It needs to be deducted before AGI to make sense.
Amid a health crisis & an economic downturn, nonprofits, charities, & houses of worship have stepped up to fulfill community needs. By expanding the charitable deduction for 2020, more Americans can donate to lend a helping hand in our COVID-19 recovery.https://thehill.com/opinion/finance/504588-expanding-the-charitable-deduction-only-makes-sense …
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But in lieu of needed government assistance? Both are necessary
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Levar Stoney Richmond mayor ordered the removal of confederate statues if you or someone could call him
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The standard deduction for filing jointly is $24,400. With my other deductions, I'd have to write off $18K to match the standard deduction. That's also more than I can afford to give to charity in a year. This would only benefit the wealthy who don't need another tax break.
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We don't need more tax breaks for the wealthy...
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instead of giving breaks to those who can afford to donate in an attempt to pry more from their grip, we should be providing a universal basic income ensuring more people a quality of life that enables them the ability to donate.
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