21 Million Taxpayers Will Stop Taking Charitable Deductions Under the New Tax Law
From Jan. 17:
The Tax Cuts and Jobs Act will shrink the number of households claiming an itemized deduction for their gifts to nonprofits from about 37 million to about 16 million in 2018, according to new Tax Policy Center estimates. At the same time, the new law will reduce the federal income tax subsidy for charitable giving by one-third, from about $63 billion to roughly $42 billion.
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