It's distortionary. It's regressive. And right now it only benefits a sliver of taxpayers and nonprofits. It's time to talk about the charitable deduction.
Alan Naiman died nearly a year ago from cancer at age 63. As the anniversary of his death nears, charities say that he stunned them with his generous donations.
Many people wait until the end of the year to make contributions to their favorite charities and churches. But this year, those donations are unlikely to be deductible, as a result of the new tax law.
When a disaster strikes, people everywhere often are inspired to spring into action. But donating good or services rarely is a good idea, experts say, and even cash donations could be better targeted.