12-10-2018, 03:17 PM
(12-08-2018, 02:58 PM)grampahol Wrote: Among professional athletes and other celebrities the philanthropy is just a portion of their marketing strategy which to me amounts to just about nothing at best since I assume it's all written off as tax write offs meaning that we as tax payers actually foot the bill in the long run. So you make a gazillion bucks a year and "donate" a small portion to charities or whatever and at the end of the fiscal year you go to the IRS and say, "I want it all deducted from my tax bill .." In essence it's saying that what you are really doing is getting Uncle Sugar to actually donate the money in your name and it becomes little more than an accounting game to lower your tax liability and of course the big "charities" have millionaire administrators paid to play even more accounting games to make us all think they're such altruistic souls when in fact I have a strong hunch they are not.
You never make back as much in tax saving as you give away. All you do is shelter some income from tax.
If you donate a million dollars to charity all you save is the amount of tax you would have paid on one million dollars. You don't get a full one million taken off your tax bill.
