Washington – Today, the U.S. Treasury Department and Internal Revenue Service (IRS) released tax year 2018 statistics to the public. These statistics are from individual income tax returns (Form 1040’s) filed through mid-November of 2019 and filings by charitable organizations through December of 2019.
“President Trump’s pro-growth economic policies, including the Tax Cuts and Jobs Act (TCJA), are working to increase wages and lower the tax burden for hardworking Americans,” said Secretary Steven T. Mnuchin.
According to Treasury’s analysis of the new IRS data, overall average Adjusted Gross Income rose by 5.7% relative to the same period the prior year.
Stakeholders have expressed concern that the increase in the standard deduction and other TCJA reforms would lead to less charitable giving. Treasury’s analysis of tax forms filed by charitable organizations through the end of 2019 shows that giving appeared largely unchanged from previous years. Data reported so far indicates that Americans contributed more than $265 billion to eligible 501(c)(3) organizations in 2018.