Workflow
'Big beautiful bill' changes the tax code on charitable giving
CNBC Televisionยท2025-07-09 13:44

Charitable Giving Trends - Charitable giving as a whole increased to a record $590 billion last year [1] - Tax changes could cause a big shift in who gives and how much [1] Tax Law Impact - New charitable deduction for those who take the standard deduction, up to $1,000 for individuals and $2,000 for married couples [1] - Itemizers, mainly the wealthy, will exempt the first 0.5% of their gross income from their charitable deduction [2] - Those in the top tax bracket can claim only a 35% tax deduction for charitable gifts rather than the current 37% [2] - Changes will reduce overall giving by more than $8 billion, according to some estimates [3] Predictions - Supporters say the changes will encourage more giving by everyday Americans [3]