Opinion | Why Does the Met Gala Get a Better Tax Deal Than a Soup Kitchen?

The Metropolitan Museum Costline Institute, A WALK-IN ClOSET FILL DROD DESSETTUND AND ISN’S MY IDEA OF OLD My IDEA CAD CADSE. BUT THAT’S OK. There Are Plenty Of Charities That Be Get Get Get Get Getting Checks From Me. Whats Does Stick In My Craw IS th. The Met Gets To Get Bread Tax Bread Tax Breal Location OR SOUT KITCHEN.

Americans with Bigger Incomes Get Larger Income Tax Deductions On Every Donate To Charity. IF The Famous and Fabulous People WHOPLE WHUDED UPS ATODAY IN MONDAY FOR THE MONDAY INTITUAL GALAUTE INSTUALLS ACTUAL GALAUL GALAUTE STEIRSE PAID FORTOUTE PAID FORTOUTE PERSON, TheYy Could Deduct Most Of The Cost. For some of the

The Met Benefits, Too, Because Breaks Breaks ENCOURAGE PEOPLE AND CORPORATIONS TO MAKE LARGER DONATIONS. THIS YEAR’S GALA RAISED $ 31 MORE STRUPION – MORE THANDY NONEY NONEPROPSNES, INSPRIDID IPROPSNES, WHICHPSNESTHPS NONPROSSNES AND FOOD AND FOLE Clean Clothing.

The Charitable Tax Deduction IS Distorting America Philanthropy. IT Doesn’t Just Shape Dollars GO, IT ALSO WARSO WARSO WARSO WARSO WAYSOT NONPROPITS BEHAVE. Let’S Find Out WHAT BOOKS LIKS LIKS LIKS LIKS LIKS LIKS LIKS LIKS LIKS LIKER GOVERNMENT ASSENMENT ASSOR.

Let’s change the law SO THAT SO THAT SOTY DOATED DOLLAR GETSID FEDERAL SAME FEDERAL SAMID SAMID SAMID SAMID AND WHETHER IT COMCHER IT COMCHET OF a billionaire in a marc jacobs tuxedo dressor From YOUG Pocket.

The Charitable Deduction Was Enaction Was Enaction Was Enacted Bytress. Charity by Reducing The Giver’s Cost. IF A PERSON DONATES $ 10,000 IN INCOMO $ 10,000 IN TAXED AT AT AT AT AT AT AT AT $ 7,600. The Government Is Usically CHIPPING IN THE OTHER $ 2,400, WOUL AND WOUL, WOULD OTHERWISE COLLECT IN TAXES. And the hope is that the donor treats the government’s leniency as a reason to give away a little more money.

BUT DONORS DOORS DO NOT BENEFIT EQUALL. The Vast Majority of Americans Who Donate Money Money Don’t Get Any Federal Tax Benefit. More Than 90 Percent Of TaxPayers Claimed CLAIM ATIR DONATIONS DONATIONS DONATIONS DONATIONS DONATIONS DONT AFFT THIN TAX BILL. In 2022, only 7.5 percent of TaxPayers ItemiZed Any Charitable DEDUCTIONS. EVEN AMONTY WEALTHY FEW AND THE WEALTHIEST ENCAUST TAPAUST TAPEND TAX BEPAUSE DEDUCTION DEDUCTION DEPENDS ON THE TAXPAYS ON A TAXPAYER RATE. If A Person Donates $ 10,000 $ 10,000 THAT WOULD OTHERWID AT TAXED AT HIGRENTLY 37 PERCENT, CURRENTLY $ 3,700 IN TAXES. IF Money Would Taxed AT Only 24 Percent, TheY WILL AVOID ONLY 2,400 IN TAXES.

The Impact On Charities IS ALSO UNEVEN. A Church OR A Community Group In A Lower-Income Neighborand May Get Little Boost, Flom The Flom The Flom The Flom The Fedal BUT IT’S A SAFE BETT GUESTSTS AT GUESTSTS AT GALA IT GALA IT GALA ITMIZE THEIR DEDUCTIONS.

THIS Doesn’t Just Benefit Charity That Happen To Rich People. IT GIVES CHarities To Behave In Ways That Will Appeal To Rich People.

Charity, of Course, Already Have Plenty Of RaSon To Propitiate The Wealthy. In The Words of The Bank Robber Willie Sutton, “THAT’S WHere The Money IS”

But there ia good reason for the federal go jump on the scales. Under Current Federal Law, Americans 40 Percent Of The Full of Income To Charlar Thati DOTICANS, WHILE AMERICANS IN CHARITY, WHILE AMERICANS Income Distribution Pay Only About 71 cents on the dollarAnd i don’t work. THAT’S GREAT FOR THE INSTITUTIONS THAT WEALTHY PEOPLE PEALTHY PEOPLE LIKLE PEALTHY PEOPLE LIKE TO SUCPORT AND SUCH AS MUSEUMSITIES. BUT WOULD FEDERAL TAX POLICY PRIXY PRIVIVE PRIVILEGE AT HARVARTORID AT HARVARD AT HARVARD AT HARVARDS OR The NEEDS OFT HARVARTS OR The Needs OR The Needs that that depend online residents in local residents in local residents?

ONE POSIBLE CORRECTIVE, LESS RADICAL THAN IS FOR SOUND IS FOR SOUND, IS FOR SOUNNMENT TO SOUNNMENT TO SUBIDIZING DONATIONS. CREATED The Charitable Deducce In 1917, JUST A FEW YEW YEARS TAPOMING THE INCOMS AND BECAAUD WORRIED ITHONE IT CROMS SIPHONING MONEY SIPHONE. The Deduction Does Seem To Provide ADRIRIBLE AT CHARITABLE AVIRIBING IOTHER ENTIILCE AVAIILCE AVAILABE ARATIONS TO CHARITY ARIRIBING IS TAX BRAX. In 2017, President Trump ‘Tax Law Reduced Feduced Feduced Feduced Federing Subsids and Raising The Standard Deduction. Even Though The Combined Effect Was To Cut the Federal Subsidy By About 30 Percent, a Recent Analysis Estimated The Change Reduced Charitable Charitable Only By 4 Percent.

TheT SAID, The InstituteS Create Create Create Creatained And Mainted BY Charitable Donations ARE A CIRIICAL PART OF CIVIETY. TheY Bring America Together, Provide For Our Needs and Mobilize us and Mobilize us in the Pursuit Our Interests. AND DONATIONS Themselves ARE ARE ARE A Form of Democratic Engagement In A Society That IS Desperately In Needs Desperate.

A better Fix Fix for the Current System IS to Repluce The Detration Thed Is The DoneMined Edation, Not The Donation Of The Donation.

ONE Intrigue IDEA IS FOR THE GOVERNMENT TO MAVATE DONATIONS. Robert McCllland, A Senior Fell AT The Urban-Brookings Tax Policy Center, Has Proposed THAT FOR EVERY DOLLAR DONATED, The Government WOULBER 14 CENTSID TOO NUMBER CURRENTY CURRUND FEDERAL SUBIDY SUBIDE.

Under a Matching System, The GovernMENT WOULDSID TO EVEN THOSID TO EVEN THOWNO DONDSID – EVEN THOLE THOLE THOW WOULD REMOVE TAPOMOTI REMOVE TAPOVE TAX INCOTIVE FOR CHARITIES TO Chase Wealthy Donors.

IT WORKS ON The OTHER SIDE OF OCEAN. The British GoVednment’s Gift Aid Program, Establish Farly 1990s, Allows Collect From The Govercent OF EACH INDIVIDUAL DONATION.

Alternatively, The United States Could EMULATE COULD EMULATE CANADA, WHICH GIVES A TAX CREDIT TAX CREDIT TAX CREDIT TAX CREDIT TAX CREDIT TAX CREDIT TAX CREDIT TO DEDUCTION. The Advantage Ist The Value Of A Tax Credit ISN’T ISN’T ISNINED BY THE DEOR’S INCOME. IT’S BASED ON HOW MUCH TheY GIVE.

IT’s been A Few Years Since OCASIDRIA OCOCEZID ALETEZRIA OCOCIA OCOTEZATIZ AND SINTE DEMOCHEZ, Showed UP GALA IN THE NEWED UP GALA IN THE NEWN “PRINTED ON THE BACK. That Does Doesn’t Look Like Its Go To Be Happening Anytime Soon. Can AT Least Agree That Shouldn’tn’tn’tn’tn’tn’tn’tn’tn’tn’tn’tn’tn’t Get ExTRA HELP FORT CAIUSES?