Mad respect, not letting that amount of money get to your head and not wasting it on vain stuff surely takes some crazy discipline.
I have always heard the complete opposite.
https://en.wikipedia.org/wiki/World_Giving_Index
https://www.realclearpolitics.com/articles/2018/12/28/the_ge...
Myanmar is an exceptionally devout Buddhist society with many monasteries supported through traditional almsgiving. I suspect that's why Myanmar tops even the U.S. in the World Giving Index, which merely asks whether you've donated money or time (volunteered).
Not that faith-based giving is inferior, but different people have different notions about what constitutes philanthropy and charity.
I'm sure there are people who will find a way to invalidate this kind of charity. But it takes a level of dedication, discipline and a moral code to take 10% of earnings for benefit of your community and do it without legal compulsion. And it's the latter part that makes it different then those that pat themselves on the back for merely voting for higher taxes or disparage others for not voting for higher taxes.
Absolutely, but I think that's pretty rare among the general population. IIUC, if I drop $10 into the offertory basket at Sunday Mass I'm counted just the same as a Mormon who tithes 10% of their income.
A lot of people only donate to reduce their tax bill.
Also, because we don't have a social safety net in the US, a lot of people donate to make up for that, which is certainly noble, but would be far less necessary if we had a stronger social safety net that more evenly distributed that wealth giveaway.
Unsure if that index referenced, or any other studies/reports on this subject, account for this in terms WHY the donation happened or motive.
It does include willingness to help a stranger and volunteerism too, and those are ranked top 3 as well and doesn't reduce tax bills.
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.
But yes, I meant your pre-tax income, as all deductions work. Credits apply to taxes directly, deductions always mean pre-tax income.
It's still money gone from your pocket. It doesn't save you money overall.
That makes no sense. If I get to deduct a donation, then when I donate $1000, it really only costs me $700. But it still costs me $700.
I would have more money if I never donated.
Also, it's hidden. If you used TurboTax for example, you put all your numbers in and get a number out. All you've heard is "donations are deductible" but there really is no obvious connection to putting in your donations and seeing how much it saves you.
It’s interesting because having grown up steeped in the culture for 30 years I have never once heard this or seen much real charitable action. I see small donations and token donations but very rarely anything like donating most of ones wealth or giving up excess to donate to those less well-off.
I’d love to better understand this discrepancy. I hear more about how much money people spend more than how much they donate in the media. And even anecdotally I can’t think of anyone talking about a donation they made in conversation. It seems like this should be something we talk about and champion more.
If you were raised a certain way, in a certain era, it wouldn't be rational to spend it on 'frivolity'.
There are a lot of people like this. Tons of very rich folks living in normal homes, driving normal cars that they 'never buy news'.
I think in some ways more common than not, especially in more rural and suburban areas wherein projecting wealth isn't actually necessary to their professional identity.
I don't know about suburban areas in general. I think it largely depends on which neighborhood.
While it may not impact peoples professional identity, in many suburbs it impacts their social identity.