Charities

How workers could give to charity just like they give to their 401(k)

Some worry the super-wealthy have too much sway in the world of charitable giving, especially in light of mega-donations like Amazon founder and chief executive officer Jeff Bezos’ recent $2 billion pledge become more common.

Now a proposed tax law aims to help solve that issue.

The Everyday Philanthropist Act would let employees donate to charity by taking money directly out of their paychecks, similar to how workers contribute to their 401(k) accounts. The act would let employees put up to $5,000 a year into a “flexible giving account.” Congressman Erik Paulsen, a Minnesota Republican, introduced the bill in August, joined by three Democrats and two Republican co-sponsors.

“Very few people get incentivized to give to charity through our tax code,” said Jennifer Zisser, director of The Greater Give, a Wisconsin-based nonprofit that’s advocating for the act. “The idea is really about making it accessible for working Americans.”

Read the full story at MarketWatch.

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