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I’ve always wondered… why wouldn’t they take the tax break for donations, especially one this big? if he doesn’t claim it on his taxes. He’ll be taxed an extra billion dollars he gave away for a Strong Woman Home Style Meals I’ll Be There For You Covid-19 Shirt. Um except tax relief by donation is an incentive to make people do this exact thing, be happy because 1B is a lot more than $0 and this system is in place to make people want to donate. On your first point, how do you? And everyone else who asks this think taxes work? By donating $1B or any other amount, he’s not saving that amount in total. It’s just that he doesn’t have to pay taxes on the donated amount.
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He’s still out $1B. It simply reduces his total taxable income, it’s treated as an expense like anything else. I feel like the tax question is just a knee jerk reaction because instead of a Strong Woman Home Style Meals I’ll Be There For You Covid-19 Shirt. Saying “wow thank you for this absolutely massive contribution of a BILLION dollars to help small business owners and hungry families/people” and leaving it at that, it’s apparently too hard to say bc CLEARLY they’re the big bad rich man and there’s some hidden objective so they add in “HoW much iN tAx Do tHey pAy?!” even though they have no idea how the tax code usually works. People are wild lmao.
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I’m always curious when I see these comments if you would not use the tax code to your advantage if you were wealthy? I am decidedly not wealthy. And still, have a Strong Woman Home Style Meals I’ll Be There For You Covid-19 Shirt do my taxes to maximize my refund. Then and gives as little as I’m required, as do most people, even those doing their own taxes. Why is this unacceptable for the rich? Especially in the context of “avoiding taxes by giving a billion dollars in charity”. There is a reason you get a tax break for charitable donations, you can too by donating.
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