For real, though. If the top-end of someone’s income is in the 28% tax bracket, and they donate $1000 to a qualified charity, then they get back the 28% tax they paid on that $1000, which is $280. They still donated $720 of their own money.
I say “their own money” because you could argue that the $280 is “America’s” money, but it’s not. The person donating the $1000 effectively never earned that money. Giving to charity is like redirecting your pre-tax income to the charity, so you don’t get taxed on it since it’s now the charity’s money, and the charity doesn’t pay income tax. The $280 was money that the government had withheld because they didn’t yet know you were redirecting that income to charity.
Also, it’s not cool to try to insult someone just because they criticized your comment. You need to keep an open mind. Especially since you were, in fact, wrong. You should only insult someone for being an asshole, or greedy, or racist, or a Trump supporter, etc., and not make yourself look like an idiot by assuming someone who points out your obvious error is a Trump supporter.
It’s ok, you can just say you don’t know what tax deductible actually means
Go back to defending trump running for president.
I’ll go back to blocking people who think they’re smart. Big overlap with trump supporters for some reason
I have literally never defended trumps bitch ass lol.
For real, though. If the top-end of someone’s income is in the 28% tax bracket, and they donate $1000 to a qualified charity, then they get back the 28% tax they paid on that $1000, which is $280. They still donated $720 of their own money.
I say “their own money” because you could argue that the $280 is “America’s” money, but it’s not. The person donating the $1000 effectively never earned that money. Giving to charity is like redirecting your pre-tax income to the charity, so you don’t get taxed on it since it’s now the charity’s money, and the charity doesn’t pay income tax. The $280 was money that the government had withheld because they didn’t yet know you were redirecting that income to charity.
Also, it’s not cool to try to insult someone just because they criticized your comment. You need to keep an open mind. Especially since you were, in fact, wrong. You should only insult someone for being an asshole, or greedy, or racist, or a Trump supporter, etc., and not make yourself look like an idiot by assuming someone who points out your obvious error is a Trump supporter.