Are charities gonna feel a cut in giving?
One huge change this year is in the tax code. The Trump tax cuts increased the standard deduction and therefore make it less likely that you’ll be able to deduct your charitable donations. Only about 11% of households are likely to itemize their taxes this year, down from 26.4% last year.
The big picture: The tax break for charitable contributions has always been a tax break only for the minority of Americans who itemize. Households earning more than $1 million per year nearly always itemize. They accounted for 30% of itemized charitable donations in 2015; expect that number to rise even further.