Tax & Benefits Counsel Discusses Trump’s Potential Impact on Charitable Giving in Bloomberg BNA’s Daily Tax Report
Along with many changes likely under a Trump administration, a “once-in-a-generation” tax structure overhaul could have an enormous impact on charitable giving. Bloomberg BNA’s Daily Tax Report’s Dec. 12 article “Four Ways Charitable Giving Could Change with a Tax Overhaul” looked to tax & benefits counsel Morey Ward for insight into Trump’s proposal to cap itemized deductions to keep individuals from deducting more than $100,000 and couples from subtracting more than $200,000. “…[A] lot of my clients are interested in and focused on how their gift is going to be impacted by deductions,” said Ms. Ward. The article identifies altering the charitable giving deduction, capping itemized deductions, lowering tax rates and revamping existing tax rules as the four main paths that could converge to create an enormous impact on future charitable giving, which has some individuals making more donations this year in advance of possible changes.