Here's a fascinating trend in charitable giving: Wealthy Americans are giving more to charity than ever before, while donations from low- and middle-income givers are falling. A new study from the Program on Inequality and the Public Good said data is pointing to a small group of wealthy donors giving more money and cutting bigger checks than ever before. But less-wealthy donors are giving less.
The Giving USA Foundation annual report found a 4 percent increase, to $373.25 billion, in 2015 in charitable donations from the year-earlier period, a record high. At the same time, the makeup for charitable donors has shifted.
The Institute for Policy Studies, using Internal Revenue Service data to track charitable deductions, found that inflation-adjusted itemized contributions from people making over $10 million increased by a whopping 104 percent from 2003 to 2013. Over the same period, itemized charitable deductions from people making less than $100,000 went down 34 percent.