The Tax Cuts and Jobs Act of 2017, or TCJA, made reductions to income tax rates for most individual tax brackets. But it also made changes to itemized deductions, which caused many in the non-profit sector to worry that this might lead to a reduction in total charitable giving by individuals. Now that we’ve reached year two of this legislation being in effect, what does the data show? How do taxes, or the economy more broadly, impact philanthropic giving? And what approaches should donors consider if they want to continue to give with impact?
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