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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][b]Look, your donation is a tax write off. So spare me this higher than thou attitude directed at recipients of financial aid. You have to spend that money one way or another. So you can donate it to your kids school, some other charity or the IRS. No one owes you anything. You made a choice about how to spend your money.[/b] [/quote]

Poors are really confused about how tax deductions work.[/quote]

This is one of the most financially illiterate things I keep seeing on DCUM.  Whenever I hear someone say 'It's a write off' it's a sure sign they have no clue what they are talking about.

Say you had $1000 in regular income you wanted to donate.  Normally you would pay 39.6% of that money to the IRS at the highest rate, assuming of course that your deductions are not capped base on various rules.  You donate $1000, and avoid paying 39.6% to the IRS.  The balance, 60.4%, or $604, is what you would have had left in your hands had you not donated. So donations are not free, they in a way kinda of discounted, in that you are paying $604 for the charitable organization to get a $1000 gift.

I used fed rates just to make it simple, but state/local rates would also factor into this, and it would be different if your were donating appreciated securities.  [/quote]

Who said it was dollar for dollar? The point is people make large charity donations as a way to reduce their overall tax debt. So please stop with the "people just don't get it mantra." The need of people on this board to "sound" smart and attempt to prove they know more than the next person is ridiculous. I had no idea how many arrogant SOBs lived in the DMV. For this crap, I could have stayed in NYC. [/quote]

You do sound like a New Yorker. [/quote]

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