Coons, Lankford discuss bipartisan effort to expand tax deduction for charitable giving
Sens. Chris Coons, D-Delaware, and James Lankford, R-Oklahoma, joined Christian Broadcasting Network’s “Faith Nation” on June 25 to discuss their bipartisan effort to expand the current above-the-line deduction for charitable giving.
The Universal Giving Pandemic Response Act would ensure that Americans who donate to charities, houses of worship, religious organizations and other nonprofits are able to deduct that donation from their 2020 federal taxes at a higher level than the current $300 deduction made available by the Coronavirus Aid, Relief, and Economic Security Act.
“It’s important to provide incentives for individuals and families all over our country to give — to give back to our communities, to strengthen our houses of worship, our faith communities, our nonprofit organizations,” said Coons. “This provision that we’ve introduced, that has six bipartisan cosponsors, would be worth up to $4,000 per an individual, $8,000 for a joint filing couple in a reduction in your tax liability. It’s a strong incentive for individuals to give to support what makes America’s communities great.”
The bill is cosponsored by Sens. Mike Lee, R-Utah; Jeanne Shaheen, D-New Hampshire; Tim Scott, R-South Carolina; and Amy Klobuchar, D-Minnesota.
The senators’ full interview is available at bit.ly/2Bc1MKX.