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Senators Block 600% Tax Hike on Private Foundations

7/17/2025

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Summary

Story summary

In a significant victory for conservative philanthropy, Senators Todd Young and James Lankford thwarted a staggering 600% tax hike on large private foundations' endowments in President Trump's tax plan. Their actions underscore the power of conservative groups, while the legislation's changes to charitable deductions and corporate giving spark worries about the potential fallout for nonprofits and vulnerable communities.

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Story summary

In a significant victory for conservative philanthropy, Senators Todd Young and James Lankford thwarted a staggering 600% tax hike on large private foundations' endowments in President Trump's tax plan. Their actions underscore the power of conservative groups, while the legislation's changes to charitable deductions and corporate giving spark worries about the potential fallout for nonprofits and vulnerable communities.