WASHINGTON—Senators James Lankford (R-Okla.) and Chris Coons (D-Del.) announced on March 1 on Capitol Hill a new bipartisan charitable legislation incentivizing taxpayers to donate more by increasing tax deductions.
The bill would provide taxpayers who do not itemize their tax returns with a reduced deduction for charitable contributions on federal income taxes worth up to one-third of the standard deduction—approximately $4,500 for an individual filer and nearly $9,000 for married joint filers.
In 2023, the standard deductions for single taxpayers and married couples who file separately will be $13,850. And $27,700 for married joint filers.
“There are lots of folks that are non-itemizers that give faithfully and would give even more if they knew it’d be an offset there, and they get engaged with their taxes,” Lankford said….