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Trump Tax Plan Leads to $54 Billion Decline in Charitable Giving

Source: newsweek.com - Jul 10, 2019

s the president works to limit access to welfare programs in the United States by creating strict work requirements, lowering the poverty thresholding and purging food stamp rolls, Americans living below the poverty line may also find it harder to depend on private charity for help.

New data shows that Americans itemized $54 billion less in charitable donations this year, after the enactment of the Republican tax plan, the Tax Cuts and Jobs Act. At the time of the bill's signing, some economists predicted there would be a significant drop in donations, but not to this extent.

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Category: General Business