Human caravan

[Jim in CT]

Originally Posted by Pete F.

Of course it's the Liberals bankrupting CT, left to their own devices Conservatives would make it as good as Kansas.
Nothing will work well, till people work together.

"You do understand that deductions for charitable giving increase the amount you can give without affecting your spendable income"

No I do not understand that, because it's absolutely false. There is a huge difference between a tax credit and a deduction. You are confusing the two.

If I donate $100 to charity, and I am able to deduct that $100 from my taxable income, and I'm in a 25% tax bracket, that means I get $25 back. I do not, not even close, get the whole $100 back. Deductions do not, not even close, restore your full disposable income. Deductions reduce the amount by which your disposable income decreases. Deductions do not make it 'free' to donate to charity.

The tax cuts give most of us more take-home pay. Many of us will give some of that to charity.

Take accounting 101. A tax credit is a dollar-for-dollar reduction is taxes owed. A deduction reduces your tax liability by pennies on the dollar, not dollar for dollar.

[Pete F.]

Originally Posted by Jim in CT

"You do understand that deductions for charitable giving increase the amount you can give without affecting your spendable income"

No I do not understand that, because it's absolutely false. There is a huge difference between a tax credit and a deduction. You are confusing the two.

If I donate $100 to charity, and I am able to deduct that $100 from my taxable income, and I'm in a 25% tax bracket, that means I get $25 back. I do not, not even close, get the whole $100 back. Deductions do not, not even close, restore your full disposable income. Deductions reduce the amount by which your disposable income decreases. Deductions do not make it 'free' to donate to charity.

The tax cuts give most of us more take-home pay. Many of us will give some of that to charity.

Take accounting 101. A tax credit is a dollar-for-dollar reduction is taxes owed. A deduction reduces your tax liability by pennies on the dollar, not dollar for dollar.

When did I say everyone gets it all back, as you say, your $100 donation costs you $75, because you are rebated $25. How does it reduce your spendable income $100

[DZ]

Just saw a report that the Mexican government has been passing out flyers and announcing by bull horn to the caravan that the US has the military at the border and they will not be allowing anyone to enter. Also mentioned that the number has dropped from 7000-4000 (est).

[Jim in CT]

Originally Posted by Pete F.

When did I say everyone gets it all back, as you say, your $100 donation costs you $75, because you are rebated $25. How does it reduce your spendable income $100

do you not even read what you post? you said that thanks to deductions, charitable giving doesn’t effect disposable income. that’s absurd, unless you are in a 100 percent tax bracket. which is something you’d probably endorse.
Posted from my iPhone/Mobile device

[Pete F.]

Originally Posted by Jim in CT

do you not even read what you post? you said that thanks to deductions, charitable giving doesn’t effect disposable income. that’s absurd, unless you are in a 100 percent tax bracket. which is something you’d probably endorse.
Posted from my iPhone/Mobile device

You're correct, there is a fault in my wording.
I should have written: You do understand that deductions for charitable giving can increase the amount you can give, dependent on your tax situation, without affecting your spendable income.

Why would you think that I would endorse that?