On November 8, 2017, the Council on Foundations released the following statement from President and CEO Vikki Spruill:
“The Joint Committee on Taxation has released an analysis of the impact of the recently introduced tax reform bill on charitable deductions for fiscal year 2018 which finds that charitable deductions would be decimated under the Tax Cuts and Jobs Act (H.R. 1). Under current law, the committee estimates that 40.7 million taxpayers will claim a total of $241.1 billion in charitable deductions in 2018. However, under the proposed legislation, the committee estimates that only 9.4 million taxpayers will claim a total of just $146.3 billion. This bill would slash a century-long tradition of charitable giving in this country, and that simply is not right.
Charities and philanthropy should not be sacrificed in tax reform. Charitable giving has always been an integral part of our society and economy. We urge lawmakers to protect the full scope and value of the charitable deduction by opposing this bill.”
About the Council on Foundations
An active philanthropic network, the Council on Foundations (www.cof.org), founded in 1949, is a nonprofit leadership association of grantmaking foundations and corporations. It provides the opportunity, leadership, and tools needed by philanthropic organizations to expand, enhance and sustain their ability to advance the common good. With members from all foundation types and sizes, the Council empowers professionals in philanthropy to meet today’s toughest challenges and advances a culture of charitable giving in the U.S. and globally.