been proven to incentivize giving.  We would look forward to a revised tax bill that would allow us to keep that.”

 

 

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