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View Diary: Donations to 501(c)4's are not tax-deductible. Good. Why are those to 501(c)3's? (88 comments)

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  •  I think the confusion comes in (1+ / 0-)
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    Murphoney

    because almost half of Americans are too poor to owe any income tax at all...so when we look at taxpayers (the only people who take any deductions) we are looking at that 53% Romney was always going on about, and then we have to separate out homeowners with mortgages. So, those who benefit from the deduction are probably in the top 40%, and the larger benefits go to those in the top 20%.

    No one seems to have mentioned that there are limits on how much the truly wealthy can deduct, i.e. 50% and 30% (don't recall exactly how that works out, as I've never made enough to give away half my income)...

    "All governments lie, but disaster lies in wait for countries whose officials smoke the same hashish they give out." --I.F. Stone

    by Alice in Florida on Mon May 20, 2013 at 09:25:00 AM PDT

    [ Parent ]

    •  good points, thank you... separately -- (0+ / 0-)

      I'd meant to write "an itemized deduction will produce an individual tax benefit if the sum of all allowable deductions" in my initial comment.

      felt the need to correct that, not that it seems you, in particular, in any way misunderstood me.

      It seems curiosity has killed the cat that had my tongue.

      by Murphoney on Mon May 20, 2013 at 03:26:13 PM PDT

      [ Parent ]

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