Encourage Charitable Giving With a Universal Deduction
YMCAs and other nonprofit organizations provide critical programs and services to individuals and families every day. We are able to do this with the help of our neighbors who volunteer their time and make charitable donations in order to strengthen their community.
However, taxpayers who are now taking the increased standard deduction as a result of the 2017 Tax Cuts and Jobs Acts no longer receive a tax deduction for their charitable gifts. The loss of that incentive is affecting nonprofit organizations, with a projected reduction of $19 billion in giving per year. Your local YMCA may be experiencing the effects of this change in the tax code.
We encourage Congress to consider measures like H.R. 651, the bipartisan Charitable Giving Tax Deduction Act, to ensure nonprofits like the Y can continue to unlock more charitable giving in order to serve the greatest number of people possible in their communities. Bipartisan proposals like this one would create an “above the line,” “universal” charitable deduction to encourage all Americans to invest in helping others.
At the Y, we know that when we work together, we move individuals, families and communities forward. We hope that Congress will take thoughtful action to explore the dramatic decreases in charitable giving in 2019 and seek bipartisan approaches to incentivize more charitable giving.
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