The new tax legislation also doubles the standard deduction to nearly $12,000 for individuals and $24,000 for married couples who file jointly, which makes it much harder to claim the benefit for charitable contributions.
How this will impact people’s willingness to give remains to be seen, Clinton said.
“They may be less inclined to contribute big money, I think people will still give,” Clinton said. As a result, “we may have more crowdfunding,” he said.
“Depending on what happens with the elections, there may be some changes to that law,” Clinton added, referring to the Tax Cuts and Jobs Act.
Clinton took part in the 16th annual Commissions for Charity Day organized by trading firm BTIG on Tuesday, along with other politicians, all-star athletes, actors and journalists.
Since 2003, BTIG has raised more than $45 million for charity.
The former president’s own Clinton Foundation operates a range of philanthropic projects around the world and has raised billions since its founding, but has also been dogged by accusations of influence peddling and conflicts of interests.
Be the first to comment