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Trump’s tax cuts aren’t just starving the government of cash — they’re expected to hurt charities too

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President Donald Trump addresses a joint session of Congress on Feb. 28, 2017, as VP Mike Pence and House Speaker Paul Ryan applaud. Jim Lo Scalzo/Pool Image via AP

The massive tax cut passed by President Donald Trump and congressional Republicans in 2017 has blown a massive hole in the federal budget that is projected to lead to deficits exceeding $1 trillion starting next year.

But it’s not just the government that is expected to be starved of funds.

As Fortune reports, private charities — which Republicans usually tout as superior alternatives to government services for helping those in need — are also expected to take a hit thanks to incentives in the tax law that will likely lead to less giving.

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“To gain more tax breaks via itemized charitable donations, individuals and couples need to give more than the standard deduction. But under last year’s new tax law, the standard deduction for singles nearly doubled, rising from $6,350 to $12,000,” Fortune explains. “For married couples, the standard deduction rose from $12,700 to $24,000.”

Additionally, the tax law took a hatchet to many itemized deductions, which experts say could further dampen incentives to give.

“Without itemized deductions, most people will lose all tax benefits associated with charitable giving,” Kimberly Dula, a partner at the New Jersey accounting firm Friedman LLP, explained to CNBC earlier this year.

Read the whole report here.


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Vehicles being used as weapons against protesters is ‘the new normal in 2020’: CNN

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CNN's Don Lemon on Friday evening devoted a segment to the rash of incidents in which people have driven through Black Lives Matter protesters in the same manner that killed Heather Heyer at the fatal 2017 "Unite the Right" rally in Charlottesville, Virginia.

"Vehicles used as weapons," Don Lemon began. "You heard me right, vehicles are being used as weapons against Americans taking to the streets in Black Lives Matter protests in cities across this country."

CNN correspondent Evan McMorris-Santoro reported shocking scenes captured on camera of vehicles running down protesters are "common now."

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Trump to ignore Ruth Bader Ginsburg’s dying wish and appoint Amy Coney Berman: reports

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President Donald Trump intends to name Judge Amy Coney Barrett to the Supreme Court, US media reported Friday, who if confirmed would cement a solid conservative majority on the high court.

The president said this week he will announce his pick to replace the late Ruth Bader Ginsburg on Saturday, and various media outlets said it would be the 48-year-old conservative judge.

Citing sources close to the process, various media outlets, including The New York Times and CNN, said Trump would nominate Barrett.

If she is confirmed the court would shift to a 6-3 conservative majority.

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2020 Election

Trump tells supporters he won’t be ‘stupid’ enough for peaceful transition of power if he loses

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President Donald Trump continued to spread debunked conspiracy theories about the 2020 presidential election during a Friday night campaign rally in Virginia.

Trump argued that it was impossible for him to lose the election, thus concluding he would be "stupid" to hand over power peacefully should he lose.

"We not gonna lose this, except if they cheat," Trump falsely claimed about the 2020 campaign, where he trails Joe Biden in national and battleground polling.

"That's the only way we're gonna lose is if there's, uh, mischief," he argued. "And it will have to be on a big scale."

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