richardhutnik said:
I. So, I am more than willing to ask exactly how charitable the person in question is, if they don't give enough to reduce their taxes to nothing. And, with such said said individuals, if you didn't have social programs there, and gave the money back to them in lower taxes, exactly how much help would those in need get? |
Because nobody wants to live off of $8,700 for a entire year.
I'm guessing you don't know how tax deductions work... if you give $100 to charity in taxes, you don't get $100 off your tax bill. You get $100 off your tax base. Meaning that if you pay say, 25% in taxes at your highest level, you get a "tax break" of $25.
So it's a net "loss" of $75.
So to wipe out your tax debt you'd have to pay all of your income until you were out of taxable income. Or $8,700 (For a full salary individual)
Nobody actually gives money for tax deductions, you can only lose money that way, all a lack of tax deductions do is make it so you get to the point of where your not comfortable giving sooner. The whole concept is just a myth that exists soley to discount rich people giving to charity.
http://www.charitynavigator.org/index.cfm?bay=content.view&cpid=31#.UkFXusaUSLs
for sourcing if required.
