President Donald Trump and Speaker Ryan have a plan to cut charitable contributions by at least $1 billion, a move that could boost the fortunes of several large charities.
Trump has proposed a cut of $700 million, while Ryan has proposed slashing the amount by $1 million.
The Republican plan would also end the deduction for charitable contributions from individuals making more than $500,000.
Trump also said on Twitter that he and Ryan “want to make charitable contributions even lower, to help people who are struggling.
I think that’s a good idea.”
Ryan and Trump plan to announce their proposal on Friday, according to the White House.
They’ll announce the cuts on Wednesday, but Trump said they’d announce the plan “a day or two before” that.
Trump is a big fan of charitable giving, donating more than half a billion dollars in the first half of this year alone.
He called his proposal a “tax cut for everybody.”
His plan would have no impact on charitable giving in general, but charities that provide services to the elderly or the poor could be hit.
Ryan has said he would like to see the tax cut go further than Trump’s.
But the nonpartisan Tax Policy Center said last month that the plan would reduce federal revenue by $2.2 trillion over a decade, which it called “the largest annual loss of revenue since World War II.”