How Trump’s big bill makes it easier for all Americans to get a tax break for charitable donations — not just rich people
40d ago
Business
MarketWatch
A provision in tax legislation is set to expand charitable giving tax breaks to a broader range of Americans, not just high-income earners. This "above-the-line" deduction allows individuals to deduct charitable contributions from their gross income, regardless of whether they itemize deductions. Experts predict this change will incentivize more people to donate, potentially generating an estimated $74 billion for nonprofit organizations over the next decade, bolstering their ability to serve communities and address critical needs.