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Forum nameGeneral Discussion
Topic subjectYep.
Topic URLhttp://board.okayplayer.com/okp.php?az=show_topic&forum=4&topic_id=13416885&mesg_id=13416895
13416895, Yep.
Posted by allStah, Tue Dec-15-20 04:34 PM
They don’t have to pay taxes on the amount of their income that they donated. So do the math.

Charitable deductions is mostly for the rich.

They even hiked up the standard deduction to make it even more exclusive.

“The way the charitable tax deduction is set up, lower-income Americans can’t really take advantage of it. Unless you earn a lot of money, it makes no financial sense to do your taxes in a way that lets you claim the charitable deduction. The 2017 Republican tax bill made even fewer Americans eligible for the charitable deduction by hiking the standard deduction. Critics responded that they’d made the tax deduction a deduction just for the rich.”