Charitable Gifts Could Plummet Under Republican Tax Plans
Law360, Los Angeles (November 22, 2017, 12:46 PM EST) -- Despite retaining a deduction for charitable donations, efforts in the House and Senate to revamp the U.S. tax code likely would lead to a reduction in giving to charities and other nonprofits because the bills reduce incentives for taxpayers to take advantage of the benefit.
Last week the full House voted in favor of H.R. 1, the Tax Cuts and Jobs Act, which would roughly double the standard deduction for individuals by raising it to around $12,000 for individuals and to about $24,000 for married couples filing jointly while preserving a deduction for charitable contributions. The Senate Finance Committee, meanwhile, has approved a...
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