Fundraisers nationwide have sounded alarms about how the Trump Administration’s new tax law will affect philanthropic giving. But at least three local experts don’t seem overly concerned.
On May 17, a capacity lunchtime crowd attended a panel discussion sponsored jointly by AFP and the Planned Giving Council. The panel answered national speculation that the law’s higher standard deduction will would reduce many taxpayers’ motivation to itemize their taxes, and thereby take away a powerful inducement to charitable giving.
The speculation was a launching point for panelists Andrew W. Hibel (Charitable Catalyst and Founder of The Advise Us Foundation), Julie Quinlan Brame (Campaign Consultant, Milwaukee Public Museum) and Kathy Kielar (Senior Director, Major & Planned Gifts at WTTW|WFMT. Chicago).
The panelists encouraged the crowd with three main takeaways:
- For all donors who choose to itemize, the law should have a negligible effect on giving motivation
- The new law will likely only affect donors of moderate-size gifts because larger donors will likely continue to itemize
- Because of the tax cut, all donors are likely to have more capacity to give
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