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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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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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David Letterman jokes ‘enormous fellow’ Donald Trump can ‘eat the restaurant empty’

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The folks over at TMZ caught up David Letterman in Los Angeles this Thursday and asked him his thoughts on which presidential candidate, Donald Trump or Michael Bloomberg, is more fun to have dinner with.

Letterman, who knows both men well, and according to the former late-night talk show host. "there'd be nothing left" on the plate.

"He's such an enormous fellow, he would eat he restaurant empty," Letterman said.

In regards to Bloomberg, Letterman said, "I think he eats like a bird."

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‘Possibly the craziest and scariest thing he has done’: Conservative blasts Trump for DNI Richard Grenell

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Conservative Washington Post columnist Max Boot blasted President Donald Trump's new appointee Richard Grenell to take over as acting director of national intelligence.

Previously, Trump was furious at his acting DNI when he learned that Democrats were given an intelligence briefing. The source speaking to the Post said that Trump gave Maguire a “dressing down” that left the former acting DNI “despondent.”

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FBI investigating Erik Prince for arms trafficking after attempt to modify crop dusters into attack aircraft: report

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The Federal Bureau of Investigation is reportedly investigating prominent Donald Trump supporter Erik Prince for violating arms trafficking laws.

"Prince, an heir to a billion-dollar fortune who is widely viewed as a shadow adviser to the president, is under federal investigation for his 2015 attempt to modify two American-made crop-dusting planes into attack aircraft — a violation of arms trafficking regulations," The Intercept reported Thursday, citing "two people familiar with the investigation."

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