Dan Parks and Eden Stiffman, members of The Chronicle of Philanthropy, have made available for download their article “Value of Charitable Deduction for All Americans Still Unclear”, published in The Chronicle of Philanthropy. The abstract is as follows:
The share of Americans who give has been on a steep decline in recent decades, even as overall charitable contributions soar to record heights.
After much lobbying from nonprofit groups, the stimulus bills enacted last year included temporary provisions allowing single people to deduct up to $300 and couples up to $600 in charitable gifts even if they don’t itemize. Those provisions aimed to inspire more philanthropy from everyday donors after the Tax Cuts and Jobs Act of 2017 reduced the ability of many Americans to write off their charitable gifts.
But the jury is still out on what impact these modest incentives had on giving last year.
Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.