After a record-breaking 2017, charitable giving by individual Americans fell last year in response to a volatile stock market and the new tax law.
Charities raked in $427.71 billion overall in 2018, an increase in total dollars from the previous year. But when adjusted for inflation, the figure represented a 1.7% decline in overall giving, according to Giving USA, an annual report on philanthropy released Tuesday.
The dollar amount of donations from individual Americans dropped 1.1%, while donations from corporations and foundations — the charitable entities often established by wealthy families — increased by 5.4% and 7.3% respectively.
