A tax break for the wealthy, and more

Taxpayers reporting less than $50,000 in income provide 19 percent of the money given to charity, but receive only 5 percent of the tax write-offs for donations.

A tax break for the wealthy

Taxpayers reporting less than $50,000 in income provide 19 percent of the money given to charity, but receive only 5 percent of the tax write-offs for donations, according to the Congressional Budget Office. About 70 percent of Americans do not have enough deductions to itemize on their returns, so the vast majority of charitable deductions go to the wealthy.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More