Will Tax Incentives Be Restored?
The new tax reform laws that were passed December 2017 essentially got rid of the tax incentive to give to charity, at least for the majority of middle- and low-income givers. Because of the new tax law, Forbes has estimated that charitable giving this year will decrease by $12 to $19 billion. However, laws are in the works to turn this around. Last fall, Rep. Mark Walker (North Carolina) and Sen. James Lankford (Oklahoma) introduced a new bill, the Universal Charitable Giving Act, and it is gaining steam. The way the current law stands, only taxpayers who itemize their deductions…Read More