this post was submitted on 07 Oct 2023
190 points (98.0% liked)
Hacker News
202 readers
3 users here now
This community serves to share top posts on Hacker News with the wider fediverse.
Rules
0. Keep it legal
- Keep it civil and SFW
- Keep it safe for members of marginalised groups
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
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?
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.
In what scenario would that happen? Can you give an example with numbers?
No. Why? Read the US tax code. Do your own taxes by paper one year.
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.
Then I have nothing I can help you with, they are entirely different machines.
I'm asking about US taxes.