The US is the MOST charitable nation in the world, by far. We give. And we give more. It’s just who we are and it is something we should be very proud of.
However, some are claiming charitable giving has run into a bit of an issue with the new tax code. The standard deductions are “too high’ so many people won’t give anymore because they can’t take the deduction. I hear arguments like that a lot, nowadays.
It’s an odd argument because i highly suspect people don’t give because of the tax deduction. They give because it makes them feel good to do so.
Trust me, when you give you have a spring in your step. You feel wonderful. You feel better than the person you gave money to. Why? I don’t know. But I argue there is something in human nature that wants to help others. And when we do, we, the giver, benefits the most. Once you get that feeling, that dopamine rush, you want more of it and you look for other ways to give. It’s an awesome addiction indeed.
But, we can still use the tax code efficiently to increase our after-tax gifting and that’s what I’ll talk about here today. Referring to an article form Kiplingers.
If charitable giving is important to you, you’ll definitely want to watch.