Projection for charitable donations to drop
TOLEDO, Ohio (WNWO) - New numbers by The Joint Committee on Taxation project charitable deductions to drop by millions.
The standard deduction is being doubled. Nonprofits fear that if people are staying within the standard deduction pool, and not moving to a new donation level, there will be less of an incentive to donate.
“If you give a $10,000 or a $20,000 donation, you still fall within that bracket, if that’s your only deduction, you still fall within that standardized deduction,” said Emily Avery, with United Way of Greater Toledo.
United Way of Greater Toledo works with about 20,000 individual donors in the area. Avery said if they were to have a 5% decrease in charitable donations, it would be about a $12 million impact on the region.
“That’s how much United Way brings in annually, we bring in anywhere from $10 to $12 million," said Avery. "It would be like United Way disappearing and the ability for us to really collect those charitable donations."