Who benefits from the deduction for charitable contributions? Q.Who benefits from the deduction for charitable contributions? A.The charitable deduction subsidizes charitable giving by lowering the net cost to the donor. If the tax deduction spurs additional giving, charitable organizations can provide more services. Read more about Who benefits from the deduction for charitable contributions?
How would various proposals affect incentives for charitable giving? Q.How would various proposals affect incentives for charitable giving? A.Proposals include providing more effective or more universal incentives for charitable giving, but often in exchange for some restrictions, such as a floor or a small percentage of income above which incentives would be provided. Many proposals aim to enhance the amount of giving per dollar of revenue loss; some take account of IRS capabilities to monitor taxpayer claims. Read more about How would various proposals affect incentives for charitable giving?
How did the TCJA affect incentives for charitable giving? Q.How did the TCJA affect incentives for charitable giving? A.The 2017 Tax Cuts and Jobs Act will discourage charitable giving by reducing the number of taxpayers claiming a deduction for charitable giving and by reducing the tax saving for each dollar donated. Read more about How did the TCJA affect incentives for charitable giving?
