High Earners Want to Give Money and Communities Need It: Impact-First Investing Can Bridge the Gap

Money bags lined up in rows against a blue background.

Last summer's tax law changes introduced new floors on charitable deductions for high earners. In response, donor-advised fund (DAF) contributions surged.

According to the Wall Street Journal (paywall), new accounts rose 123% at National Philanthropic Trust and nearly doubled at Vanguard Charitable in the final months of 2025, as donors moved appreciated assets into tax-advantaged vehicles at historic valuations.