4 ms·
There is an argument that the tax breaks mean that some portion of the money is really the public's and should serve the public interest. When you give a milli
by patja 9y ago
There is an argument that the tax breaks mean that some portion of the money is really the public's and should serve the public interest. When you give a million to a charity and get a tax break for 250k or 300k or whatever, is that money really yours? If you hadn't given it you would only have 700k or so, not 1m. You would not have all of it if you hadn't made the gift.
- schoen 9y agoApart from any philosophical considerations about whether the money is "really yours", this evaluation is already built in to the 501(c)(3) process because the IRS reviews charities before granting them that status to see if they serve a public purpose. Not all not-for-profit organizations quality. The status can also be revoked if the IRS determines that an organization isn't meeting the 501(c)(3) criteria in the future. You can't get the tax deduction by donating money to organizations that haven't passed through this review process.
- qaq 9y agoAt this scale you you would have 1m of stock that you would not have to sell if you didn't want to donate that 1m to charity. How that would make things better?