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I think that any Rich person who gives away Money an then get's it back at tax time is not a Philanthropist !!!

Posted by on Aug. 1, 2014 at 12:29 PM
  • 52 Replies
3 moms liked this

Yea you gave 100 Million Dollar's to help Someone somewhere ....but when u get that back at tax time that's messed up!!! They donated the money so they wouldn't have to pay the Tax on 100 million dollar's ...people need to stop treating these people like their the most giving people in the World because they aren't!!! everything they do protect's there bottom line!!!

by on Aug. 1, 2014 at 12:29 PM
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Replies (1-10):
littlemum41
by Gold Member on Aug. 1, 2014 at 12:40 PM
5 moms liked this

oh well...

no, they don't get it all back at taxtime. I wonder...have you ever done a Tax return and sent it in to the IRS? do you know about tax refunds? ANYTHING about taxes?  or do you just like to come here and vent?


Peanutx3
by Ruby Member on Aug. 1, 2014 at 12:44 PM
2 moms liked this
I am not rich but you better believe I write off every amount of money or donations given to charities.
Della529
by Matlock on Aug. 1, 2014 at 12:48 PM

???

meriana
by Platinum Member on Aug. 1, 2014 at 12:48 PM
2 moms liked this

I always wonder if they couldn't deduct any charitable contributions, just how much they'd still give to charity. I'm thinking not much, if any, since one reason they do it is that they can deduct a certain amount of it. The extremely wealthy have all kinds of ways of lowering their tax obligations and like anyone else, they use whatever they can to do so. The biggest difference between the extremely wealthy and the average person regarding taxes is what they can claim due to their wealth vs what the average person can due to their lack of it.

Karmahappens
by Bronze Member on Aug. 1, 2014 at 12:51 PM
1 mom liked this

So let's say I have a million dollars. I can keep 610K of it if I don't make any charitable deductions.

If that million dollars is unearned income, I can keep 800K of it if I don't make any charitable contributions.

Either way they are giving a significent amount of money to that charity.

Karmahappens
by Bronze Member on Aug. 1, 2014 at 12:52 PM

 

Quoting meriana:

I always wonder if they couldn't deduct any charitable contributions, just how much they'd still give to charity. I'm thinking not much, if any, since one reason they do it is that they can deduct a certain amount of it. The extremely wealthy have all kinds of ways of lowering their tax obligations and like anyone else, they use whatever they can to do so. The biggest difference between the extremely wealthy and the average person regarding taxes is what they can claim due to their wealth vs what the average person can due to their lack of it.

 You only get between 20 and 39% of it as a deduction. The rest is gone. It hardly makes sense to lose

610-800K in order to get a tax deduction of 390K-200K does it?

caustinb
by Member on Aug. 1, 2014 at 12:55 PM
4 moms liked this
Other people get back thousands they didn't pay in. You'd better believe I'm going to write off any little crumbs the IRS will give me.
littlemum41
by Gold Member on Aug. 1, 2014 at 12:55 PM

I give to Alzheimer's , Childrens' Cancer Research Fund,and St Jude's. I don't get the money back ---it just reduces your Income by a percentage on your Tax Return --but I give to those charities anyway because of my family, and others....and I want to help.

Can you imagine thinking that they get millions in contributions back.....all of it back? LOLOL....oh boy! 

coolmommy2x
by Gold Member on Aug. 1, 2014 at 1:01 PM
3 moms liked this
I'm sure the charities that benefit don't care about the reasons for the donations.
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EireLass
by Ruby Member on Aug. 1, 2014 at 1:48 PM
Regardless of my income, ive always donated anonymously and never for a write off.
Are you really giving if theres something in it for you to gain?
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