U.S. Markets close in 6 hrs 27 mins

Trump's tax law leads to fewer charitable donations

Donald Trump's tax cuts are hurting fundraising efforts, including on Giving Tuesday. According to a Giving USA report, charitable giving is down 1.7% when adjusted for inflation, and individual donors are declining. Corporate donations are however on the rise. Under the new tax law, millions of Americans could not claim a tax break for donating to charity, a likely cause of the drop in donating.