Wednesday, January 29, 2020
The Congressional Research Service recently published The Charitable Deduction for Individuals: A Brief Legislative History. Here is a short summary of the publication:
This report provides a brief history of the major legislative changes to the charitable deduction that have occurred over the past 100 years, focusing on changes to the amount that taxpayers could deduct. Over the past 100 years, Congress has generally increased the amount that eligible taxpayers can deduct for their charitable donations. These changes are summarized in the below table.
As Congress has expanded the amount that can be deducted by those who claim the deduction, policymakers have debated the deduction’s effectiveness at increasing charitable giving and the broader role of government subsidies for the philanthropic sector—a discussion that continues to this day