"Under the current rules, taxpayers can subtract the year’s charitable gifts from their income, reducing the amount of earnings that are subject to tax. President Trump’s proposal for a higher 'standard deduction', adopted by both the House and Senate bills, could mean that many taxpayers who currently deduct charitable gifts will no longer be able to do so, which could reduce the tax incentive for donating art and money to museums. While museum donors probably will not stop giving as a result, they may give less."
Article source here:Arts Journal
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