Giving Compass’ Take:
• Una Osili, Hayden Adams, and Michael Voss discuss the implications of tax law and the economy for philanthropists and how donors can make the most of their giving in changing times.
• How have laws and economic trends shaped your giving? How can you prepare for coming shifts?
• Read about the history of the charitable tax deduction.
Michael Gordon Voss, publisher of SSIR. In this series we hope to create a collaborative space for leading voices from across the philanthropic ecosystem to engage in both aspirational and practical conversations around relevant topics at the heart of achieving more effective philanthropy.
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 nonprofit sector to worry that this might lead to a reduction in total charitable giving by individuals. Now that we’ve gone through more than a full year 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?
To explore these issues, we’re joined today by two individuals with extensive knowledge on the subjects of economics and taxes and how these relate to giving. Una Osili is a PhD and associate dean for research and international programs at the Indiana University Lilly Family School of Philanthropy, the world’s first school dedicated to increasing the understanding of philanthropy and improving its practice worldwide. An internationally recognized expert on economic development and philanthropy, Dr. Osili speaks across the globe on issues related to national and international trends in economics and philanthropy.
We’re also joined by Hayden Adams. Hayden Adams is director of tax and financial planning at the Schwab Center for Financial Research. He’s both a CPA and a certified financial planner, and prior to joining the center, served as Schwab’s lead representative on tax regulatory matters, using his eight years of experience with the IRS.
Read the full article about making the most of your giving by Una Osili, Hayden Adams, and Michael Voss at Stanford Social Innovation Review.
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