Wealthy Americans Speed Donations Ahead of GOP Tax Law Limits

Rich taxpayers are accelerating donations before the new GOP tax law’s charitable contribution restrictions take effect at the start of next year.

Taxpayers who itemize deductions will be ineligible to receive a deduction on donations that are 0.5% or less of their adjusted gross income under the law. It also created a similar floor for corporate donations of 1% of the company’s taxable income.

For people in the highest federal income tax bracket of 37%, the law limits the value of itemized deductions to 35%.

The changes have the biggest impact on wealthy people who already tend to ...