CNBC's Robert Frank reports on the tax changes for charitable giving.
BreakdownGenerated by LeadStory AI
- Charitable giving reached a record $590 billion, driven by stock market gains. 32s
- New law allows standard deduction filers to claim up to $1,000 ($2,000 for couples) in charitable deductions. 52s
- Itemizers must now exclude the first 0.5% of gross income from charitable deductions. 1m 6s
- Top tax bracket deduction rate for charitable gifts reduced from 37% to 35%. 1m 21s
- Some estimates predict overall charitable giving could fall by more than $8 billion. 1m 32s