Abstract
Abstract This policy memo proposes and simulates the effects of a two-tier, nonrefundable tax credit for charitable contributions. A two-rate credit would expand access to tax incentives for charitable contributions to most Americans and increase charitable giving significantly, with substantial cost savings compared to alternative policy changes.
Highlights
A two-rate credit would expand access to tax incentives for charitable contributions to most Americans and increase charitable giving significantly, with substantial cost savings compared to alternative policy changes
American charitable giving is at a critical juncture
Following the 2017 tax reform, the share of US households who take the itemized deduction for charitable contributions is expected to decrease sharply
Summary
American charitable giving is at a critical juncture. Following the 2017 tax reform, the share of US households who take the itemized deduction for charitable contributions is expected to decrease sharply. If policy remains on its present course, less will be given in coming years to our charities and foundations, and by fewer people. This policy memo proposes and simulates the effects of a two-tier, nonrefundable tax credit for charitable contributions. A tworate credit would expand access to tax incentives for charitable contributions to. N. Duquette most Americans and increase charitable giving significantly, with significant cost savings compared to alternative policy changes.[1]
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