CNBC's Robert Frank reports on the tax changes for charitable giving.

Washington

Recent tax legislation has introduced significant changes to the rules around charitable giving in the United States. The new law allows individuals who take the standard deduction to claim a charitable deduction of up to $1,000, and married couples up to $2,000, even if they do not itemize their deductions.

To offset this, the law requires those who itemize—primarily higher-income earners—to exclude the first 0.5% of their gross income from charitable deductions, and it reduces the maximum deduction rate for those in the top tax bracket from 37% to 35%. While supporters believe these changes will encourage more charitable giving from the general public, some estimates suggest overall donations may decrease by over $8 billion.

'Big beautiful bill' changes the tax code on charitable giving

A series of tax changes buried in President Trump's big, beautiful bill have the potential to upend the balance of philanthropy, and Robert Frank joins us now with his inside wealth report. We get inside. Inside. Please do. You don't want to be outside the wealth. You want to be inside the wealth. It said today's report. Is this today's report? Today, we are. You're not doing yesterday. You're doing something. Or tomorrow's. You're doing tomorrow's? We are inside wealth today. Unbelievable. And so we are talking about charitable giving. Charitable giving as a whole increased to a record $590 billion last year. Of course, mainly driven by all that stock market wealth. But the tax changes in the big, beautiful bill, which has now, of course, become law, could cause a big shift in who gives and how much. So provisions allow a new charitable deduction for those who take the standard deduction and they don't itemize. So that's going to be up to $1,000 for individuals and $2,000 for married couples. To pay for that, it's going to require itemizes, mainly the wealthy, to exempt from their charitable deduction the first .5% of their gross income. So if you make a million bucks a year, your first $5,000 giving to charity will not be deducted. It also limits deductions for those in the top tax bracket, allowing them to claim only a 35% tax deduction for charitable gifts rather than the current 37%. Now supporters say the changes will encourage more giving by everyday Americans. Others estimate the changes will reduce overall giving by more than $8 billion. For more on how the new tax changes will impact the wealthy, you can check out the Inside Wealth newsletter, brand new one, out tomorrow morning. You can go to cnbc.com slash inside wealth. That's cnbc.com slash inside wealth.

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