340
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 26 Mar 2024
340 points (95.9% liked)
News
23263 readers
3845 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
You can pay yourself as admin of said charity. Give me $100, I pay $20 tax or stick it in charity to reduce my tax burden. I have $80. I get 100 other people to give my charity $100 each, it has $10k, I take 50% for admin costs, the rest is disbursed. I still make more money than lost to any tax. That’s how a rich person makes money by running a charity. Make even more family money by putting your kids on the BoD.
And then you pay taxes on that salary.
Of course. Still making $, though.
You're not making more than if you had just kept that money in the first place.
Apparently your math is different than mine. I suggest you re-read what I wrote. How is collecting money as a charity admin not making more?
You take your regular job's wage, send 100$ to your own charity so you collect 30$ back in tax deduction.
The charity gets 100$, you're out 70$.
The charity then pays you 100$ in salary.
You're up 30$ but you have to pay 30$ in taxes on that 100$, in the end you're back to square one.
Taxes are paid on your total income no matter the source.
You skipped the entire part where I run the charity.
They actually are just making shit up, just ignore them (or read all their comments for shits and giggles, but they have no idea what they are talking about)
No, that's the exact scenario I covered.
The tax rebate you get is equal to the taxes you paid when the money was paid to you by your employer, you don't get 100k back from the government by sending 100k to a charity!
Ok, let me do it again real slow.
Your employer pays you 200k/year, you pay 50k in taxes total, it's deducted on every paycheck you get. At the end of the year there's 150k left in your pockets.
Over the year you donate 100k to a charity, that reduces your total income from 200k to 100k, so what you owe in taxes is 20k instead (taxation isn't a fixed %, it increases with your income so in NY you pay about 20k for 100k in total income and about 50k for 200k in total income) but you still paid taxes every two weeks based on your 200k salary, so you have 50k in your pockets at the end of the year (200k - 50k taxes - 100k donation).
Come tax season the government sends you a 30k check to compensate for the extra taxes that you paid, you have 80k left in your pockets after tax season (200k - 50k taxes - 100k donation + 30k tax rebate to compensate for the donation).
If the charity is yours and it pays you 100k the government adds it to your total income. So now you have 300k in total gross income and 100k in donations, so you're taxed based on having made 200k in total that year after adjusting for tax deductible spendings (200k in base salary - 100k for the donation + 100k in extra salary from the donation coming back to you).
That's 50k in taxes, you have 150k in your pockets, you just went the long way round to end up with the same thing.
You don’t know how taxes work.
You’re also completely rearranging numbers in a meaningless way to make yourself right.
Show me your maths then if you know how they work and I don't
Also I don't see how I'm rearranging numbers in a meaningless way, I even break down the math for you.
https://www.propublica.org/article/how-private-nonprofits-ultrawealthy-tax-deductions-museums-foundation-art
https://inequality.org/great-divide/true-cost-of-billionaire-philanthropy/
Show.
Me.
Your.
Maths.
I linked to the IRS and 3 other sources? It sounds like you aren’t American. Check out our tax laws
And next time you want to pretend to be American, don’t say shit like “maths” that gives away where you’re from
And just for clarification, I’m not the guy you were talking to in this thread
Because everyone in the USA has been to school in the US, right? That's the great melting pot!
Great comeback. Ignore the IRS and the news articles and refuse to present any evidence. Cool story dude. I’m here if you actually want to discuss the facts
I can see you're active now, so, teach me please, show me where I'm wrong so I don't make the same mistake again :)
Except you claim every dollar of your donation, not 30%?
You get back what you paid in taxes on that dollar, the government doesn't give you back one dollar for every dollar you send to charity, that would be completely idiotic.
Try giving 100% of your income to charity and see how that goes. Hell, with the way you think it works why wouldn't you just send all your savings to charity? You're saying you'll get the money back anyway, why not go a good thing while you're at it? Heck, why not make it an infinite loop, give money charity, get it back, and it again, do it over and over again, infinite money glitch for the charity of your choice!
That’s cute how you’re putting words in my mouth and pretending to be a tax expert. Kinda funny that you’re a tax expert who doesn’t know what AGI means lol.
That's exactly what you said
You give 100k to a charity, it's used to pay the salary of an employee, 20% in taxes is paid on that, somehow the government is out 80k.
Well no buddy, the government is out the difference between what you had to pay in taxes on that 100k and the 20k in taxes the employee pays.
Buddy, these people don’t make 100k. They make 100M. 100% of their charitable contributions count against their tax burden. Please read the articles I linked before you continue to reply with nonsense