Politics Is Showing That People Will Give Generously, Without a Tax Deduction

If it is true that people vote with their wallets, then they have been voting in record amounts this campaign season. According to Open Secrets, presidential candidates—including those who lost in the primaries—have raised a collective $1.5 billion so far this cycle. Since entering the race just a few weeks ago, Vice President Kamala Harris alone has raised more than $540 million. Candidates for the House and the Senate have raised a combined $2.5 billion.

The takeaway here is not that there is too much money in politics (everyone has their own views on that). No, the 2024 race is teaching us that people will give generously to causes they believe in—and they don’t need a tax deductionA tax deduction is a provision that reduces taxable income. A standard deduction is a single deduction at a fixed amount. Itemized deductions are popular among higher-income taxpayers who often have significant deductible expenses, such as state and local taxes paid, mortgage interest, and charitable contributions. to induce them to give.

As lawmakers look to renew or revise the 2017 taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. cuts that expire next year, they should reconsider the need for a charitable tax deduction in the tax code.