Congress should implement a permanent above charitable tax deduction
Home can be a lonely place, especially when working alone, remotely, and closed round the clock in a 300-square-foot studio apartment, as many friends and I were during the height of the pandemic. However, feelings of loneliness existed even before the outbreak of COVID-19.
To combat these feelings of loneliness and isolation, it is important to reconnect Americans with their community – so that everyone can have a sense of purpose and an opportunity to give back to their community. For many people, however, giving or volunteering to charity is aspirational. Giving Tuesday presents an opportunity for policymakers to help more Americans pay it forward.
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Perhaps it is no coincidence that self-reported loneliness increased as the share of single-person households, nearly one in three, also increased. Contributing to this self-reporting is that, according to the Census Bureau, single-family homes share Risen dramatically from the 1960s.
Half of Americans making less than $100,000 in 2019 reported being single. That share increases as income decreases. For example, in 2019, 64 percent of Americans earning less than $50,000 reported being single, while 77 percent reported earning less than $25,000.
The numbers make sense. People like to bring something to the table. Extreme millennials and “Gen Z” members are not going to church, volunteer, or join any social club if they are unable to bring anything to the table or if they are financially red.
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However, there is an opportunity to change this mindset. Policy makers can encourage more charitable investment if some of the key provisions of the CARES Act are extended, expanded and made more inclusive.
One way Congress can help rehabilitate lonely Americans is to increase and make them permanent. $300 charitable tax deduction Enacted as part of the CARES Act, commonly referred to as the COVID-19 Relief Bill, because such a move would encourage Americans to fill in the blanks and re-join their community.
An increased, permanent charitable-tax deduction, even if a person cuts their tax deduction, gives low-income and cash-strapped taxpayers an easier opportunity to invest in their spiritual and mental health and that of a friend, relative. To spend money will give an added advantage. or neighbor. It’s the perfect way to celebrate Giving Tuesday and make a difference.
In addition, as part of Congress’s action to expand provisions of the CARES Act, legislators must contribute to donor-advised funds. Suitable Under this increased deduction. This way the strategic financial tool is more accessible to low-income taxpayers, who could then use donor-advised money to make an even bigger impact with their giving.
For example, a $2,400 charitable tax deduction for non-commodities would also go a long way toward encouraging people to donate resources to a local soup kitchen, place of worship, diaper bank—the list goes on. It’s the kind of triage needed to heal the hidden traces of an epidemic.
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make permanent special $300 The charitable tax deduction for individuals, implemented as part of the COVID-19 relief bill last year, is a step in the right direction. However, it is important that the deduction be extended, especially to help singles, non-itemizers who are struggling to make ends meet.
This deduction is especially important for single-person households, as it will serve as a way to help them plug in and accelerate the specific milestones of the American dream. Costs are rising, and even the single, low- to middle-income earner in society is often overlooked.
Regardless of their financial circumstances, Americans can contribute with confidence knowing they have charitable cash to spend rather than taking a charitable tax deduction. In addition, religious institutions would be encouraged to earn and maintain the trust of the young members.
Not only will this help solve Americans’ loneliness, but it also creates a more diverse and representative philanthropic community and gives people something to break away from the daily routine of making rent from paycheck to paycheck.
A lost college-goer at his own cost, a lonely young man can volunteer with Habitat for Humanity and uncover a love for carpentry; One day he may even take up a job or open his own shop.
Apart from addictive apps and social-media platforms, which are facing many emotional and mental-health crises due to social media and the pandemic, lonely hearts may meet their match in real life.
People need connections to thrive. Now that more than half of Americans have been vaccinated against COVID-19, it is time for lawmakers to adopt policies that help people emerge from isolation, embrace and embrace a full, vibrant life full of friends and family. will encourage. What better way to mark Giving Tuesday than to allow everyone to make a difference?
Carolyn Bolton is the communications and marketing manager for DonorTrust, a mission-focused donor-advice-funding provider, and a former newspaper reporter. She lives in Northern Virginia. follow him on twitter @Carbolton,