Unlimited above-the-line charitable deduction proposed

New legislation called the “Charitable Giving Tax Deduction Act,” was recently introduced by Rep. Chris Smith (R-NJ) and Rep. Henry Cuellar (D-TX). The bipartisan bill could make tax deductions for charity available to everybody, instead of just those who itemize. The bill is also aimed at addressing concerns that the recent changes brought by the Tax Cuts and Jobs Act (TCJA) would result in fewer people itemizing, and therefore fewer people donating to charity.

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