Charitable giving by individuals America fell 1.1% to $292 billion in 2018, according to Giving USA.
Americans gave less to charity in 2018 than a year earlier, following changes in the tax law and fourth-quarter declines in the stock market, according to a new report. The volatile stock market last year and declines in December may have also reduced giving, since giving is closely tied to the economy and stock market, according to Giving USA. Last December, the S&P 500 fell 9.18%, its worst monthly performance since February 2009, when it dropped 10.99%. The decline that month contributed to the fourth quarter being the worst quarter for the S&P since the third quarter 2011.
Osili said that giving is also becoming highly bifurcated, like the economy as a whole. The very wealthy, who account for a growing share of income and wealth, are giving more, while the broader population may be giving less. The result is that nonprofits and charitable causes are becoming increasingly dependent on a small number of wealthy super-donors rather than broader-based supporters.
Gee I wonder why
Can’t give, if you have to pay higher taxes!