Since this is the season for giving it is interesting to see which taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. payers claim the most in charitable deductions. According to the latest IRS statistics, some 39 million taxpayers claimed nearly $173 billion in charitable deductions (both cash and non-cash) in 2008.
Perhaps not surprisingly, 65 percent of the total amount of charitable deductions were claimed by taxpayers earning over $100,000. Indeed, the largest share of charitable contributions, 23 percent, were taken by taxpayers earning between $100,000 and $200,000 while another 14 percent was claimed by taxpayers earning between $200,000 and $500,000.
The third-largest amount of charitable deductions, $20.3 billion, was claimed by taxpayers earning over $10 million. Overall, taxpayers earning over $500,000 claimed nearly $49 billion in charitable deductions, 28 percent of the total.
|
Returns Claiming Charitable Deduction |
Total Amount of Deductions Claimed (In Thousands) |
Percent of Deductions Claimed |
|
|
All returns, total |
39,250,369 |
$172,936,002 |
100% |
|
Under $5,000 |
228,598 |
$154,850 |
0% |
|
$5,000 under $10,000 |
354,600 |
$480,688 |
0% |
|
$10,000 under $15,000 |
575,016 |
$917,550 |
1% |
|
$15,000 under $20,000 |
762,923 |
$1,498,354 |
1% |
|
$20,000 under $25,000 |
901,975 |
$1,835,152 |
1% |
|
$25,000 under $30,000 |
1,106,054 |
$2,287,265 |
1% |
|
$30,000 under $35,000 |
1,295,896 |
$2,741,766 |
2% |
|
$35,000 under $40,000 |
1,460,473 |
$3,120,398 |
2% |
|
$40,000 under $45,000 |
1,525,136 |
$3,422,544 |
2% |
|
$45,000 under $50,000 |
1,630,249 |
$3,742,047 |
2% |
|
$50,000 under $55,000 |
1,598,584 |
$3,754,021 |
2% |
|
$55,000 under $60,000 |
1,581,115 |
$3,979,522 |
2% |
|
$60,000 under $75,000 |
4,738,720 |
$12,171,732 |
7% |
|
$75,000 under $100,000 |
6,837,149 |
$19,887,014 |
11% |
|
$100,000 under $200,000 |
10,741,655 |
$40,606,459 |
23% |
|
$200,000 under $500,000 |
3,093,905 |
$23,663,870 |
14% |
|
$500,000 under $1,000,000 |
519,888 |
$9,539,392 |
6% |
|
$1,000,000 — $1,500,000 |
129,171 |
$4,198,700 |
2% |
|
$1,500,000 — $2,000,000 |
55,094 |
$2,661,827 |
2% |
|
$2,000,000 — $5,000,000 |
80,873 |
$7,298,207 |
4% |
|
$5,000,000 — $10,000,000 |
20,263 |
$4,688,144 |
3% |
|
$10,000,000 or more |
13,031 |
$20,286,500 |
12% |
|
Source: IRS http://www.irs.gov/pub/irs-soi/08in21id.xls |