• snekerpimp@lemmy.world
    link
    fedilink
    English
    arrow-up
    3
    arrow-down
    1
    ·
    1 year ago

    Are you a tax accountant or lawyer? Do you know the intricacies of the US tax code inside and out? If charity donations did nothing financially for the rich, why do they ALL do it every year? 0.1% did not get there being nice.

    • howrar@lemmy.ca
      link
      fedilink
      English
      arrow-up
      3
      arrow-down
      1
      ·
      1 year ago

      An explanation of how it financially benefits them would be helpful.

      The way I see it, charity with tax write-offs basically allow you to decide where your tax money goes at a small cost. If you pay it to the government, then they decide for you. So why not make the choice yourself and have that money fund things you actually care about?

      • snekerpimp@lemmy.world
        link
        fedilink
        English
        arrow-up
        1
        arrow-down
        1
        ·
        1 year ago

        Deductions and write offs reduce the taxes you owe. If you donate the right amount at the right time you can offset massive profits that would be taxed away. No, there is not direct profit from charity, but it reduces the taxes that the US will come after you for, therefore allowing you to keep more of your little meaningless pieces of paper making you the 0.1%. Rich aren’t rich because they make a bunch of money, they are rich because they know how to hang on to it.

        • howrar@lemmy.ca
          link
          fedilink
          English
          arrow-up
          3
          ·
          1 year ago

          In what scenario would that happen? Can you give an example with numbers?

            • howrar@lemmy.ca
              link
              fedilink
              English
              arrow-up
              1
              ·
              1 year ago

              So I can understand how this works. Or at least give me something specific I can google that isn’t the entire tax code.

              I do do my own taxes, but they’re Canadian taxes, so they don’t work the same way.