Charitable Contributions Down Following Tax Reform

(From Bloomberg) Giving by individuals fell an estimated 3.4% last year, according to a report released by Giving USA. Total estimated giving by corporations, foundations and individuals fell about 1.7%, after inflation. The decline follows the first year of the 2017 tax overhaul that expanded the standard deduction and made millions of taxpayers ineligible to claim a break for charitable donations. Only about 18 million taxpayers itemized in 2018, down from 46.5 million the year before, according to estimates from the Joint Committee on Taxation. About 88 percent of filers last year took the standard deduction, which means they couldn’t write off their donations

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