JCT Analysis Confirms House Tax Reform Bill’s Negative Impact on Giving
A memo from the Joint Committee on Taxation released this week confirms that increasing the standard deduction while keeping the charitable deduction as is, as H.R. 1 proposes, will result in far less charitable giving to American communities. Under the current law, JCT estimates that 40.7 million taxpayers who itemize will deduct charitable contributions totaling $241.1 billion in 2018. If H.R.