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A comment on Tech Billionaires Hack Their Taxes with a Philanthropic Loophole. Parent comment

Re:Tech Billionaires Hack Their Taxes with a Philanthropic L... by tonfa on Sunday August 05, 2018 @04:59PM (#17693492)
Do I get it right that in the US charity donations are a tax credit, with no limits?

Where I'm currently resident we simply get to deduct it from income, iirc you can deduct up to 20% of your yearly income. That might avoid the ethical concern about not paying tax.

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Re:Tech Billionaires Hack Their Taxes with a Philanthropic L... by perl4ever on Sunday August 05, 2018 @06:13PM (#17693840)
In my experience (as a US taxpayer not a tax advisor) charitable donations in the US are a deduction from income, not a credit, up to a limit of 50% of your income, or less. However, if you donate more than 50% of your income you can carry it over for a limited number of years. It eventually vanishes, though, unlike capital gains losses.
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Re:Tech Billionaires Hack Their Taxes with a Philanthropic L... by habosa on Monday August 06, 2018 @12:35AM (#17695120)
It's a deduction not a credit. Up to 50% of your adjusted gross income.
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