New Tax Law and Charitable Giving

[gcgang]

https://www.pbs.org/newshour/economy/making-sense/what-the-new-tax-law-means-for-your-holiday-giving

Just saw this update. Looks like donations are down.

On the same PBS news, they talked about studies that show we are happier when we give. They should have their fund drive going on now. Lol.

 

[JoeWras]

That PBS article also mentions this:

It is important to note that most people aren’t solely motivated to give by saving money on taxes. About 56 percent of American households donated in 2015, the most recent year for which data is available, but only a third itemized their taxes. That means for at least a fourth of Americans, tax benefits are not the reason they donate.

For sure, the tax law has an effect, especially for those backing into late last year to get the deduction "one last time."

The stock market and economy matter too. Last year it was up, up, up. This year, volatility. This will cause pause for people, whether they donate stocks or not.