The CHARITY Act 2016

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This blog entry discusses the Charities Helping Americans Regularly Throughout the Year (CHARITY) Act. The charitable contribution deduction is often singled out for some sort of limitation in a world where raising tax revenue will probably become more and more important. Whether this is proposed as a cap on itemized deductions at a 28% benefit rate or a limit on itemized deductions in general or some other method, there is some potential “attack” on the sanctity of the charitable contribution deduction. Interestingly enough, in this discussion two senators John Thune (R-S.D.) and Ron Wyden (D-Ore.) have proposed the Charity Act …read more

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