Quote:
Originally Posted by MAXUM
Did you even read this article? Funny how cleverly crafted headlines lead to misunderstanding if you don't carefully read it!
The sweeping Republican tax overhaul, delivered by the GOP-dominated Congress and signed into law by President Donald Trump, doesn't eliminate or even reduce the deduction for donations to charitable, religious and other nonprofit organizations.
DING DING DING - so the point of the headline is what?
A central pillar of the massive tax law doubles the standard deduction that two-thirds of Americans use, to $12,000 for individuals and $24,000 for married couples. That means many taxpayers who now itemize deductions will find it's no longer beneficial for them do so. They'll find that the deductions they normally take, including for charitable giving, don't add up to as much as the new standard amount.
All this is saying is that due to the increases in the standard deductions many may not donate to charity if their only incentive is for tax purposes. It does not affect in any way the deductions of doing so.
Finally - this article ASSUMES that many people who already give to charity do so simply for the tax deduction. That's a bunch of baloney Americans for the most part (outside the elites in DC and the media) are generous and give from the heart. Trying to spin the tax plan as a charity killer is extremely far fetched.
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Sometimes Less just talks to hear himself talk. The first memorable post for me I recall from Less is when he was talking about how supercharged aircraft engines used water injection to increase horsepower. After about two or three paragraphs Less came out with , for me at least, the stunner, he said that you should add a few gallons of water to your boat fuel tank to increase horsepower. I lol'd, it was classic, he has tried but hasn't come close since. I wish I could find it, but it was in the old format forum.