To claim tax credit on contributions, you usually have to itemize. For itemized deductions to exceed standard deductions, it would take a certain amount of taxable income. So, would doing away with this deduction create more government revenue than an increase to the top 1%? Or would charities dissappear and the true "giving spirit" of Americans be exposed as a mere facade with an ulterior motive? Are we truly that generous? Thoughts?
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I pretty much agree. I guess I'm just questioning the motives of those that toot their own horns. But no one yet has addressed my revenue question. At least the economic part of it.
People who give to charities would do it regardless. You never save as much in taxes as you give. Deductions don't work like that. What the loss of them would do is send less money to charities, more to government. Fie upon that.
I agree w/ Attikos. Monetary donations to charities would probably decline since tax shelter is the primary motivation besides notoriety for many, but not all, philanthropists.
Charitable donations are not tax shelters, they are tax deductions. People give them because they want to help the charities achieve their objectives. That motive would not disappear were the donations not deductible.