US charities plan for cuts as Trump budget targets investment returns
Foundations may reduce distributions by up to a fifth in response to spending plan’s tax rise on endowment profits
Foundations may reduce distributions by up to a fifth in response to spending plan’s tax rise on endowment profits

Higher levies on endowment income will more than offset an increase in investment returns

Trump’s brutal cuts are an opening for poorer nations to build legitimacy

Charities become concerned for their future as thousands of positions are cut

American donors take precautionary action after president vows to pursue those supporting liberal causes

Deal under consideration would limit taxes on dividends even as spending plan deepens debt and cuts programmes for poor

Some investors reduce positions or buy protection for their portfolios amid concerns over valuations