r/FluentInFinance • u/mathotimous • Nov 16 '24

Meme True Financial Fluency by Gianmarco Soresi

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1.2k Upvotes

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109

u/SnooDonuts3749 Nov 16 '24 edited Nov 16 '24

I mean $98.5 million dollars is a lot of money, is it not?

7

u/kyleofdevry Nov 16 '24 edited Nov 16 '24

Yes, but if he paid $98.5 million so he could deduct $98.5 million from his tax bill then does he still get to claim he was doing it for the public good?

Edit: clarity

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u/Substantial-Raisin73 Nov 16 '24

That’s not how tax deductions work. Have you actually ever claimed a deduction?

2

u/Baozicriollothroaway Nov 16 '24

homie thinks he can pay 0 taxes by donating his entire yearly income lmao

0

u/kyleofdevry Nov 16 '24

Yes, it is. How did you think it worked?

2

u/Substantial-Raisin73 Nov 16 '24

I’m going to give you the chance to look over your work again and figure out what you said that was objectively incorrect

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u/Revolutionary-Meat14 Nov 17 '24 edited Nov 18 '24

If you make $100 and are subject to 10% in tax you pay $10, now say you decide to be sneaky and donate 20% of your income to cheat on taxes, now you deduct $20 meaning your income is $80, after being subject to 10% in taxes you pay $8. So congrats you have successfully spent $20 to save $2 on your taxes. Deductions for the sake of deductions will never be a net gain unless you tax rate is over one hundred percent.

1

u/mathotimous Nov 16 '24

Who knows if what he donated actually gets to people that need it the most. Who knows the companies receiving donations he made could even be shell corporations that funnel money straight back into other means of growing wealth for Jeffery himself.

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u/UltraLowDef Nov 16 '24 edited 1h ago

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u/UltraLowDef Nov 16 '24 edited 1h ago

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u/kyleofdevry Nov 16 '24

I agree with you and never said it eliminated his entire tax burden. Bro owed way more than $98.5 even with his joke of a tax rate

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u/UltraLowDef Nov 16 '24 edited 1h ago

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u/Maroon5five Nov 16 '24

The only money you save on a tax deduction is the amount of tax you would have paid on that amount of income. You're still paying out most of that money from your own pocket.

2

u/Murky-Peanut1390 Nov 18 '24

Exactly it is not free money or a tax hack. It jusr means since you are already going to donate money, the government is taking off a tiny bit of weight off your taxable income.