How Charitable Are You?
Below are the average federal income tax deductions for charitable giving in tax year 2004 for different income brackets:
| Income | Giving | Percent |
|---|---|---|
| $30,000 - $50,000 | $2,132 | 5% |
| $50,000 - $100,000 | $2,663 | 4% |
| $100,000 - $200,000 | $4,130 | 3% |
| $200,000 + | $19,014 | - |
It is interesting that the lower income group donates a larger percentage of their income to charity. Is it because they are more devout in their faith and give more generously? Or do those more well off feel they have already given their share?
Where do you fit? Are you generous or stingy?
Hat Tip to Ka-Blog! who was feeling rather grinch-like.
* Data is according to RIA, a division of Thomson Corp., as listed in April 19, 2006 WSJ column by Tom Herman.
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