Top 10 States With Most Generous Wealthy Donors
(Related: Top 10 States With Least Generous Wealthy Donors) Wealthy Americans by and large give generously to charity. Recent research showed that nine in 10 well-off households made monetary donations to nonprofit organizations last year. At the same time, the charitable spending habits of high-net-worth households vary considerably across the U.S., with donors in some states being more generous than in other ones, according to a new report from Business Insider. The report listed the 25 most generous states, plus the District of Columbia. According to 2016 tax returns (the most recent year for which data are available), the average person making more than $500,000 in the U.S. donated some $74,000. To arrive at its ranking, Business Insider examined Internal Revenue Service data about the number of tax filers who itemize their returns every year and how many claim various deductions by state and by income bracket.
Households With More Than $500,000 of Income
It focused on filers who itemized and made between $500,000 and $1 million and more than $1 million in 2016, as well as on how many claimed the itemized deduction for charitable giving. It also checked how much money was claimed to have been donated. Using that information, Business Insider figured out the average claimed donation per $500,000+ income tax return per state. See the gallery above for the 10 most charitable states, according to Business Insider. --- Related on ThinkAdvisor:
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
