With Trump's tax bill set to dent giving by the wealthy, can middle-class donors make up the difference? [CNBC]
Northern Trust Corporation (NTRS)
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Source: CNBC
Part of President Donald Trump's “big beautiful bill” takes aim at this imbalance by allowing taxpayers who take the standard deduction to deduct up to $1,000 in cash donations. But the bill also reduces incentives for the wealthy to give, and experts warn that it is unclear whether middle- and lower-income donors can make up the shortfall. A woman puts money into a Salvation Army red kettle outside of Giant Supermarket in Alexandria, Virginia on November 22, 2023. Eric Lee | The Washington Post | Getty Images A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. New tax laws risk reducing charitable giving by the wealthy next year, economists and academic experts say, leaving less-wealthy Americans to make up the difference. Under President Donald Trump's “big beautiful bill,” signed into law in July, several tax
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