this post was submitted on 07 Oct 2023
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Optics. Any rich person doing something altruistic is purely for optics.
I understand the optics angle but he is donated a significant amount of land. Most in North Carolina’s history.
And that is called a tax write off
That is a completely dismissive and false statement. He didn’t make any money donating land. I notice that people with little financial ability call everything a tax write off. Be better than that.
He has been involved in preserving land for a long time. Whether you like epic or not, his record with conservation is excellent.
Are you a tax accountant or lawyer? Do you know the intricacies of the US tax code inside and out? If charity donations did nothing financially for the rich, why do they ALL do it every year? 0.1% did not get there being nice.
An explanation of how it financially benefits them would be helpful.
The way I see it, charity with tax write-offs basically allow you to decide where your tax money goes at a small cost. If you pay it to the government, then they decide for you. So why not make the choice yourself and have that money fund things you actually care about?
Deductions and write offs reduce the taxes you owe. If you donate the right amount at the right time you can offset massive profits that would be taxed away. No, there is not direct profit from charity, but it reduces the taxes that the US will come after you for, therefore allowing you to keep more of your little meaningless pieces of paper making you the 0.1%. Rich aren’t rich because they make a bunch of money, they are rich because they know how to hang on to it.
In what scenario would that happen? Can you give an example with numbers?
No. Why? Read the US tax code. Do your own taxes by paper one year.
So I can understand how this works. Or at least give me something specific I can google that isn't the entire tax code.
I do do my own taxes, but they're Canadian taxes, so they don't work the same way.
Then I have nothing I can help you with, they are entirely different machines.
I'm asking about US taxes.
A tax lawyer? Do you know the US tax code in and out?