Based on what you write, it's hard to tell whether you know this or not, but there is not a one-to-one tradeoff of charity money and tax money. Charitable contributions give a tax deduction, not a tax credit.
So, for a hypothetical person with a $50,000 income and a tax bill of 20%/$10,000:
If she gives $10,000 in tax-deductible charitable contributions, her tax bill only drops to 20% of $40,000, or $8,000.
The only way for her to get to $0 tax due is to give all of her income to charity.
The above isn't exactly true, as the math is complicated by the other deductions she will have (essentially, giving to charity for most people is not a tax deduction at all unless they have enough deductions so that the total adds to more than the standard deduction, which it won't for most people), as well as progressiveness in the tax code.
So, for a hypothetical person with a $50,000 income and a tax bill of 20%/$10,000:
If she gives $10,000 in tax-deductible charitable contributions, her tax bill only drops to 20% of $40,000, or $8,000.
The only way for her to get to $0 tax due is to give all of her income to charity.
The above isn't exactly true, as the math is complicated by the other deductions she will have (essentially, giving to charity for most people is not a tax deduction at all unless they have enough deductions so that the total adds to more than the standard deduction, which it won't for most people), as well as progressiveness in the tax code.
Hollywood has the best moral compass, because it has compassion.
Taxes and Charity
23/09/2012 04:57:07 AM
- 1050 Views
Proof that Burr is .....
23/09/2012 05:05:37 AM
- 500 Views
Voting.
23/09/2012 06:43:12 AM
- 604 Views
Joel = Fool ; I vote every year, are you just saying random things now? *NM*
25/09/2012 01:42:49 AM
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"I am proud to say that I didn't vote for anyone in 2004."-Anonymous2000
25/09/2012 01:52:00 AM
- 690 Views
Do you have a reading comprehension problem?
25/09/2012 02:54:28 AM
- 511 Views
"Anyone" means "anyone;" perhaps you have a writing comprehension problem.
25/09/2012 03:39:11 AM
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Joel = Moron
25/09/2012 04:37:15 AM
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The statement was ambiguous, hence I was not the only one who read it as I did.
25/09/2012 05:19:46 AM
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I imagine much of Romney's charitable giving is to the Mormon Church.
23/09/2012 12:08:45 PM
- 551 Views
Almost all of my charitable giving goes to Mercy Corps
23/09/2012 03:48:30 PM
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I would argue that "our society" includes the rest of the world as well. *NM*
26/09/2012 03:24:02 PM
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Is the Mormon Church not part of society? But that issue is part of why I favor taxation. *NM*
23/09/2012 10:14:39 PM
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I'm part of society too. Does that mean I'm as worthy a recipient of money as the public purse? *NM*
23/09/2012 10:37:31 PM
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If you can get the IRS to certify you as a 501(c)(3), then yes. If not, no. *NM*
23/09/2012 11:07:13 PM
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To whatever extent that we should support charity beyond taxation, yes, you are, IMO.
24/09/2012 03:56:31 AM
- 497 Views
I agree with you
24/09/2012 11:25:14 AM
- 1897 Views
Charity in place of tax
24/09/2012 12:05:03 PM
- 542 Views
I DISagree with both of you.
25/09/2012 02:36:05 AM
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Re: I DISagree with both of you.
25/09/2012 02:26:16 PM
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The difference there is between non-profit and for-profit organizations.
26/09/2012 04:09:00 AM
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At the risk of sounding like a fundamentalist...
23/09/2012 11:05:14 PM
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Local symphonies are usually charities
23/09/2012 11:21:07 PM
- 531 Views
Yes - cultural and educational non-profits are usually tax-deductible.
24/09/2012 01:57:13 PM
- 487 Views
Re: Yes - cultural and educational non-profits are usually tax-deductible.
24/09/2012 02:58:17 PM
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will you count Scientology as a church?
26/09/2012 03:26:53 PM
- 528 Views
Unrelated business income is taxable under IRC 511. You know that.
27/09/2012 11:31:45 PM
- 502 Views
Let's look at this from a different point of view....
24/09/2012 11:51:43 PM
- 472 Views
I covered that point of view in my response.
25/09/2012 03:31:38 AM
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I routinely do not read your posts (including this one)... Too long.
25/09/2012 04:12:24 PM
- 504 Views
Relating a typically long and tortuous experience with (private) bureaucracy was itself protracted.
26/09/2012 04:15:35 AM
- 461 Views