Nonprofits Need Our Help Now More Than Ever
After reading the Los Angeles Times article “The GOP tax reform will devastate Charitable Giving”, we were alarmed. As the author, Bryan McQueeney stated in his article, “The reward for giving will go down and the cost of giving will go up.” He pointed out that nonprofits will potentially lose up to 24 billion dollars in donations each year due to the new tax plan taking effect. As a result, the extraordinary work done by nonprofits to help those in need is now possibly in jeopardy.
Here’s how the new tax plan affects nonprofits:It doubles the standard deductions available for both individuals and couples, which means people may no longer itemize their deductions—in the past, that included charity donations. Unfortunately, people may think twice about donating to a charity because there is no longer the tax incentive. Also, in some states, the deductions for real estate taxes, state and local income taxes, and mortgage interest have been significantly lowered. This may result in less discretionary income being available to donate to nonprofits.
Charities have been the superheroes of our society for hundreds of years by tackling issues not generally addressed by the government. By helping our veterans, giving shelter to the homeless, providing health care to children, and numerous other causes, nonprofits have accomplished outstanding goals and have helped millions of people. Fewer donations mean less people charities can help.
At Watertree Health, we are proud to be active servant leaders in our communities. It has been a phenomenal experience partnering up with Make-A-Wish® to help grant the wishes of children with critical illnesses. The same can be said when we’re assisting animals in need through our program benefitting the ASPCA® as well as feeding food insecure families through our 15 regional food bank partners. We try to do our part, but nonprofits need your help as well.Together we can ensure that the amazing work done by nonprofits not only continues but grows. Your donations matter now more than ever.
What we do in 2018 will have a lasting effect on what can or can’t be done moving forward into 2019 and beyond.Please continue to give with your heart and not your head.
Get your Prescription Discount Card now and start saving up to 80% on the medications you use every day!