For as long as there have been people there have been those with the willingness to give. Philanthropy is alive and well but like anything else, it too must face changes as time goes by. How will the changing economy and new tax laws among other things affect charitable giving? Here are some interesting predictions.
Many have estimated that the new tax law will reduce charitable giving by as much as $20 billion a year. But not all the experts share that view, there is a growing opinion that giving will hold steady and may even rise because of record stock market gains and strong business outlooks.
With an increasing number of billionaires comes a greater amount of giving. Over 170 billionaires have now signed the Giving Pledge, and this year, as in the past few years, we can expect at least one of them to unveil their philanthropic game plan, along with big new commitments.
Jeff Bezos who has now taken the spot as the richest person in the world is making an effort to get started with philanthropy. He has issued an open call for ideas for his philanthropy. It is expected that Bezos will take major steps with his giving soon.
The end of the year found Ford and the Walton Family Foundation joining forces to boost diversity across the curatorial field. At the same time, “legacy institutions” continued their work to roll out new initiatives designed to reach underserved demographics. It is likely that in the year ahead we will see more moves like this.
Many are looking for ways to offset the pain of the new tax law, municipalities with sky-high property taxes are desperately exploring new ways to have residents pay for schools and other public goods with deductible charitable gifts instead of non-deductible taxes. These legally dubious efforts will provoke court battles in 2018.