How The 1% Give to Charity

 

The rich do their charitable giving differently than average Americans
The rich do their charitable giving differently than average Americans. – Spencer Platt/Getty Images

Millions of Americans will open their wallets for good causes on Giving Tuesday, which falls on Nov. 27, but like most money-related activities, the rich do their charitable giving differently than average Americans.
Here’s a look at how Americans give to charity:
Contributions to nonprofits are generally tax deductible, which means they can lower their annual tax bill — though they do have to itemize donations to get the tax break. Some critics argue that wealthier families get more benefit from that part of the tax law.
But it’s actually not much of a factor when wealthy people are deciding whether to give, according to the 2018 U.S. Trust Study of High Net Worth Philanthropy. Just 17% of wealthy donors said they were always motivated to give by tax benefits, and 51% said that was “sometimes” a reason.
Most — 93% — said they give because they believe their gift can make a difference. “Tax benefits are really not a primary motivation for giving,” said Gillian Howell, managing director of U.S. Trust’s philanthropic solutions group. “They’re giving much more for altruistic reasons.”
 
Read more starting at ‘They plan to give more next year’ at…..
How the 1% give to charity
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