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
1215 Views
Proof that Burr is .....
- 23/09/2012 05:05:37 AM
671 Views
- 23/09/2012 05:05:37 AM
671 Views
Voting.
- 23/09/2012 06:43:12 AM
774 Views
Joel = Fool ; I vote every year, are you just saying random things now? *NM*
- 25/09/2012 01:42:49 AM
270 Views
"I am proud to say that I didn't vote for anyone in 2004."-Anonymous2000
- 25/09/2012 01:52:00 AM
863 Views
Do you have a reading comprehension problem?
- 25/09/2012 02:54:28 AM
655 Views
- 25/09/2012 02:54:28 AM
655 Views
"Anyone" means "anyone;" perhaps you have a writing comprehension problem.
- 25/09/2012 03:39:11 AM
666 Views
Joel = Moron
- 25/09/2012 04:37:15 AM
685 Views
The statement was ambiguous, hence I was not the only one who read it as I did.
- 25/09/2012 05:19:46 AM
737 Views
I imagine much of Romney's charitable giving is to the Mormon Church.
- 23/09/2012 12:08:45 PM
729 Views
Almost all of my charitable giving goes to Mercy Corps
- 23/09/2012 03:48:30 PM
691 Views
I would argue that "our society" includes the rest of the world as well. *NM*
- 26/09/2012 03:24:02 PM
288 Views
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
273 Views
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
321 Views
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
284 Views
To whatever extent that we should support charity beyond taxation, yes, you are, IMO.
- 24/09/2012 03:56:31 AM
653 Views
I agree with you
- 24/09/2012 11:25:14 AM
2075 Views
Charity in place of tax
- 24/09/2012 12:05:03 PM
716 Views
I DISagree with both of you.
- 25/09/2012 02:36:05 AM
1991 Views
Re: I DISagree with both of you.
- 25/09/2012 02:26:16 PM
964 Views
The difference there is between non-profit and for-profit organizations.
- 26/09/2012 04:09:00 AM
686 Views
At the risk of sounding like a fundamentalist...
- 23/09/2012 11:05:14 PM
712 Views
Local symphonies are usually charities
- 23/09/2012 11:21:07 PM
702 Views
Yes - cultural and educational non-profits are usually tax-deductible.
- 24/09/2012 01:57:13 PM
654 Views
Re: Yes - cultural and educational non-profits are usually tax-deductible.
- 24/09/2012 02:58:17 PM
778 Views
will you count Scientology as a church?
- 26/09/2012 03:26:53 PM
709 Views
Unrelated business income is taxable under IRC 511. You know that.
- 27/09/2012 11:31:45 PM
691 Views
Let's look at this from a different point of view....
- 24/09/2012 11:51:43 PM
641 Views
I covered that point of view in my response.
- 25/09/2012 03:31:38 AM
807 Views
- 25/09/2012 03:31:38 AM
807 Views
I routinely do not read your posts (including this one)... Too long.
- 25/09/2012 04:12:24 PM
671 Views
Relating a typically long and tortuous experience with (private) bureaucracy was itself protracted.
- 26/09/2012 04:15:35 AM
640 Views

