Senator Cory Booker (D-NJ) recently proposed a bold tax plan that includes drastically increasing the standard deduction from $16,100 to $37,500 for single filers ($32,200 to $75,000 for married couples filing jointly).
In 2020, Americans’ individual charitable giving reached $324 billion, a record high and a 2.2 percent increase from 2019. While the pandemic imposed great costs on our society, many households shared their resources with others, including religious, educational, and human service organizations.
A Giving USA report released last week shows that US households’ charitable donations in 2018 experienced the largest decline since the Great Recession. We hate to say we told you so, but we told you so.
