Secretary Bessent cracks down on non-profit tax loopholes

Treasury Secretary Scott Bessent has endorsed a package of nonprofit transparency bills amid changes to how charitable donations are taxed. Starting with the 2026 tax year, taxpayers claiming the standard deduction can write off up to $1,000 in cash charitable donations, or $2,000 for joint filers. Simultaneously, those who itemize deductions now face a higher threshold, with charitable gifts deductible only to the extent they exceed 0.5% of adjusted gross income.
Bessent made his position on n