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Saturday, April 24, 2004

NewTithing Group Criticizes Charitable Giving of Wealthy

Saturday, April 24, 2004

The NewTithing Group has issued a research report, The Generosity of Rich and Poor: How The Newly Discovered “Middle Rich” Stack Up, that makes three major points:

1. Average “upper middle class” (200k - 1m AGI) and “middle rich” (1m - 20m AGI) filers donated a lower percentage of their investment asset wealth to charity than did average filers in any other tax filer category.

2. If average filers in the “upper middle class” and the “middle rich” had donated as high a percentage of their investment wealth in 2001 as did average filers in the lower wealth groups, total individual contributions to charity in 2001 would have been an estimated $41.6 billion higher, an increase of 23%.

3. By selling appreciated assets for taxable gains while donating cash to charity, the “middle rich” and “super-rich” paid over half a billion dollars in avoidable capital gains taxes. Through more tax advantageous giving strategies, they could have kept or donated to charity an additional $659 million.

http://taxprof.typepad.com/taxprof_blog/2004/04/newtithing_grou.html

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