The Chronicle of Philanthropy has put another nail in the coffin of trickle down economics. Using IRS data from 2006 to 2012, they found that as the US economy has come out of recession, while most of the new income has gone to the richest Americans, those people who earn $200,000 or more have actually reduced the percentage of their income that they give to charity by 4.6%.
Meanwhile, middle and lower income Americans (those who earn less than $100,000) have increased the share that they give to charity by 4.5%, even though on average they earned less.
Bottom line? The rich are earning more, paying less in taxes, and giving a smaller percentage to charity. So what, may I ask, is trickling down?