- Overwhelming majority of taxpayers would no longer have access to make tax-deductible charitable contributions. That charitable tax deduction would be limited to the wealthiest 5% of taxpayers.
- Entertainment, amusement, recreation and membership dues expenses related to a business purpose or meeting would be repealed.
- Doubling exemptions and ultimate full repeal of the estate tax, which has historically generated major gifts to charities.
- Elimination of the teacher supplies and instructional materials deduction.
- Repeal of options to treat musical compositions and copyrights in musical works as capital assets.
- Repeal of the historic tax credit.
GOP Hammers Charitable Giving
This just in from Americans for the Arts… What’s Happening with Tax Reform Today, the U.S. House voted along party-lines to pass their tax reform bill (H.R. 1) by a vote of 227-205. The bill contains a number of provisions harmful to charitable organizations and the arts: