from Hacker News

Ask HN: How does rich benefit from charitable tax write-offs?

by harish_yadav on 12/19/19, 12:12 PM with 3 comments

I am aware donated income is being written off from the taxable income and they don't have to pay income tax on that component. Yet on a whole, they are giving away the donation amount, which is a lot higher than any tax benefits that they might get. Of course, the government gets fewer taxes but the rich overall pays more.

  • by jmpman on 12/19/19, 4:07 PM

    Once you have enough money, you realize there’s more to life than just money. Philanthropy is a way to help make society better, to give back in ways in which the government is unwilling or unable to fund. For some, it’s a way to get recognition from their peers, but many give anonymously, trying to maintain their privacy.

    My view is coming from an American’s perspective. I expect many other countries have less generous philanthropy traditions.

    Now, why are Americans such large givers to charity?

  • by mtmail on 12/19/19, 12:26 PM

    If you're talking about those running their own charity https://www.reddit.com/r/technology/comments/ech9sj/googles_... has a good explanation of the money flow.