An analysis of IRS data released by The Chronicle of Philanthropy on Monday found that wealthy Americans have become more stingy with their money, while the rest of Americans have become less so.
The data was based on tax returns filed between 2006 and 2012 and looked at charitable giving as a share of individuals’ overall income.
During that time, donations by those making $200,000 or more fell 4.6 percent to just 2.7 percent of their overall income. Meanwhile, donations by those making $25,000 or less surged 16.6 percent, or 7.7 percent of poor folks’ overall income.
The fact that poor folks are giving more of their income is especially remarkable, said Tami Phillips of the Midnight Mission, a Los Angeles homeless charity.
"Any day, they too could become homeless," Philips told The Chronicle.
MarketWatch reported that the nonprofits targeted for charitable donations also differed depending on socioeconomic standing. Wealthier donors tended to donate to causes such as the arts and universities, while less wealthy Americans focused their charity on social services.
Photo: Daily Mail, Musings Of Krav
The study found that the rich are donating less money to charities and those in need.