Philanthropy Update
Charitable giving by Americans grew by 6.3% in 2024, to a record $592.50 billion, according to the latest report from Giving USA. Roughly two thirds of the gifts, $392.45 billion, came from individuals, who increased their giving by 8.2%.
All categories of charitable organizations enjoyed increased support, according to the report, as shown in the table below:
| Organization Type | Amount Received in 2024 (billions of dollars) |
Percentage Increase |
| Religion | $146.54 | 1.9% |
| Human Services | $91.15 | 5.0% |
| Education | $88.32 | 9.9% |
| To Foundations | $71.92 | 3.5% |
| Public-Society Benefit | $66.84 |
16.1% |
| Health | $60.51 | 5.0% |
| International Affairs | $35.24 | 17.7% |
| Arts, Culture and Humanities | $25.13 | 9.5% |
| Environment and Animals | $21.57 | 7.7% |
Source: Givingusa.org; M.A.Co.
Future tax changes. Under the reconciliation bill signed by President Trump on July 4, beginning next year those who do not itemize their deductions will be able to take an adjustment to income for their charitable donations, up to $1,000 for singles and $2,000 for marrieds filing jointly.
However, for the itemizers the news is less good. A portion of their charitable deduction will be disallowed, equal to 0.5% of modified adjusted gross income (MAGI). So, for example, a taxpayer with MAGI of $300,000 would only get a deduction to the extent that charitable gifts exceeded $1,500. Some taxpayers may accelerate their giving into the 2025 tax year for maximum tax benefit.
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