Congress and the Trump administration scaled back the estate tax when they enacted the new tax law.

Although the government didn’t do away with this tax altogether, as many conservatives had long called for, trimming the tax incentives the wealthy have to give could mean that some nonprofits will soon see their budgets pinched by a decline in charitable giving.

As an economist and a scholar of philanthropy, I anticipate that bequests from estates could decline by about US$7 billion a year.