In 2017 and again in 2020, Congress made deficient—but temporary—changes to the federal income tax deduction for charitable giving. By significantly increasing the standard deduction,...
If you’ve shopped recently at your supermarket, there’s a good chance you faced a choice at the checkout counter: Whether to give to a charity. But like so much else these days, these giving opportunities have become controversial.
According to the Joint Committee on Taxation, Congress spent about $1.5 billion in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to create a...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act creates two new tax benefits for donors to non-profits. One will mostly benefit low- and middle-income...
On March 3, the Treasury Department put out a press release saying that 2018’s charitable giving “appeared largely unchanged from previous years,” despite a “concern...
Tax incentives appear to encourage giving, but by discouraging taxpayers from itemizing deductions, the Tax Cuts and Jobs Act (TCJA) left nearly 9 of every 10 households without that nudge. Policymakers could correct this by allowing people to deduct at least some of their charitable gifts of sufficient size, even if the taxpayer doesn’t itemize.
In a new initiative, the Tax Policy Center is improving its modeling of five key tax expenditures: the tax treatment of pass-through entities, charitable giving,...
