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

CNBC · New
CNBC
CNBC
New

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
Economy