Do you think that Bill Gates invests billions in “philanthropic offerings” out of his love for humanity, too? You do get that donations are a massive scam opportunity for rich people, right?
Let’s put it in this perspective:
“I am so rich! Wooohooo! Wololo! So so SO rich! What to do with all my riches? What’s that, IRS? You want me to give YOU some of my grillions of dollars? Well how about I set up a foundation, which invests in philanthropic businesses like, say, MacroHelp Inc.? What if I gave away ALL my wealth to a holding group consisting of only such companies, like MacroEquality, MacroDemocracy, and MacroDelight that promote economic growth in third world countries, FREE OF CHARGE? Clearly I don’t have to pay taxes on THAT, I mean, that’s just pure goodwill, what kind of monster would punish goodwill??”
A, yes. B, no. If you donate to a charity via a checkout, they can’t claim that donation to deduct from their tax liability. You can, but the store count. If bill gates wanted to donate a billion dollars at the check out then he could write that off, not Kroger.
A business offering the donation at checkout doesn’t get to use your donation as a tax write off. You actually get to do that (though it’s unlikely you would get past the minimum deduction)
Bill Gates doing philanthropic work is the same as you donating through the grocery store.
This really depends on
A) Which country you’re referring to
and
B) How good your accountants are.
Do you think that Bill Gates invests billions in “philanthropic offerings” out of his love for humanity, too? You do get that donations are a massive scam opportunity for rich people, right?
Let’s put it in this perspective:
“I am so rich! Wooohooo! Wololo! So so SO rich! What to do with all my riches? What’s that, IRS? You want me to give YOU some of my grillions of dollars? Well how about I set up a foundation, which invests in philanthropic businesses like, say, MacroHelp Inc.? What if I gave away ALL my wealth to a holding group consisting of only such companies, like MacroEquality, MacroDemocracy, and MacroDelight that promote economic growth in third world countries, FREE OF CHARGE? Clearly I don’t have to pay taxes on THAT, I mean, that’s just pure goodwill, what kind of monster would punish goodwill??”
A, yes. B, no. If you donate to a charity via a checkout, they can’t claim that donation to deduct from their tax liability. You can, but the store count. If bill gates wanted to donate a billion dollars at the check out then he could write that off, not Kroger.
Why would he do it at the Kroger checkout instead of pf donating it straight through one of his subsidiaries?
You are conflating these concepts.
A business offering the donation at checkout doesn’t get to use your donation as a tax write off. You actually get to do that (though it’s unlikely you would get past the minimum deduction)
Bill Gates doing philanthropic work is the same as you donating through the grocery store.
HAHAHAHAHAHHA