Jan 1, 2004

THE RICH GIVE MORE TO CHARITY

by Liberty and Power

So reports an article today in The New York Times no less!

“The top 400 American earners in 2000 provided nearly 7 percent of all the charitable gifts reported on income tax returns for that year, well in excess of their roughly 1 percent share of overall income, according to data released yesterday by the NewTithing Group, a charity that tracks giving.

The 400 taxpayers with the highest reported incomes in 2000 made an average of $174 million and gave away, on average, $25.3 million that year. Their combined giving totaled $10.1 billion, or 6.9 percent, of the $146 billion in charitable donations that Americans deducted on their income tax returns in 2000.”

More Comments:

Ralph E. Luker - 1/1/2004

Indeed! David, do you mean to tell me that you are impressed by these figures? It wouldn't take much to show that wealthy Americans use philanthropy, with all its tax breaks for them, to persuade middle income Americans proportionately to contribute more to sustain the general welfare in the private sector.

Jonathan Dresner - 1/1/2004

The income figures are only marginally useful for the richest people, most of whom could stop earning new money immediately, forego unearned income, live off principle, and not go broke for the foreseeable future. This is why we have progressive taxation, too....