New Tax Laws May Shift Charitable Giving
Update: 2025-11-27
Description
New tax laws could significantly alter charitable giving in America, potentially reducing donations from the wealthy and shifting the burden to less affluent donors. The bill aims to allow taxpayers who take the standard deduction to deduct up to one thousand dollars in cash donations, but experts worry this might decrease total charitable funds. Top earners will see their effective tax benefit cut, potentially reducing annual giving by billions. While the bill limits tax incentives for itemizers, many experts doubt middle and lower-income donors can make up the expected shortfall. Charitable giving by American households reached three hundred ninety-two point four five billion dollars last year, but fewer Americans are giving, with wealthy donors making up an increasing share of philanthropy. The new deduction for standard filers is meant to encourage more giving, but its long-term effects on the charitable landscape remain to be seen.
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