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"Giving Season" is upon us, and it benefits a lot from the charitable tax deduction. But the reality is, only a sliver of taxpayers will receive this tax benefit.
The charitable deduction dates back to 1917. As the United States geared up for World War I, the federal government raised the top income tax rate from 15% to 67% on the richest Americans. America's federal income tax, which had been implemented just four years before, became far and away the most progressive on the planet.