Charitable giving is a way of life for most Americans. Per capita, we are more generous than any other nation.
But who are the most generous in our country? Individuals or businesses? I thought for sure it would be large corporations because they have the most money. I was wrong.
Individuals are responsible for over 75% of all charitable giving. More surprising still is that the poor give a higher percentage of their income to charity than the rich.
Most of this charity involves donations, tithes and offerings for spiritual or religous purposes. Churches, synogogues and other houses of worship are the biggest recipients of these charitable gifts.
This leads to a frequently asked question by my clients looking to file bankruptcy in Rhode Island. Will RI bankruptcy law prevent a debtor from making charitable contributions?
