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this post was submitted on 13 Mar 2024
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Science Memes
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Yes, that's absolutely true, but the language hides the truth a bit. People don't get the nuance of what "taxable income" is.
If Bill donates a thousand dollars to charity, he saves ~$370 in taxes. That means he's still losing $630 on the deal. The government gets to effectively triple their money by allowing you to decide where it goes.
There may also be a limit of 60% of your AGI? I'm not sure how this works with billionaires.