Equally concerning to me is the 1% taxable income floor for deducting charitable giving by corporate entities - it's not hard to imagine that many small businesses would simply opt out of giving charitably if there's no longer any incentive below the new floor, especially in difficult times. Nonprofit newsrooms rely on smaller corporate donations either directly or through supporting foundations.
Thanks for this, and in theory agree. But is there real evidence that a meaningful amount of support is coming from companies or corporate foundations (apart from advertising and sponsorship, which this wouldn’t seem to implicate)?
On the nose as always.
There will also be a windfall to those who administer DAFs.
Equally concerning to me is the 1% taxable income floor for deducting charitable giving by corporate entities - it's not hard to imagine that many small businesses would simply opt out of giving charitably if there's no longer any incentive below the new floor, especially in difficult times. Nonprofit newsrooms rely on smaller corporate donations either directly or through supporting foundations.
Thanks for this, and in theory agree. But is there real evidence that a meaningful amount of support is coming from companies or corporate foundations (apart from advertising and sponsorship, which this wouldn’t seem to implicate)?
Arnold Ventures fellow Scott Hodge argues today for extending the new tax rates to DAFs. https://thegivingreview.com/taxing-the-investment-income-of-foundations-is-consistent-with-good-tax-principles-but-fixes-to-obbb-plan-are-in-order/
Here’s Daniel Stid’s broader problems with this legislation, just out elsewhere on this platform:
https://open.substack.com/pub/artofassociation/p/congress-should-measure-twice-and?r=evue6&utm_medium=ios