this post was submitted on 13 Mar 2024
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Malaria (fedia.io)
submitted 7 months ago* (last edited 7 months ago) by [email protected] to c/[email protected]
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https://www.youtube.com/watch?v=ZLkbWUNQbgk&t=308s

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[–] Serinus 8 points 7 months ago

to spend otherwise taxable income on whatever they deem important

Yes, that's absolutely true, but the language hides the truth a bit. People don't get the nuance of what "taxable income" is.

If Bill donates a thousand dollars to charity, he saves ~$370 in taxes. That means he's still losing $630 on the deal. The government gets to effectively triple their money by allowing you to decide where it goes.

There may also be a limit of 60% of your AGI? I'm not sure how this works with billionaires.