Middle-class charitable givings drop following tax change
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Food banks and charities in the D.C. area are experiencing a steep decline in donations, making it harder for them to serve people in need, the Washington Post reports.
Why it matters: Middle-class families are donating less than previously following a 2017 tax code change led by Republicans. Meant to streamline the tax filing process, the change actually reduced the benefits they used to get from charitable deductions, the Post writes. Smaller charities rely on local residents to donate.
- Meanwhile, richer Americans are either continuing to donate at the same right or have increased their contributions to hospitals and universities, notes the Post.
By the numbers: Charitable giving in the U.S. dropped from $295 billion in 2017 to $292 billion in 2018, according to the Post.