Did you rush to give -- and reap the tax benefits -- at the end of the year?
With the potential for changes to the charitable giving deduction, income and estate tax rates, some big philanthropists made 11th hour contributions to take advantage of the existing tax breaks, according to The Washington Post. Smaller donors -- old clothes and household goods in tow -- acted quickly, too. Traditionally, wealthy donors make year-end donations, with many high profile people doing so in 2012. Facebook founder Mark Zuckerberg gave almost $500 million to a foundation; producer David Geffen earmarked $100 million for medical scholarships and publisher Mort Zuckerman added $200 million to Columbia University’s coffers. Stacy Palmer, editor of the Chronicle of Philanthropy, told the Post that “some people have accelerated …
But other states rank higher.
- LOCAL CONNECTIONS
- Lisa Rossi
Monday, August 20, 2012
Maryland ranks 11th in the nation in terms of how much its residents donate of their discretionary income to charity, according to an analysis released Monday by the Chronicle of Philanthropy. Utah was listed as the top state in the analysis for giving, with residents on average giving 10.6 percent of their discretionary income to charity. In Maryland, people give on average 5.7 percent of discretionary income, according to the analysis, based on IRS records. In 20904 zip code, people give about 8.4 percent of their discretionary income. In Burtonsville's 20866, the figure was about 8.3 percent. The top five states in the study for giving were: Utah, Washington, DC, Mississippi, Alabama and Tennessee. Maryland’s ranking was met with …