Vanguard Charitable Charity How the world’s biggest charities are responding to Trump’s tax plan

How the world’s biggest charities are responding to Trump’s tax plan

The U.S. Department of the Treasury on Friday approved a tax-reform plan that could dramatically lower the corporate tax rate for many charities by a quarter of a percentage point, according to a person familiar with the deliberations.

The person, who asked not to be identified because the deliberations are private, said the Treasury’s Office of Tax Analysis (OTTA) was working with a broad range of organizations and groups to develop a proposal.

The Trump administration has repeatedly said it wants to lower the effective tax rate of charitable giving to a rate that’s between 15 percent and 20 percent, which would lower the taxable income of the top 10 percent of Americans.

Under the plan, charities could choose to deduct charitable donations in half from their tax bills and the other half from the federal income tax.

Under a previous version of the plan that was passed in 2020, charities would only be allowed to deduct up to $5.5 million from their taxes, but the Treasury said that could be raised to $10 million by eliminating a provision that exempts the value of the value added by an employee’s charitable contributions.

Under an earlier version of that plan, which was also passed in 2016, the tax rate on charitable contributions was reduced to 15 percent.

The Treasury is now proposing to cut the tax on charitable donations by 25 percent and the tax deduction for charitable contributions to $1 million from $2.9 million.

The agency has been working with some nonprofit groups and nonprofits to develop the plan for some time, the person said.

The proposal would also reduce the tax-free portion of charitable contributions by $1.6 million.

Under current law, charities can deduct charitable contributions up to the value that they have earned.

However, under the proposal, charities are allowed to claim that portion of donations in order to deduct their contributions.

The tax-deductibility provision was part of the previous version that was also approved in 2020.

It’s unclear how much it would cost the charities.

The plan would also remove the estate tax and the alternative minimum tax, which both benefit individuals and corporations.

The OTA has not yet made a final decision on how to treat charities’ tax-exempt status under the new plan.

The Office of Management and Budget, which reviews the federal tax code, will make a final ruling on the tax proposal in 2018.