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Giving Tuesday 2019: Reports Show Trump Tax Cuts Reduced Individual Donations, Boosted Corporate Fundraising

This 12 months’s Giving Tuesday charity occasion goals to tug in hundreds of thousands of extra {dollars} than the 12 months earlier than, however experiences present that President Donald Trump’s 2017 tax cuts have harm fundraising efforts general.

While fundraising knowledge exhibits that charitable giving hit an all-time peak in 2018 with U.S. donors shelling out $427 billion, giving is definitely down 1.7 p.c from 2017 when adjusted for inflation, in accordance with a Giving USA report. Worse but, progress within the variety of particular person donors has declined by between 5 and eight p.c, in accordance with the Fundraising Effectiveness Project’s 2019 Second Quarter Fundraising report launched final month.

The Giving USA’s June report additionally discovered that the Republican tax-code overhaul handed and signed by Trump in 2017 immediately led to particular person contributions falling, whereas company donations really elevated—giving by particular person donors fell 3.four p.c in 2018 after adjusting for inflation, in accordance with Giving USA knowledge.

That’s as a result of the GOP-backed tax legislation modifications elevated the quantity of people that grew to become ineligible for tax breaks. The 2017 tax overhaul expanded taxpayers’ customary deduction however pushed out hundreds of thousands of Americans from being allowed to assert a tax break on account of donating to charities.Those breaks sometimes have the potential to encourage folks to donate, Bloomberg famous in June.

Instead of compiling tax breaks from state and native taxes, mortgage curiosity funds and charity donations, hundreds of thousands of extra Americans responded to the Trump tax cuts by merely taking the $24,000 customary deduction, which doubled on account of the laws.

Giving Tuesday traits present that the annual occasion has pulled in extra money than the final for the previous seven years. But the share of that cash coming from companies rose whereas the quantity of particular person donors declined. In general U.S. donations, people make up two-thirds of all charitable giving and their diminished donations was offset final 12 months by extra donations from companies making the most of their very own tax breaks.

Seventy-three p.c of corporations reported elevating extra money for charity final 12 months, in accordance with knowledge compiled by Nonprofits Source, a Maryland-based group specializing in educating nonprofits on advertising and digital methods. And 79 p.c of corporations reported elevated donor participation charges.

An overwhelming 9 out of 10 corporations reported providing an identical present program to workers and potential donors, together with tech giants similar to Facebook and PayPal.

Last month, company monetary advantages and insurance coverage providers firm CBiz printed recommendations on how the Tax Cut and Jobs Act of 2017 has shifted charitable giving. CBiz urged companies to “strengthen retention efforts” and “improve social media use” so as to overcome the “negative, downward trend” the Trump tax cuts have had on charitable giving.

Giving Tuesday 2019: Reports Show Trump Tax Cuts Reduced Individual Donations, Boosted Corporate Fundraising
This 12 months’s Giving Tuesday charity occasion goals to proceed the pattern of pulling in hundreds of thousands of extra {dollars} than the earlier 12 months, however comes within the wake of a number of charitable giving experiences which present President Donald Trump’s 2017 tax cuts have harm charity fundraising general. JOE RAEDLE / Staff/Getty Images

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