Rep. Chris Smith Introduces Universal Deduction Bill
Last Thursday, Reps. Chris Smith (R-NJ) and Henry Cuellar (D-TX) introduced the Charitable Giving Tax Deduction Act, (H.R. 651) —which was previously introduced in the 115th Congress—to enact a clean, uncapped, above-the-line charitable deduction—expanding the opportunity to claim the charitable deduction to the many taxpayers who claim the standard deduction. This bill takes a critical step towards mitigating the negative impacts of tax reform on charitable giving.
This bill is the first of many other Universal Deduction bills that are expected to be introduced in the 116th Congress.