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Different approach on charity donations

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  • Different approach on charity donations

    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?

  • #2
    You can do whatever you want. You still lose money by donating. And next year a lot won't be deducted anyways.


    • #3
      I’m not sure I followed the train of your thought. Are you saying you want to pay more taxes to help the government? That you don’t believe in supporting charitable causes? Or that the government is the only “charity” you believe should be supported because America has given you an opportunit to be financially independent? Just looking for some clarity, thanks!
      Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087


      • #4
        I agree that we should not let tax implications affect charitable decisions.  but I still take the deductions.  I think the government can survive on the exorbitant amount I give them already. 

        I'm pondering whether to use the daf, but I don't think it will help me since I donate big enough that it doesn't bother me to write a check, and I don't really have a desire to give away stocks at this point in my life.

        I'm glad you like to give though!   It's important to have a grateful heart, imo.