Episode 6: Tax Cuts and Giving
If you’ve ever donated to a nonprofit, you know the power of the charitable tax deduction. You’re reminded in every year-end appeal, and every handwritten receipt you get for donating those “gently used” clothes and housewares.
Nonprofits have long depended on tax incentives to encourage giving, but with the doubling of the Standard Deduction under the Tax Cuts and Jobs Act, will that incentive go away? And does it matter anyway?
In this episode, Dr. Philip Knight, Executive Director of the Food Bank Council of Michigan, and Allison Grayson, Director of Policy Development and Analysis at Independent Sector, help us look to history and speculate about the future to uncover the role of state and federal tax incentives on donor dollars.