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Charity and Tax breaks

DanT
Posts: 5,693
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3/7/2012 1:42:38 PM
Posted: 4 years ago
Anyone else notice the hypocrisy?

If you give away you wealth, only to accept a tax break from giving away your wealth, you are not really giving away your wealth, because your are being compensated.

That's like saying, "I donated my car in exchange for $15k."; you didn't "donate" it, you "sold" it.
"Chemical weapons are no different than any other types of weapons."~Lordknukle
JaxsonRaine
Posts: 3,606
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3/7/2012 1:47:30 PM
Posted: 4 years ago
At 3/7/2012 1:42:38 PM, DanT wrote:
Anyone else notice the hypocrisy?

If you give away you wealth, only to accept a tax break from giving away your wealth, you are not really giving away your wealth, because your are being compensated.

That's like saying, "I donated my car in exchange for $15k."; you didn't "donate" it, you "sold" it.

Well, it's not really getting your money back, it's not getting taxed on it, so the 'savings' is only as big as your effective tax rate.

I don't see a problem with it. I don't think you should be taxed on money you give away.
twocupcakes: 15 = 13
DanT
Posts: 5,693
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3/7/2012 1:49:26 PM
Posted: 4 years ago
At 3/7/2012 1:47:30 PM, JaxsonRaine wrote:
At 3/7/2012 1:42:38 PM, DanT wrote:
Anyone else notice the hypocrisy?

If you give away you wealth, only to accept a tax break from giving away your wealth, you are not really giving away your wealth, because your are being compensated.

That's like saying, "I donated my car in exchange for $15k."; you didn't "donate" it, you "sold" it.

Well, it's not really getting your money back, it's not getting taxed on it, so the 'savings' is only as big as your effective tax rate.

I don't see a problem with it. I don't think you should be taxed on money you give away.

taxed on property you give away. You get tax breaks when you donate a couch, a car, a bike, clothing, and so on.
"Chemical weapons are no different than any other types of weapons."~Lordknukle