Dec 28, 2017

Charities worried about donations under new tax bill

Photo: Raphael GAILLARDE / Getty

Some tax experts are concerned that the doubled standard deduction in the new tax bill will lead to fewer people itemizing their deductions and taking advantage of charity incentives, which could ultimately lead to fewer donations in 2018, per AP.

Why it matters: With less of an incentive, some Americans may continue to give, but possibly not as much, according to the AP. Charity could become exclusive to the wealthy who would be more likely to continue itemizing their tax returns than middle-class taxpayers.

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