Charitable Changes

Recent tax reform has, among other things, reduced the tax advantages of charitable giving. Thus, such giving is expected to decline by about 4% from $390 billion/year to about $375 billion/year. The top 1% of taxpayers will be generally less impacted by these changes than other groups, and the wealthy give primarily to universities. By contrast, the middle-class primarily gives to local charities such as religious institutions and soup-kitchens.