Long-term Threat to Charity
The $300 billion in US charitable giving, highest per capita among OECD nations, provides the lifeblood for medical research, higher education, the arts and a range of programs that assist and uplift the poor. Even a relatively modest change long-favored by the Obama White House—limiting the tax benefit of a charitable donation to 28 percent of its value, even for those paying higher tax rates—would, it’s been estimated, reduce charitable giving by 1.3 percent, or some $3 billion.
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