News for hackers. Stuff that matters.
Re:Chuck Feeney Is Now Officially Broke by ComputerGuru on Tuesday September 15, 2020 @02:29PM (#24484861)
With very few (and even then, extremely capped) exceptions, the US absolutely does not let you deduct donations from your taxes. You’re allowed to deduct your donations from your pre-tax income, which is equivalent to being able to deduct some percentage (typically less than 30%) of your donations from your actual tax burden.

It’s not being pedantic; this changes the calculus altogether. Deducting from your taxes means you can say “oh well, I have to pay $1M in taxes, I might as well just use that money to make a donation to a charity of my choice and gain some PR instead,” whereas deducting your taxable income means “instead of parting with $1M in tax, I would need to part with $5M in charity to zero out my tax burden,” which is a very different decision and still largely a philanthropic one at some level or the other.

Re:Chuck Feeney Is Now Officially Broke by jedberg on Tuesday September 15, 2020 @03:13PM (#24485483)
This is a fair point, most people don't understand how tax deductions work.

But yes, I meant your pre-tax income, as all deductions work. Credits apply to taxes directly, deductions always mean pre-tax income.