Taxes
Americans Who Made Fortunes During Covid Save on Taxes by Giving It Away
The Covid-19 pandemic and the Black Lives Matter movement prompted some wealthy donors to put their charitable donations to work.
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The bull market in stocks, and a little bitcoin, helped fuel a blitz of philanthropic giving in 2020 from accounts that provide big tax breaks for donors, a new report shows.
Two million grants worth $9.1 billion flew out of accounts that wealthy people use to park money for donations at Fidelity Charitable, the non-profit arm of Fidelity Investments, according to the company’s annual report on giving. The company reported increases in pandemic and social-justice related giving.