Question

You learned about charity as one of the tax deductions that reduce the taxable income of consumers, producers, and businesses. Identify other personal and societal benefits of charity giving.

Answer 1

Answer:

Societally speaking, charity giving improves the community at large. Organisations such as homes for the less privileged, foster care homes, motherless babies homes, who are trying hard to make ends meet are usually relieved when reasonable charity donations flow in.

The community is better off with it more charitable givers than less.

At the personal level, people find fulfilment when they give.

It is also theorised that giving for an individual may be stimulated by any of the factors in the first three levels (descending order) of Abraham Maslows Hierarchy of needs.

The factors are:

1. Self Actualization (becoming one's highest self)
2. the Satisfaction of self-esteem needs. Many people give in order to feel that their lives are meaningful find happiness in giving. They usually find it.
3. Others give because due to the need to belong and be accepted

Cheers!