Along with holiday lights, music, parties, and cookies come the annual appeals from charities. Red kettles, PBS specials, animal shelters, and even your favorite hyper local non-profit news source all have end-of-year appeals.
The holidays are often about giving back, plus there are tax implications that make donating in December an especially attractive time to give to a charity.
Last year, charitable giving took a big hit. According to a Giving USA report, giving by individuals fell by an astonishing rate of 13.4 percent after adjusting for inflation in 2022.
In the last 40 years, total charitable giving has only fallen three times: 1987, stock market crash. Then again in 2008 and 2009 during the financial crises and the subsequent Great Recession. Some blame last year’s drop on stock market volatility and a lot of economic uncertainty.
Also, the tax code changes in 2018 reduced the number of people who can itemize their returns. Charitable giving is down significantly after the Tax Cuts and Jobs Act went into effect.
Recently, the stock market experienced a new record high. Both inflation and unemployment seem to be in check and most of the economic indicators suggest the economy is good.
So What’s Bedford Thinking about giving to charities in 2023?
- I will be giving the same as last year (52%, 54 Votes)
- I will be giving more than last year (30%, 31 Votes)
- I will be giving less than last year (12%, 12 Votes)
- I don’t give to charities (6%, 6 Votes)
Total Voters: 103
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