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A THREAD of my thoughts on this new Gilded Giving report from @IPS_DC 
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread">https://abs.twimg.com/emoji/v2/... draggable="false" alt="💃" title="Woman dancing" aria-label="Emoji: Woman dancing">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread">https://abs.twimg.com/emoji/v2/... draggable="false" alt="💃" title="Woman dancing" aria-label="Emoji: Woman dancing">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread"> mostly things that stood out to me and made me https://abs.twimg.com/emoji/v2/... draggable="false" alt="👀" title="Augen" aria-label="Emoji: Augen"> https://inequality.org/great-divide/gilded-giving-2020/">https://inequality.org/great-div...
Total US foundation assets have doubled since 2005, and the average asset size has grown by 30%.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔑" title="Schlüssel" aria-label="Emoji: Schlüssel"> Foundations aren’t just growing in number, but in size.
Foundations now own $1.2 trillion in assets. The "poorest" 50% of Americans own $1.5 trillion in assets. Since 2005, the bottom 50%’s wealth has grown 1% annually and foundations& #39; wealth has grown 5% annually. https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht">
When will the country’s charitable foundations surpass 150 million Americans at the bottom of the wealth distribution in financial power?
Probablyhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤖" title="Robotergesicht" aria-label="Emoji: Robotergesicht"> in the next 10 years? Is this the policy outcome we want for the "charitable" sector?
Probably
Between 1995 and 2015, the top 1% of income-earners went from claiming one eighth to one third of all charitable deductions.
Federal spending to subsidize the charitable sector - about $50 billion/year - is captured morehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🙈" title="Nichts sehen-Affe" aria-label="Emoji: Nichts sehen-Affe"> and https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙉" title="Nichts hören-Affe" aria-label="Emoji: Nichts hören-Affe"> more https://abs.twimg.com/emoji/v2/... draggable="false" alt="🙊" title="Nichts sagen-Affe" aria-label="Emoji: Nichts sagen-Affe"> by the very rich.
Federal spending to subsidize the charitable sector - about $50 billion/year - is captured more
The 62 2010 Giving Pledge-rs who were billionaires at the time they signed have watched their wealth DOUBLE over the last 10 years in spite of their commitment to generosity.
^These^ numbers are from before the COVID crisis which generated a 28% aggregate increase in wealth for these 62 billionaires as of mid-July.
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🥳" title="Partying face" aria-label="Emoji: Partying face">
END OF THREAD for now ..
Bottom line: the data in this @IPS_DC report show a charitable sector that is increasingly accountable only to very wealthy Americans, and which is expanding significantly despite the intended generosity of all involved. https://inequality.org/great-divide/gilded-giving-2020/">https://inequality.org/great-div...
Bottom line: the data in this @IPS_DC report show a charitable sector that is increasingly accountable only to very wealthy Americans, and which is expanding significantly despite the intended generosity of all involved. https://inequality.org/great-divide/gilded-giving-2020/">https://inequality.org/great-div...
