No. There’s nothing wrong with your eye sight. No that’s not a typo. That’s the explosion of another Republican myth. We’ve been told charity begins at home. Well, apparently for the wealth class, charity begins at the tax preparers office and ends with the elimination of itemized deductions.
“The amount is just jaw-dropping,” Michel Nilsen, vice president of communications and public policy at the Association of Fundraising Professionals, told MarketWatch. “This is a really significant drop. This to me is a sign that giving was hurt.”
Ya think? And this is on top of limiting access to welfare programs by creating strict work requirements, lowering the poverty threshold, and purging food stamp rolls.
Analysis by the Tax Policy Center found that the TCJA reduced the marginal tax benefit of donating to charities by 30 percent in 2018, which raised the after-tax cost of making a donation by seven percent.
A new report by Giving USA found that there was a 1.7 percent decline in overall giving to charity organizations last year and a 1.1 percent decline in dollars from individual Americans given, or a 3.4 percent decline when adjusted for inflation.
If this is their idea of making America great, tell me how to apply for Canadian citizenship. Vent away.