I have no problem with charities that you would give your money without any extra benefits but it should not be a choice between paying the charity or paying taxes. I would rather eliminate taxes and tell you to give to charities based on your own desires rather than tell everyone else to help contribute to the charity with you (which is what you are doing when you take the personal income tax deduction). There simply should not be a personal income tax deduction for charities. However, there also should not be a personal income tax either. In other words, I do not side with either the moochers OR the looters.

The university is a not-for-profit that I have "donated" to. I have managed to get those dollars funneled to support my own lab equipment acquisitions. If you are seriously interested in taking me up on my offer, we'll discuss this offline in a PM and probably several e-mails. We can make it happen. I don't want to feed the government leviathan any more than anyone else.

As for the 501(c)3 status and Atlantis, that was tongue-in-cheek. I don't think that I could pull that caper off. Some Florida Tech faculty do accept government cash unlike Hillsdale. A surprisingly high percentage of faculty do R&D work with companies instead. I used to visit the town of Hillsdale most summers to teach a class on hydrogen bonding at my in-laws' Hillsdale Beauty College. Hillsdale is a lovely town.

Good point. Thanks for your input.

My daughter is just entering middle school, but I am already thinking about colleges! I will definitely add yours to my list (which right now consists of Hillsdale....). Is your organization a 501(c)3?

I disagree. There are plenty of charities out there that I would rather give my money to than pay taxes. (To be honest, I'd rather flush it down the toilet than give it to the government.). Like ARI (Ayn Rand Institute) or the Atlas Society, my daughter's school...

And perhaps we get a nice friendly visit from someone from the government who is here to "help us". Eeeeek!

An even better idea!

Perhaps Ragnar would be able to confiscate the excessive government takings?

Now wouldn't it be ironic if a physical Atlantis started out as a not-for-profit venture! If I made it into a 501c3 or 501c4, perhaps ...

Now that's a great idea!

Plus 100 points. Of course I could donate a penny and it would be more than I gave to Obama. Lol

Actually, it is worse. Sometimes it is only 20% or 30% depending on the specifics. Then again, I generally dislike charities. They are always having their hands out. I believe that the best charitable contribution is to be the best in your chosen field or profession since when you trade value for value both sides benefits. When you give to the charity instead of the government, you are siding with the moochers over the looters. I prefer to provide my talents to those who can (and do!) pay for them.

Actually, it will never work that way. Just because you are in the 40% tax bracket before your charitable contribution does not mean that you will be in the 40% tax bracket AFTER your charitable contribution and thus you may not end up saving $40 in taxes but rather somewhat less (remember that ours is a progressive tax system that progressively punishes you more and more for being successful).

"Here is my thinking- let's say I'm in a 40% tax bracket and I owe $4,000. Could I not donate $10,000 to charity and wipe out the $4,000?"
No. If you're in the 40% bracket, you save $40 in taxes for every $100 you donate. If you were willing to give all your income away except for around $40,000, there's probably a way to pay almost no income taxes except for payroll taxes.

Or perhaps your contribution could be a down payment on the physical Atlantis that Gulchers have been discussing in other threads.

At the risk of being un-Galt-like, you can write off some of that money through a contribution to support my research group at Florida Tech, the closest thing you will find to a Patrick Henry University. I will gladly perform materials analytical work, 3D printing, or something in nanotechnology in exchange. I would also be quite willing to have my students perform other work on your behalf, but we would have to discuss what that might be. I don't want to take a straight out donation. Value for value AND avoiding the looters in one fell swoop! I would be very glad to talk to you about our private, non-tenure-granting university and specifically about our nanotechnology minor program for which I am the chair. My own daughter chose my university of her own free will with no prodding from Dad. I was financially relieved that she did. She says that Dagny is her hero.

Here is my thinking- let's say I'm in a 40% tax bracket and I owe $4,000. Could I not donate $10,000 to charity and wipe out the $4,000?

I might have to do that!

How about the ALS foundation, just donate more than $100 and you could wear a T-Shirt that says "I donated more to the ALS foundation than Obama. Who's the evil rich guy now huh?"

But that leaves the other 40% that they still want to get their hooks in... the end sum game is to make you as poor as possible to make you dependent on them for everything...and for them to become ultimately powerful and rich from it.

I mean assuming I would still have to pay 60% to the looters...

I'm thinkin' NRA. They seem to be the only group that is willing to put up a fight. Of course, that alone will probably get me audited...

Thanks so much for your input! I would most likely be paying more than the AMT anyway; no?

Perhaps you could start your own charity called the H6163741 Health Care Fund, you could donate the maximum to your charity and then use the fund to pay for your medical expenses. That is probably illegal but it's the way my silly head works.