Winners and losers in the GOP tax plan

Winners and losers in the GOP tax plan

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Charities. The National Council of Nonprofits warns that charitable deductions are likely to go down under this bill. While the GOP enables the wealthy to continue deducting their charitable giving, many middle- and upper-middle-class families would no longer get that tax break, because they probably would stop itemizing their deductions. At the moment about 30 percent of Americans itemize, but under the GOP bill, the standard deduction roughly doubles from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples, meaning fewer people would probably itemize. The GOP argues that middle-class people should end up giving more to charity since they will pay less in taxes.

Source Name: 
The Washington Post
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