Giving by individuals fell an estimated 3.4 percent, after adjusting for inflation, last year, according to a report by Giving USA. The numbers reflect the first year of the 2017 tax overhaul that expanded the standard deduction, a simpler way of filing taxes, but also excluded millions of taxpayers from claiming a tax break for donating to charity.
Total estimated giving by corporations, foundations, as well as individuals, fell about 1.7 percent, after inflation, to $427.7 billion. Individuals account for more than two-thirds of all charitable giving. Increases in donations from corporations and foundations helped offset some of the losses from individuals.
The environment for giving in 2018 was far more complex than most years, with shifts in tax policy and the volatility of the stock market,” according to the chair of the Giving USA Foundation. The report is based on data provided by donors, fund-raisers and nonprofits.
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