As we approach the end of another year, charitable giving climbs the priority list for millions of Americans whether out of altruism, tax considerations or any of the host of reasons people give. Now is not only a good time to reflect on the generosity of our nation, but also to consider the significant and pressing federal legislative threats to how Americans freely express their generosity. If certain federal proposals picking up steam in Washington pass, giving may look very different at the end of next year.
Americans gave away a record-high of $471.44 billion to charity in 2020. That’s more than $1.29 billion per day. America claims the title of the world’s most generous nation because our people are so generous. The stock market’s strong performance helped drive foundation giving higher and giving by individuals accounted for the bulk of charitable gifts (78% if including bequests). Buoyed by strong personal financial situations following the federal stimulus and a strong economic rebound, households willingly and largely gave to racial justice efforts and to address the unprecedented economic needs triggered by the COVID-19 pandemic.
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