Senator James Lankford (R-OK) today introduced the Universal Charitable Giving Act, which creates a universal charitable deduction in addition to the standard deduction for individuals and married couples that do not itemize. Currently, only taxpayers that itemize their deductions are able to withhold charitable donations. The Universal Charitable Giving Act incentivizes charitable giving for low-income to middle-income taxpayers. This will encourage the continued growth in giving through charitable donations from a larger base of taxpayers, including lower-income and middle-income earners.
“As Congress continues to discuss plans to provide tax relief to millions of hardworking American families, we should also take the opportunity to make it easier for taxpayers to deduct donations from their taxes for donations they gave throughout the year,” said Lankford.