Senators Propose Significant Charitable Deduction For Non-Itemizers

A bipartisan group of Senators, including Senators James Lankford (R-OK) and Raphael Warnock (D-GA), are calling for a temporary change in tax breaks for charitable giving. S. 566, also called the Charitable Act, would allow taxpayers to claim a significant above-the-line deduction for charitable giving.

Above-The-Line Deduction

An “above-the-line” deduction, or adjustment to income, is available to taxpayers who do not itemize their deductions on Schedule A—that was more than 90% of filers in the 2020 tax year (the last year for which complete filing data is available).