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…) ]

7
people are currently praying.

Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Discuss this article in our forums

Latest Worthy News

Trump Warns of ‘Shocking’ Election Vulnerabilities, Says China Obtained Data on 220 Million U.S. Voters
Trump Administration Designates Juárez Cartel, Los Viagras as Foreign Terrorist Organizations
US Approves Nearly $2 Billion Arms Sale to Saudi Arabia as Middle East War Escalates
Democrats Shift Away From Israel as Majority Back Aid Cut
Syria Seizes Advanced Missiles and Drones Bound for Hezbollah
Israel, Lebanon Report Progress in Rome Talks on Hezbollah-Free Pilot Zones
Ukraine Cabinet Shakeup Sparks Rare Wartime Protests
Deadly Fire Kills Children At Algerian Welfare Home Amid Heatwave
U.S. Strikes Iran for Fifth Straight Day as Tehran Attacks American Bases Across Gulf
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Worthy Christian News