Tax Policy Threatens Billionaire Philanthropy

MacKenzie Scotts record-breaking donations highlight a trend of mega-donors contributing vast sums to charitable causes. However, new tax policies could significantly impact these large-scale donations. President Trumps One Big Beautiful Bill will limit tax benefits for wealthy donors starting in 2026, potentially reducing donations by at least $4.1 billion and as much as $6.1 billion. This shift could deter large donations from billionaires, as the middle class is unlikely to fill this gap.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.