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Seems like everywhere I look, everybody is trying to maximize charity donations while saving tax at the same time. I have never deducted a charity donation and will never do so.
I am a foreign medical graduate, and very grateful about the opportunities given to me in this country, I am 14 years out of residency and financially independent already. This would not happen if I stayed in my home country. I want part of my donations to go to the goverment, Why do we do that? Because even though I may not agree with everything the government does, this country has given me everything that I could have dreamed of, the mounting debt will only crush our next generation. We have been in the max tax bracket 13 out of the last 14 years, therefore a significant amount goes to taxes when we donate. Don't get me wrong, we do take advantage of tax saving vehicles like Sep ira, 401k, regular ira, hsa, etc but that's because we want our future to be secured too. I feel like I fulfilled my American dream, and I consider that money "not saved" a form of charity donation to our future generation. If the goverment goes bankrupt, unemployment goes up, inflation goes up, there will be tens of thousands of people like you and me that were able to donate but won't be able to anymore. Thoughts?
I am a foreign medical graduate, and very grateful about the opportunities given to me in this country, I am 14 years out of residency and financially independent already. This would not happen if I stayed in my home country. I want part of my donations to go to the goverment, Why do we do that? Because even though I may not agree with everything the government does, this country has given me everything that I could have dreamed of, the mounting debt will only crush our next generation. We have been in the max tax bracket 13 out of the last 14 years, therefore a significant amount goes to taxes when we donate. Don't get me wrong, we do take advantage of tax saving vehicles like Sep ira, 401k, regular ira, hsa, etc but that's because we want our future to be secured too. I feel like I fulfilled my American dream, and I consider that money "not saved" a form of charity donation to our future generation. If the goverment goes bankrupt, unemployment goes up, inflation goes up, there will be tens of thousands of people like you and me that were able to donate but won't be able to anymore. Thoughts?
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