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Charitable giving dropped last year in the wake of the new tax law
(Worthy News) - Americans gave less to charity in 2018 than a year earlier, following changes in the tax law and fourth-quarter declines in the stock market, according to a new report.
Charitable giving by individuals America fell 1.1% to $292 billion in 2018 compared with 2017, according to Giving USA. Because giving by foundations and companies increased, total giving in the U.S. increased slightly, by 0.7%, to $428 billion.
The decline in giving by individuals comes after the new Republican-backed tax law, which took effect in 2018, reduced the tax incentives of giving for many households. The law signed by President Donald Trump doubled the standard deduction for families to $24,000, meaning far fewer households itemized and took a deduction for charity. [ Source: CNBC (Read More...) ]