Exciting promises have been made under the new administration, suggesting a future even more prosperous and rewarding for the wealthy. With lower taxes for households earning at least $450,000 annually, their assets would be more protected and investments safeguarded. Since 1917, taxpayers have been able to access deductions through charitable donations, caring for the well-being of the disadvantaged while nurturing their economic wealth. However, with the Tax Cuts and Jobs Act (TCJA) increasing the adjusted gross income (AGI) limit for deductions of cash contributions from 50 to 60% in 2017, simultaneously nearly doubling the standard deduction and reducing marginal tax rates, fewer taxpayers have been itemizing and claiming charitable deductions.
