Posted by Tina
One of the lefts favorite memes about capitalists is that if you give the stingy jerks a tax break they will keep the money for themselves. This false accusation has no basis in reality. Our economy has boomed following tax breaks. The wealthy are investing their money int the economy, businesses are expanding and growing, job growth and wages are up. It’s a new day in America. But there’s more. A report out today illustrates another benefit:
NEW YORK (AP) — Fueled by a surging stock market and huge gifts from billionaires, charitable giving in the United States in 2017 topped the $400 billion mark for the first time, according to the latest comprehensive report on Americans’ giving patterns.
The Giving USA report, released Tuesday, said giving from individuals, estates, foundations and corporations reached an estimated $410 billion in 2017 — more than the gross domestic product of countries such as Israel and Ireland. The total was up 5.2 percent in current dollars (3 percent adjusted for inflation) from the estimate of $389.64 billion for 2016.
Charitable giving by the less wealthy segments of our society remain stagnant for now. I suspect that as wages and good jobs continue to increase, and families recover from eight years of economic misery, giving by this group will also tick up once again.
Americans have always been charitable…I hoe we always will be.
So much for the stingy capitalist lie!