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Secretary Bessent cracks down on non-profit tax loopholes
['Tobi Opeyemi Amure', 'July', 'Min Read']
Yahoo Finance
You write the check because something moved you, and the arithmetic shows up later, if it shows up at all.
The number lands on a tax return in April and then disappears into a filing cabinet until the next holiday season.
Americans extended $617.20 billion in giving in 2025, the first year the total giving cleared $600 billion, according to Giving USA.
Treasury Secretary Scott Bessent threw his weight behind a package of nonprofit disclosure bills last week, and the timing lands on the charitable deduction at the exact moment millions more filers are about to claim one.
That is a big deal for the roughly 86% of filers the Tax Foundation expects to skip itemizing this year, as TheStreet has reported.