"I would argue that the link between tax incentives to give to charity, and people with the desire to give to charity, is actually pretty weak," said David Foster, certified financial planner and founder of Gateway Wealth Management in St. Louis. Only 17% of wealthy donors say they are always motivated to give based on tax benefits, according to a Bank of America study on high-net-worth philanthropy. Foster said the No. 1 concern of affluent donors is "will my dollars actually make the impact?" Still, Biden's proposal may present tax-savings opportunities for philanthropic Americans. Charitable deduction The government offers a tax deduction to encourage gifts to qualified charitable organizations.