HappySqurriel said:
Kasz216 said:
twesterm said:
Of course I ask this fully realizing these are probably the same people that only donate for tax breaks.
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Nobody donates for tax breaks.
Break in taxes you get for donating is always less then the amount of money you give away.
http://www.thesimpledollar.com/2011/12/18/charity-and-your-tax-bill/
This is due to the fact that we have a graduated tax bracket system.
People talking about "Dropping you into a lower tax bracket" are likely people who have never done their own taxes... since we have a graduated tax bracket.
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Just to put numbers to your point ...
If you have an effective tax rate of 35% and you donate $1000 to charity and get a $1000 tax deduction this results in your taxes going down by $350; which means it still cost you $650 to donate $1000 to charity.
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Yep... the whole "donates taxes to get a tax break" fallacy is one of the biggest arguements I hate, because it should be obvious to anyone who's ever paid attention to their own taxes.
That said, i'd argue that makes this worse.
Since people are pulling funding despite normall wanting to help people.
