As Spring approaches we can count on longer sunny days, clearing skies and charity invitations filling our mailboxes, these events are almost as dependable as knowing April 15th is Tax Day. With Spring, also comes Spring break and for a lucky few of us, a chance to sit in the sun and crack open a book or magazine.
Last weekend, we saw the sun in LA and the glorious weather brought out piles of long overdue reading material. One of the articles I stumbled across was in this month’s issue of Town and Country Magazine, in their philanthropy section.
The article was about concern over the possible elimination of the charitable tax deduction, which began in 1913. Author Richard Farley said, “If charity were a stock, it would be the bluest of blue chips. Over the past half century, giving has far outpaced the S &P 500 in growth. Today, it exceeds 2 percent of the GDP, accounting for approximately $373 billion a year.”
While this number is astounding, it surprisingly wasn’t shocking to me, especially considering that the United States is the most charitable country in the world, according to the World Giving Index. Myanmar and Australia are closely behind in second and third place, in case your curious.
I would love to believe that our country is the most charitable because we care, not because of our deductions. Don’t get me wrong, I know that deductions are important, but what is more important is that we give because we want to not because we have to.
Charity Matters.
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