The Tax Cuts and Jobs Act — passed yesterday by the House of Representatives —could deliver a devastating blow to non-profits nationwide, including arts organizations.
The bill repeals and reduces most itemized tax deductions, and doubles the standard deduction. According to the Tax Policy Center, those provisions will cut the number of people who choose to itemize deductions from 46 million to 13 million, eliminating the tax incentive for many to give to charitable organizations. The center estimates charitable giving will reduce by between $12 billion and $20 billion in 2018. A repeal of the estate tax could cut it by another $4 billion.
The Senate’s version of the bill is in process, with plans for a vote after the Thanksgiving holiday.
Jason is a producer, manager, and designer with 17 years of experience in Chicago, New York, and in the touring market. In 2015, he founded Lotus Theatricals - the publisher of Performink, and an independent commercial producing company - with Abigail Trabue.
