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Donate Americans: Who has billions, can give millions

2019-12-05T13:20:29.037Z


The Germans are generous, especially during the Advent season, the Americans donate the whole year as a matter of course. Charity eases the conscience of the rich - and lowers their tax burden.



When the cathedral Notre-Dame burned down in April, the Americans not only followed the action in a livestream, many drew the same credit card. $ 2.5 million in donations were received by the French Heritage Society within six months to help rebuild the structure. "95 percent of Americans," says CEO Jennifer Herlein. Some paid $ 10, others $ 10,000, and the Estée Lauder family contributed $ 2 million.

Benoit Tessier / REUTERS

The burning cathedral Notre Dame on April 15, 2019

When it comes to charity, the money is traditionally easy for Americans. It is a good thing not only among millionaires and billionaires to give back to society some of the wealth that is owed to capitalism. Even those who earn little help: if not with money, then at least with voluntary commitment. Where else in the world can you "adopt" a highway? In practice, this means going out on Saturday afternoon with like-minded people and garbage bags to pick up the trash at the roadside. Or just to pay others for it.

According to the "Giving USA" report, Americans donated just under 430 billion dollars in 2018, which is about two percent of the gross domestic product. More than two thirds contribute to individual donors, the rest comes from companies, foundations and estates. Statistically, about every second citizen donates.

Spectacular announcements from American billionaires who join the movement "the Giving Pledge" have repeatedly caused a sensation: the promise of donations in German.

More than 200 members already have the Super-rich Good Club, founded nine years ago by Warren Buffett along with Bill and Melinda Gates. Participation is only allowed to those who own or own a billion - if he had not promised to give away at least half of their own wealth.

This year, MacKenzie made headlines to Bezo, who announced shortly after the divorce of Amazon founder Jeff Bezos that they want to donate so long "until the safe is empty."

Doing good at the wheel is worth it

In the World Giving Index of the Charities Aid Foundation, which measures the willingness to help other people, the US comes in fourth place, Germany comes only on rank 22nd This also has to do with the understanding of the state. While Germans generally rely on legislators to spread their taxes wisely, Americans prefer to decide for themselves what they spend their hard-earned dollars on. They do not trust the state.

However, doing good can also be worthwhile for tax purposes. Americans can deduct donations from taxable income, in virtually unlimited amounts. Famous was the case of the Clintons, who once in their tax returns even Bill's worn underpants listed as garment delivery with two dollars apiece. That the tax-saving effect for many benefactors certainly plays a role, was shown last year, when private donations shrank by more than one percent. The reason may be that the Trump government has increased the flat-rate basic allowance to $ 24,000 for marriages. Only those who donate more than that will save additional taxes. Someone thought it differently.

America's society seems to be drifting apart not only in merit but also in distribution. "The number of donors is falling, but those who give give more," said Una Osili of the Lilly Family School of Philanthropy in Indianapolis.

Not always does this "more" bring lasting happiness to the recipients: since the pharmaceutical company of the Sackler family has been criticized because of the opioid crisis, the museums no longer want to know about the once-courted art patrons. And Harvard University came under justification pressure when it turned out that her generous supporter Jeffrey Epstein is said to have forced underage girls into prostitution.

That does not change the fact that the status of charity in America's society is rational and emotionally high. One must simply help, wrote one of the givers for Notre-Dame: "Like the many of us who love Paris, I cried during the news and videos about the fire."

Source: spiegel

All business articles on 2019-12-05

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