According to the National Bureau of Economic Research (NBER) The Tax Cuts and Jobs Act (TCJA), signed into law in 2018 eliminated incentives for charitable giving for about 20% of US taxpayers.
One of the signature moves in the act was to increase the amount of the Standard Deduction to $25,000, which more or less doubled the threshold for itemizing deductions.
Overall, the reform decreased charitable giving by about $20 billion annually.
While many middle-class taxpayers give to charity such as a church, most are not able to give enough to put them over the threshold for itemizing deductions. In effect, the TCJA eliminated the incentive for making these donations. For middle-class taxpayers, this eliminated the incentive to give money to charity since these donations could no longer be used for itemized deductions from annual income tax payments.
The TCJA is set to expire in 2025. This has become a standard ruse for Republican tax cuts. Setting an expiration date allows them to claim that the damage to the deficit is not that bad. The same process was used for the tax cuts passed by the GW Bush administration. The problem is that when the expiration approaches, the GOP claims that the Democrats want to raise taxes by allowing the cuts to expire, increasing the chances that the cuts will be made permanent.
While the middle class has garnered some small benefit, the greatest benefits have accrued to the 1% and corporations. For example, the corporate tax rate dropped from 35% to 21%. In the meantime, the deficit has exploded.
The fate of the TCJA has become a significant issue in the upcoming election. The Republicans generally support the extension of the Act, possibly even making the provisions permanent.
To view the press release;
One: Taraji P. Henson to receive honorary AARP Purpose Prize
Taraji P. Henson has been awarded an honorary AARP Purpose Prize for her work with her foundation, the Boris Lawrence Henson Foundation (BLHF). Henson is the co-founder of the organization, which arose from deeply personal experience.
The mission is to destigmatize mental health within marginalized communities and enhance accessibility and willingness to seek support without fear or shame.
Henson founded the organization with her best friend Tracie Jade Jenkins in honor of Henson’s father, Boris Lawrence Henson. A Vietnam vet, the elder Henson battled untreated mental illness in the years between the war and his death in 2018.
During those years, there was “a glaring absence of culturally relevant mental health support” to help Henson deal with the issues he faced after returning home.
Seeking help with mental health is difficult for anyone, but underserved communities face even higher barriers. The BLHF became a pioneer in advocating for Black mental health. The mission of BLHF is to empower individuals to embrace their heritage and shared cultural history. BLHF provides culturally sensitive therapy.
The AARP Purpose Prize is awarded annually to recognize extraordinary nonprofit founders age 50. In addition to regular grantees, Henson was selected as an honorary grantee due to her outstanding work, and the way she used her life experience to make a difference for others.
Each Purpose Prize winner is given $50,000 for their organization. Honorees will also receive a year of technical support to help broaden the scope of their organizations’ work.
To visit the website of BLHF, please use the link below:
https://borislhensonfoundation.org/about-blhf
To learn more about the AARP Purpose Prize, see the link below:
https://www.aarp.org/about-aarp/purpose-prize
Two: Teiger Foundation Announces 2024 Grantees
The Teiger Foundation (TF) recently announced its 2024 grant recipients totaling almost $4 million.
TF is a private foundation devoted to supporting contemporary art curators. The TF especially, but not exclusively, targets arts organizations with an annual budget under $3.5 million.
Most of the money will be disbursed through partnerships, collaborations, and shared leadership models. There is a focus on BIPOC artists and groups that are under-represented.
Grants generally fall in the range from $50,000 to $150,000. The money is used to create exhibitions, host touring shows, and conduct research. The money was granted to 50 curators at 33 institutions, giving the TF a broad range in the arts community.
To expand that reach, this year the TF launched a Climate Action for Curators after a year-long pilot in 2023. A subset of grantees were given $500,000 in additional funding and coaching support to embed climate consciousness into their project or organization.
Given that there is a total of 50 grantees, please see the full list at:
https://teigerfoundation.org/grants/2024
Three: WAW Appoints New Executive Director
Women for Afghan Women (WAW) recently announced the appointment of its new Executive Director following an extensive search by the Board of Directors. Dr. Susan Aryan Antolin, Ed.D. will take on the role of leading the organization.
Read the full press release:
