General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHypothetical Question: If I Were A Kabillionaire And Wanted To Elect A Repug President.....
and I utilized a 501 (c)(4) to do that - like Rove's Crossroads or the Koch's Amerians For Prosperity. Say I donated $2 million.
Seeing that this is considered a not for profit organization - can I take a charitable deduction on my income tax?
If so - this just seems so wrong to me on many levels.
Does anyone have the answer?
Buzz Clik
(38,437 posts)I think the designation has to be 501(c)(3).
unblock
(52,196 posts)at issue is whether or not the organization itself has to pay taxes, which, if they are a legit 501(c)(4), they generally do not.
of course, such organization shouldn't really have profits of any consequence anyway.
PD Turk
(1,289 posts)Is a kabillion more or less than a brazillion?
global1
(25,241 posts)OnyxCollie
(9,958 posts)Nobody would know that you contributed, however.
Cirque du So-What
(25,927 posts)Taking a glance at the historical record, the economy performs better when a Democrat is in that office. I would donate what the law allowed and not concern myself with tax breaks. If I'm a kabillionaire, I can fucking well afford it, right?
Although...if I'm a kabillionaire, I'm probably a sociopathic asshole who would prefer to get a 'pug elected so that the bastid could make as many 'little people' miserable as possible. I'd have my accountants figure out how to circumvent the tax code and enrich myself even further.
501(c)4 donations are not tax-deductible which is why they're allowed to be anonymous and the funds can be used to advocate and lobby for social positions related to the purpose of the organization. The tax-exemption in effect regarding 501(c)4s refers to the organization not having to pay taxes. They were never meant for this purpose...they were designed to exempt from taxation social organizations like civic associations and unions that do not fulfill a non-profit purpose but provide some sort of social benefit.