Re:Michael Dell Pledges $36M in Harvey Relief
by crikli on Friday September 01, 2017 @06:37PM
(#15152884)
No, that is not how taxes work. You do not get to deduct a dollar from your tax obligation for every dollar you donate.
You only deduct the percentage dictated by your tax bracket. So assuming he's in the 39.6% tax bracket his tax obligation is reduced by 39.6 cents for every dollar he donates.
This is an oversimplification, there's a bit more to it than that, but you get the point. Maybe.
You only deduct the percentage dictated by your tax bracket. So assuming he's in the 39.6% tax bracket his tax obligation is reduced by 39.6 cents for every dollar he donates.
This is an oversimplification, there's a bit more to it than that, but you get the point. Maybe.