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Find out whether political donations ae tax deductible, including key rules and exceptions. ... October 25, 2024 at 1:35 PM. ... party or cause. Donations are a way to help fund a candidate’s ...
The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of taxpayers eligible to benefit from charitable deductions.
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
(A minor party candidate is the nominee of a party whose candidate received between 5 and 25 percent of the total popular vote in the preceding presidential election. A new party candidate is the nominee of a party that is neither a major party nor a minor party. This includes most "independent" candidates, because they run on a token party line.)
Contributions, donations or payments to politicians or political parties, including a campaign committee, newsletter fund, advertisements in convention bulletins, admission to dinners or programs that benefit a political party or political candidate and a political action committee (PAC), are not tax-deductible from income taxes. [1]
The taxable income of the donor is reduced by $300. If the donor's income was in the 35% income tax bracket both before and after the deduction, the donor's tax liability (amount of taxes owed to the government) is reduced by $105.
The IRS is very clear that money contributed to a politician or political party can't be deducted from your taxes. The following list offers some examples of what the IRS says is
Overview of campaign financing for independent presidential candidates in April 2024 Candidate Total raised Total raised since last quarter Individual contributions Debt Spent Spent since last quarter Cash on hand Total Unitemized Pct; Kennedy [32] $44,029,356 $10,671,289 $43,971,503 $11,403,378 25.9% $1,196,508 $33,842,903 $6,520,942 ...