This year-end giving season is unlike any other.
Annually, 31% of giving occurs during December. However, this year, donors are already fatigued. Hurricanes, floods, earthquakes, and wildfires caused over $15 billion in damage as of October. Puerto Ricans have been living without full power since Hurricane Maria hit the island in September. Wildfires took the lives of 42 people, injured 7,700, and burned over 8,400 homes and buildings. Hurricane Harvey flooded Texas, dumping 27 trillion gallons of rain and leaving an estimated 30,000 people needing temporary shelter. As if that weren’t enough, violent tragedies in Las Vegas and Sutherland Springs rocked the nation.
As is tradition, Americans rise up and come together to support those in need, with an outpouring of generosity to rebuild lives and communities.
Meanwhile, the House and Senate are working to pass a bill that could have devastating effects on the number of Americans eligible to write off charitable giving as a tax deduction. Of highest concern is doubling the standard deduction limit currently in place for taxpayers. According to IRS data, this would remove the tax incentive for an estimated $95 billion of annual charitable giving and reduce the number of itemizers from one-third of Americans to about five percent. This could reduce charitable giving by as much as$20 billion.
With all the needs in our country (and world), we can’t afford to lose billions in charitable giving. Now is the time to support the causes that matter most to you.