• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

3

Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

3

Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
LeadershipDonald Trump

What Trump’s Proposed Spending Cuts Could Mean for the Arts Economy

By
Grace Donnelly
Grace Donnelly
Down Arrow Button Icon
By
Grace Donnelly
Grace Donnelly
Down Arrow Button Icon
January 19, 2017, 5:20 PM ET
New Met Breuer Museum Opens To Public In New York City
NEW YORK, NY - MARCH 18: Visitors view artwork on the opening day of the new museum The Met Breuer, an expansion of the Metropolitan Museum of Art on March 18, 2016 in New York City. The contemporary art space has taken over the Marcel Breuer designed Madison Avenue building that recently housed the Whitney Museum of American Art from 1966 until October 2014. (Photo by Spencer Platt/Getty Images)Spencer Platt — Getty Images

The Trump transition team may propose cuts to the federal budget that would reduce spending by $10.5 trillion over the next 10 years, the Hill reported Thursday.

Along with major funding cuts to the departments of Energy, Commerce, Transportation, Justice and State, the plan—which the Trump team has said is modeled after The Heritage Foundation’s Blueprint for Balance—would achieve this reduction in part by “targeting waste” like the Corporation for Public Broadcasting, The National Endowment for the Arts (NEA) and the National Endowment for the Humanities (NEH).

The NEA has already weathered significant budget cuts following the recession — their funding is 14 percent lower than in 2010, a $21.5 million drop to $146 million in 2015. The combined budgets of the NEH and NEA account for just over .002 percent of federal discretionary spending.

Both organizations administer grants to support the arts and humanities in each congressional district in the country.

The Bureau of Economic Analysis recently released a report that attempts to put a dollar amount on the arts economy and its impact. They found that arts and cultural production contributed more than $704 billion to the U.S. Economy — this accounts for 4.2% of the United States GDP and is greater than the contributions of the construction ($586.7 billion), transportation and, warehousing ($464.1 billion) industries.

us_ind_pct_gdp

More than 4.74 million people were employed in arts and culture economy as of 2013, according to the BEA study.

Since these jobs are funded by a combination of businesses, private donations, and government spending it’s hard to say how many employees would be impacted, but eliminating the 2,300 grants from the NEA and 882 projects funded by the NEH in 2015 would put a strain on the arts and culture economy.

“The announcement that this is even under consideration casts a sinister cloud over our vibrant national culture,” said Suzanne Nossel, executive director of PEN America in a statement on Thursday.

“This proposal sends shivers down the spine of all Americans who value research, scholarship, and creativity and who recognize the mortal blow that eliminating these vital agencies would strike at the heart of treasured sectors of our society,” Nossel said.

With massive exports of U.S. entertainment, the arts and culture sector is a win for American trade. The industry ran a trade surplus of $24.1 billion in 2013, according to the BEA.

Defunding the NEA would also cut already-scarce resources for the arts in underrepresented and low-income communities. According to the agency, 40% of the activities it supports take place in high-poverty neighborhoods.

About the Author
By Grace Donnelly
See full bioRight Arrow Button Icon

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Leadership

gf
SuccessEntrepreneurship
Meet the 32-year-old who is America’s only full-time spelling bee coach — he charges up to $180 per hour
By Ben Nuckols and The Associated PressMay 23, 2026
5 hours ago
d
HealthHospitals
Meet the hospital dogs ‘making a real difference’ by getting sick kids to smile
By Laura Ungar and The Associated PressMay 23, 2026
6 hours ago
Mel Robbins
SuccessGen Z
Millionaire podcaster Mel Robbins hits back at Gen Z’s lazy label—she says they’re stuck in a world their baby boomer parents wouldn’t even recognize
By Emma BurleighMay 23, 2026
8 hours ago
Is a college degree still worth it? Here are 3 things it can teach you that AI can’t do
Future of WorkColleges and Universities
Is a college degree still worth it? Here are 3 things it can teach you that AI can’t do
By Jake AngeloMay 23, 2026
8 hours ago
employees
CommentarySuccession
Millions of business owners are about to retire. They should sell to their employees
By Matt Helmer and Maxwell JohnsonMay 23, 2026
11 hours ago
Ashley Yetman
Commentarydisruption
Everyone is blaming AI for the death of ‘craft.’ Take a good look in the mirror
By Ashley YetmanMay 23, 2026
11 hours ago

Most Popular

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
2 days ago
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
Success
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
By Emma BurleighMay 22, 2026
1 day ago
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
Success
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
By Preston ForeMay 22, 2026
1 day ago
Microsoft reports are exposing AI's real cost problem: Using the tech is more expensive than paying human employees
AI
Microsoft reports are exposing AI's real cost problem: Using the tech is more expensive than paying human employees
By Jake AngeloMay 22, 2026
1 day ago
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
4 days ago
Current price of oil as of May 22, 2026
Personal Finance
Current price of oil as of May 22, 2026
By Joseph HostetlerMay 22, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.