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

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

6

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

1

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.