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No, that is not how taxes work. You do not get to deduct a dollar from your tax obligation for every dollar you donate. You only deduct the percentage dictate
by crikli 9y ago
No, that is not how taxes work. You do not get to deduct a dollar from your tax obligation for every dollar you donate.
You only deduct the percentage dictated by your tax bracket. So assuming he's in the 39.6% tax bracket his tax obligation is reduced by 39.6 cents for every dollar he donates.
This is an oversimplification, there's a bit more to it than that, but you get the point. Maybe.