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The Giving Pledge, a new club for billionaires

The Giving Pledge, a new club for billionaires

(12:32) Membership to 'The Giving Pledge' comes with just two requirements, you must be worth at least a billion dollars and you must be willing to give half of it away. Charlie Rose reports on the Golden Age of Philanthropy

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Guest: wolf78000 (1460 days ago)
tax deductable! therefore no loss at all for the super rich! :(
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tax deductable! therefore no loss at all for the super rich! :(
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cengland0 cengland0 (1460 days ago)
You obviously don't know tax laws. When you give a donation to a qualified non-profit organization, you deduct that amount from your income and you pay tax based on the difference. Some of these people will be donating more than their annual income and you can only deduct a maximum of 50% of your adjusted gross income. It's not like you donate $1,000 and you get $1,000 back in tax dollars. If you earn $100,000, your tax obligation can be $18,493. If you donate $1,000 that year, you pay the exact same amount. You must donate over $6,100 (for a single person, it's $12,200 for married people) to get any tax break. So let's say you donate $10,000 (10% of your income), you will still be required to pay $15,929 in taxes -- a difference of $2,564. So you have lost a real amount of $7,436. If married, you lose the entire amount. When you get up into the billions of dollars of donations and do not have income, you get no tax benefits at all. By the way, the tax dollars mentioned are federal taxes only. We are still responsible for paying into Social Security, Medicare, Property, Sales, State, and City taxes. Those taxes are not adjusted for donations (most state and local taxes do not allow for itemized deductions but a couple do allow you to deduct for federal taxes and taxes paid to other states).
Original comment
You obviously don't know tax laws. When you give a donation to a qualified non-profit organization, you deduct that amount from your income and you pay tax based on the difference. Some of these people will be donating more than their annual income and you can only deduct a maximum of 50% of your adjusted gross income. It's not like you donate $1,000 and you get $1,000 back in tax dollars. If you earn $100,000, your tax obligation can be $18,493. If you donate $1,000 that year, you pay the exact same amount. You must donate over $6,100 (for a single person, it's $12,200 for married people) to get any tax break. So let's say you donate $10,000 (10% of your income), you will still be required to pay $15,929 in taxes -- a difference of $2,564. So you have lost a real amount of $7,436. If married, you lose the entire amount. When you get up into the billions of dollars of donations and do not have income, you get no tax benefits at all. By the way, the tax dollars mentioned are federal taxes only. We are still responsible for paying into Social Security, Medicare, Property, Sales, State, and City taxes. Those taxes are not adjusted for donations (most state and local taxes do not allow for itemized deductions but a couple do allow you to deduct for federal taxes and taxes paid to other states).
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Guest: IHopeTheyCan (1456 days ago)
Latest comment: Let's hope these generous people will help persuade other's in the same circumstance to join.
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Latest comment: Let's hope these generous people will help persuade other's in the same circumstance to join.
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