Posted on November 7, 2017
Last week, the House of Representatives officially introduced The Tax Cuts and Job Act. This proposal doubles the amount of the standard deduction and threatens to impact charitable giving.
A higher standard deduction means fewer people will itemize their tax returns. However, taxpayers who have donated to charities can only receive the charitable tax deduction if they itemize their taxes. If fewer people itemize their taxes, the pool of people who have an incentive to donate to charity will likely shrink significantly.
Representative Mark Walker (R-NC) has proposed H.R. 3988, The Universal Charitable Giving Act, which will allow all taxpayers to claim the charitable giving deduction whether they itemize their taxes or not. Even if the standard deduction is doubled, our hope is that this bill will continue to motivate people to contribute to charities because they can claim the deduction on their taxes.
Please reach out to your representatives and encourage them to support H.R. 3988, The Universal Charitable Giving Act. You can find your representative here:
Thank you for your support and help in ensuring that people can continue to receive their charitable deduction and support charities that are important to them!