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This is a common misconception about donations. Donating money never makes you better off financially because donations are eligible for tax deductions, not cre
by bwh2 16y ago
This is a common misconception about donations. Donating money never makes you better off financially because donations are eligible for tax deductions, not credits.
- NathanKP 16y agoCorrect, but it avoids the need to have to pay taxes on those funds which were donated. That is what I was referring to.
- run4yourlives 16y agoGiving away 100% of an amount to avoid paying x% of same amount in taxes hardly seems productive. This only works if it somehow lowers your overall tax load, and for Mr. Billionaire, I don't think it's much of an issue.
- NathanKP 16y agoThe benefit then is the feeling of self-actualization and pride at having done something good for other people.
- run4yourlives 16y ago...which would be counter to your original post.
- NathanKP 16y agoThanks for correcting my thinking and helping me see the light. :)
- run4yourlives 16y agomeh... it happens to me too, more often than I care to admit actually! :-)
- cschep 16y agoChoosing where it goes is a cool benefit. It's like you can pay a smaller percent and they will choose, or you can pay a bigger percent but you get to choose where it goes? It's very possible that I'm totally misunderstanding the rules.
- run4yourlives 16y agoIt is a cool benefit, albeit a philanthropic one, which in and of itself defeats the argument the OP was making.
- dotBen 16y agoThis is true. But it means that none of these people will ever pay tax again going forward.