It is doable but difficult. People would have to be educated about how and why changes to the way you do your IRS taxes can give away less to Red States and do good at the same time. IF you itemize your deductions on IRS forms with property/car tax, state sales/local taxes or state income tax, etc. every contribution to a qualified chari…
It is doable but difficult. People would have to be educated about how and why changes to the way you do your IRS taxes can give away less to Red States and do good at the same time. IF you itemize your deductions on IRS forms with property/car tax, state sales/local taxes or state income tax, etc. every contribution to a qualified charity is deductible-most often up to 60% of your AGI.-have to check that out if you donate big amounts. Every $1 you give will reduce the IRS taxes you owe and you will support a charity that tries to better peoples' lives. I'm not going to live forever and I'm more worried about our nation than I am about inheritances for relatives at this point. WE are in a COUP. Perhaps, state income taxes could allow more of a tax credit for charities that work for the benefit of that state's population to offset the amount people give to charities. I'm not a tax expert but have done my own taxes for decades and have studied the few loopholes an ordinary person can still use. Blue donor states can manipulate their income taxes to keep more wealth/benefit in-state. VT has 4 Charities with VT children, veterans, environment, non-game wildlife listed that help keep VT $$ at home and lower your IRS taxes if you itemize.
Taxes have become much more complicated over the decades but adding another wrinkle is doable and keep your $$ at home.
It is doable but difficult. People would have to be educated about how and why changes to the way you do your IRS taxes can give away less to Red States and do good at the same time. IF you itemize your deductions on IRS forms with property/car tax, state sales/local taxes or state income tax, etc. every contribution to a qualified charity is deductible-most often up to 60% of your AGI.-have to check that out if you donate big amounts. Every $1 you give will reduce the IRS taxes you owe and you will support a charity that tries to better peoples' lives. I'm not going to live forever and I'm more worried about our nation than I am about inheritances for relatives at this point. WE are in a COUP. Perhaps, state income taxes could allow more of a tax credit for charities that work for the benefit of that state's population to offset the amount people give to charities. I'm not a tax expert but have done my own taxes for decades and have studied the few loopholes an ordinary person can still use. Blue donor states can manipulate their income taxes to keep more wealth/benefit in-state. VT has 4 Charities with VT children, veterans, environment, non-game wildlife listed that help keep VT $$ at home and lower your IRS taxes if you itemize.
Taxes have become much more complicated over the decades but adding another wrinkle is doable and keep your $$ at home.
This really needs to be discussed and brought to the attention of all blue state governors