Charitable Giving Deduction Could Increase

Charitable Giving Deduction Could Increase

(AmericanProsperity.com) – A bipartisan group continues to pursue a bill that would raise the charitable deduction amount for people who do not itemize their deductions. Many supporters believe it would help incentivize giving at the time when our country needs it most.

The Universal Giving Pandemic Response Act was introduced by Senator James Lankford (R-OK). It was backed by other senators, including:

  • Mike Lee (R-UT)
  • Tim Scott (R-SC)
  • Jeanne Shaheen (D-NH)
  • Amy Klobuchar (D-MN)
  • Christopher Coons (D-DE)

The bill would bump the maximum deduction amount one could claim for 2019 and 2020 from the current $300 to $4,000 for individuals and $8,000 for couples who itemize their deductions. It’s critical to note, though, that one must donate a minimum of that amount in order to get the deduction. It’s designed to incentivize taxpayers to donate more money to nonprofits.

America’s charities, non-profits, and churches have been stepping into places where the government can or should not go during the current epidemic and political climate. Keeping taxes low and letting Americans choose where their money goes ensures we only support the causes you care about without bureaucracy getting in the way.

~Here’s to Your Prosperity!

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