Many charitable organizations are expressing concerns about the latest Tax Reform bills.
One of the changes highlighted by supporters is how the standard deduction has been doubled to 25,000 dollars. Non-profits feel that will impact contributions to their groups because people will no longer claim donations as a tax write-off.
Steve Moore at the Heritage Foundation says that’s not the case.
“The charitable deduction was retained. Let me say that again..there was no elimination of the charitable deduction.”
Moore tells Jack Riccardi if you want to take the charitable deduction you can or you can simply take the standard deduction by checking a box on your tax return.
“Let’s say you make 80,000 dollars a year and let’s say you give a lot of money away to charity. Then you probably don’t want to check the box, you want to be able to deduct your charitable giving and you can still do that. It’s basically a choice.”
Moore says he feels the tax reform will create a better an more prosperous economy which will result in people having more money to donate.
“Almost all Americans are charitable. Americans don’t give money to their church or to the Salvation Army or to the soup kitchens because they get a tax break. They do it because they feel empathy and they want to help.