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US Americans had a ‘record-breaking’ year of charitable giving in 2017

23:51  12 june  2018
23:51  12 june  2018 Source:   nydailynews.com

Tax reform is squeezing charitable giving

  Tax reform is squeezing charitable giving With a higher bar to deduct donations, the numbers of both new donors and total donors fell in 2018's first quarterThe tax reform law that President Donald Trump championed doubled the standard deduction that taxpayers could take on their taxes, raising it to $12,000 for individuals, $18,000 for heads of household and $24,000 for married couples filing jointly and surviving spouses. According to the Tax Policy Center, the law will slash the number of people who itemize their charitable contributions by more than half to 16 million, the vast majority of whom are high earners.

" Americans ’ record - breaking charitable giving in 2017 demonstrates that even in divisive times our commitment to philanthropy is solid," said Aggie Sweeney, chair of the Giving USA Foundation. “As people have more resources available, they are choosing to use them to make a difference.

" Americans ’ record - breaking charitable giving in 2017 demonstrates that even in divisive times our commitment to philanthropy is solid," said Aggie Sweeney, chair of the Giving USA Foundation. “As people have more resources available, they are choosing to use them to make a difference.

a close up of text on a white background© donald_gruener / Getty Images/iStockphoto

Charitable giving by Americans reached a record high in 2017, with more than $410 billion being given out for good causes.

This was a 5.2% increase from the previous year, according to the Giving USA Foundation’s annual philanthropic report, thanks in large part to a strong economy and stock market.

"The increase in giving in 2017 was generated in part by increases in the stock markets, as evidenced by the nearly 20% growth in the S&P 500," Indiana University Lilly Family School of Philanthropy dean, Amir Pasic, said in a statement.

“Investment returns funded multiple very large gifts, most of which were given by individuals to their foundations, including two gifts of $1 billion or more,” he said. “This tells us that some of our most fortunate citizens are using their wealth to make some significant contributions to the common good.”

Is Tax Reform Hurting Charitable Donations?

  Is Tax Reform Hurting Charitable Donations? New tax laws appear to be causing people to hold on to their dollars. Find out the best ways to give in light of the changes.Donations to charity decreased overall in the first three months of 2018 compared with the same quarter of 2017, according to the Association of Fundraising Professionals (AFP) — which cites tax reform as a possible cause.

" Americans ’ record - breaking charitable giving in 2017 demonstrates that even in divisive times our commitment to philanthropy is solid," said "While wealthy people are keeping overall giving levels at record sums, the number of Americans who actually donate to charity has dropped precipitously

While Americans may have felt divided across many political issues over the last year , a recent report reveals they were united in at least one magnanimous “ Americans ’ record - breaking charitable giving in 2017 demonstrates that even in divisive times our commitment to philanthropy is solid,” said

The year of magical giving is especially inspiring considering the current contentious political atmosphere across the country, the report noted.

"Americans’ record-breaking charitable giving in 2017 demonstrates that even in divisive times our commitment to philanthropy is solid," said Aggie Sweeney, chair of the Giving USA Foundation. “As people have more resources available, they are choosing to use them to make a difference. Contributions went up nearly across the board, signaling that Americans seem to be giving according to their beliefs and interests, which are diverse and wide-ranging.”

Researchers from IU found that giving rose by at least 5% in three of the four categories they considered — by corporations (8%), foundations (6%), and individuals (5%). Among the groups of recipients, foundations had the largest uptick in donations, increasing by 15.5%. This is thanks in large part to a few stand-out gifts of over $1 billion each from philanthropists Bill and Melinda Gates, Michael and Susan Dell and Mark Zuckerberg and Priscilla Chan to their respective foundations.

Religious groups remain the largest recipient of charitable funds, seeing an increase of 2.9% in 2017 to $127.37 billion accepted. Gifts to education, human services, public society, health, the arts and the environment all rose by at least 5.1%, totaling nearly $210 billion for the year. The only category that saw a reduction in donations was international affairs (-4.4%), which sbrought in $23 billion.

Retiring Baby Boomers Strain U.S. Workforce .
Retiring baby boomers are reshaping the U.S. into a country with fewer workers to support the elderly—a shift that will add to strains on Social Security and sharpen the debate on the role of immigration in the workforce. For most of the past few decades, the ratio of retiree-aged adults to those of working age barely budged. In 1980, there were 19 U.S. adults age 65 and over for every 100 Americans between 18 and 64, census figures show. That number—called the old-age dependency ratio—barely edged up over the next 30 years, rising to just 21 retiree-aged Americans for every 100 of working age in 2010.

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