this post was submitted on 13 Mar 2024
722 points (96.5% liked)

Science Memes

11189 readers
5010 users here now

Welcome to c/science_memes @ Mander.xyz!

A place for majestic STEMLORD peacocking, as well as memes about the realities of working in a lab.



Rules

  1. Don't throw mud. Behave like an intellectual and remember the human.
  2. Keep it rooted (on topic).
  3. No spam.
  4. Infographics welcome, get schooled.

This is a science community. We use the Dawkins definition of meme.



Research Committee

Other Mander Communities

Science and Research

Biology and Life Sciences

Physical Sciences

Humanities and Social Sciences

Practical and Applied Sciences

Memes

Miscellaneous

founded 2 years ago
MODERATORS
722
Malaria (fedia.io)
submitted 8 months ago* (last edited 8 months ago) by [email protected] to c/[email protected]
you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 11 points 8 months ago

The part where he "gets to keep more of it."

$1 in charitable contributions does not lower your tax burden by $1, and certainly not more than $1.

If that dollar would have been taxed as capital gains, assuming 20% capital gains and 3.8% NII tax, it saves 23.8 cents meaning the $1 donation costs 76.2 cents.

If that dollar would have been taxed as normal income, assuming a marginal tax rate of 37%, it saves 37 cents meaning the $1 donation costs 63 cents.

(These two examples are not intended to be an exhaustive list.)

Charitable contributions cost money, just not as much money as they would if there wasn't a tax deduction.