With the holiday and end of year charitable giving season upon us, here’s a rundown of information you will need.
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As we enter the high season for charitable giving, there are some notable changes, as well as warnings, about philanthropy amid COVID-19.
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It’s that time of year, when we start to give thanks in our words, deeds and actions. While total charitable giving increased last year, when adjusted for inflation, it slipped by 1.7 percent to an estimated $427 billion.
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Senate Republicans are expected to unveil their tax plan this week and while we don’t yet know the details, the rumors are that there will be $1.5 trillion in tax cuts over the 10-year budget window. Even days before the announcement, lawmakers are divided on some key issues. In a surprise move, Republicans are reportedly considering maintaining the top income tax bracket of 39.6 percent, which applies to ordinary income above $470K for married filing jointly (MFJ) and $418,400 for single filers. Earlier this month, the President said, “the rich will not be gaining at all with this plan…the wealthy will be pretty much where they are…If they have to go higher, they’ll go higher, frankly.”
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