The 99% are More Giving Than The Top 1% (for 12/28/11)

While the wealthiest 1% of Americans donate more overall income than all other Americans, they are actually less charitable than other Americans. Wealthy people often establish their own philanthropic foundations for giving. Their donations often go to cultural causes, their alma maters, and other causes not primarily interested in helping those in great need. The rest of Americans donate through their churches. The wealthiest Americans' giving is most often influenced by tax breaks. Their donations are fully tax deductible, but the law requires a foundation to only give away 5% of its total funds annually. But, charitable donations have ranged from 1.7 to 1.95% of earnings per year, even as the top individual tax rate has dropped from 70% in 1980 to 35% in 2003. The result of this is huge public sector losses of around $250 billion, maybe more, to Federal and State Governments. Sometimes, as in the case of Charles Koch, their giving serves their own purposes. Since 2008, Koch has donated money to Florida State Univeristy to hire economics professors according to his preferences. Therefore, he can pick professors who will teach students his views on free market capitalism and why government is bad. http://www.alternet.org/story/153560/the_giving_season%3A_why_the_99_are_actually_more_philanthropic_than_the_1/