According to CNBC, former U.S. President Donald Trump's "Great American Bill" will adjust tax deductions for charitable contributions starting in 2026. For taxpayers who do not itemize deductions, a new deduction for cash contributions of up to $1,000 (single) or $2,000 (married) will be added. However, for taxpayers who do itemize deductions, a "threshold" for charitable contributions will be set at 0.5% of adjusted gross income (AGI), below which no deduction will be allowed. Additionally, for taxpayers in the highest tax bracket, the effective tax rate cap for charitable contribution deductions will be set at 35%.