I am not sure where you got the idea that I was suggesting that you should give all the money away.While that's all true, it's important to keep in mind, that absent some edge cases like income cliffs for subsidies, you will always have more money keeping it and paying tax than giving it away.
There may be other solutions involving trusts or charitable contributions, but that may require more professional help.
Even a 50% effective tax bracket still leaves you with $0.50 more in your pocket per dollar. Even a 99% tax rate still means you have more money than if you donate it.
If I said that I would give you $10,000,000 with the caveat that $9,000,000 would be lost to taxes, you'd still be better off taking the money than passing on it because you don't want to pay the tax.
But perhaps I should have included a standard note that if you are charitably inclined, there are more or less efficient ways to contribute,
just like there are more or less efficient ways to pay taxes.
Statistics: Posted by VanGar+Goyle — Sun Jun 09, 2024 3:20 am