And they get credit for donating even tho it was actually their customers.
In many cases they also cause the child hunger by paying their employees a wage so low that food assistance is required.
If only in the form of a tax break. You’re literally donating to the company asking for the cash.
I’ve been given the “corporations should be able to run their business how they want and government shouldn’t ban things like they banned weed” too many times on lemmy.
We should ban for profit corporations from doing certain things, this is one of them. We know they’re using the money as a tax writeoff. Ban this shit. Not everything is drugs.
I give $2 to the fold bank every time I shop at the grocery store. I know how it feels to be hungry. I mean actually hungry.
If the thousand people who showed up that day also gave $2, that would amount to so much more.
Are you telling me it’s more important to resent the grocery store for making money than it is to feed the hungry?
If it could be verified that they at least matched donations, they might have better luck
I often pass an intersection where a woman is selling ice cold water bottles, and in the other direction, her husband (I assume) is selling flowers. I almost always buy 2 bottles of water from her.
I know that my money is going directly to help a hard working family, instead of some “charity,” where only about 20% goes to the actual research, while executives take millions in compensation.
That money is going to pedophiles who will in return feed the children
As far as the world knows, they did. It was the $20 you gave them.
and you didn’t give them $20 so they had to let the orphans starve, nothing they could do.
I’ve been saying this for years.
Well they will make the donation, but they’ll do it with your money, and then they’ll take the tax deduction for it, and reward themselves with a nice fat end of year bonus from the tax savings. Isn’t capitalism fun?
That’s not how tax deductions work. All the write-offs allow is for them to not count the money donated as income, so they make the same amount of money on the sale whether or not you donate.
The benefit to the company is PR or donating to a non-profit with a mission that aligns with their corporate goals. For instance, Bass Pro may ask you to donate to wildlands preservation non-profits that maintain environments in which people fish and hunt.
But isn’t it true that whatever they don’t pay in taxes via writeoffs, they get to keep and use however they want? They might choose not to give themselves a bigger bonus with those savings on taxes, but…I do doubt it for some reason
It ends up being net zero. They’re only writing off the money you donated. They still have to count the money you donated towards their overall revenue, increasing their tax bill, but then they pass the donation on, allowing them to write it off, reducing their overall revenue (and thus their tax bill) to what it would have been if you hadn’t donated.
If they donate money out of their own profits, they CAN write that off. Which of course is also money you gave them, except it’s money you gave them in order to buy their products, not for the purpose of having them donate it.
I always decline, without exception.
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It’s not my duty to pull from my personal funds to support others. I ALWAYS vote to help others with my tax dollars.
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I don’t actually know where my money is going. I haven’t researched these organizations. I don’t know where my money ends up.
So what you’re saying is you’d rather have your money taken from you by force, as long as it’s lawful and you get to pretend you have a say in how it’s used…
I think what they are saying is that they’d rather the burden be distributed equitably across the populace instead of placing the burden entirely on good people.
You really think bad people pay taxes? They’re the ones collecting them!
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Donations through a non profit, where the CEO and/or some of their family are on the board and paid a big salary from those donations, so only a fraction makes it to the stated goal.
The store takes your donation, then they donate it and take all the credit.
“Store name” donated $1 million to XYZ Charity.
Not only do they get the credit, they also get tax benefits from the donation.
Update: Seems I am incorrect! Thanks for the polite discourse.
I don’t think they can get a tax break, but they definitely get the media attention.
Well if they donate that money to their own charity then I’m sure they figure out some way to keep most of it. "Admin costs " and such.
No, that’s not how it works. All they get from the donation is good PR.
A lot of billionaires have their own charities.
You telling me they only do it for PR?
I don’t believe it. That’s just not consistent with their greed.
I’m sure that the charitable image is part of it. But I don’t think they are doing it for only that reason.
They totally do, at least in the USA they do. Well documented corporate practice.
I thought so too.
Assuming the business is following the law, it will not include your donation as part of its business receipts, or income, nor will it claim the charitable gift as an expense.
In other words, your gift has zero impact on the store’s income taxes. Keep in mind that the store chooses the receiving charity, so make sure it is one you can support. As a customer, the donation will appear on your receipt and you can claim it as a charitable deduction when you file your income tax return.
https://taxpolicycenter.org/taxvox/who-gets-tax-benefit-those-checkout-donations-0
The receipt thing is a lifeprotip. I didn’t know that.
I always donate directly to organizations because I didn’t think I could get taxes back on it if you donate in a store.
Thank you.
Are your itemized deductions usually more than the standard deduction? If not it’s pointless to claim it.
IANAL! Double check.
I prefer “NSA” to “IANAL” because “No soy abogado” means “I’m not a lawyer” in spanish, which is nice because then we don’t have to inadvertently think OP just told everyone he engages in anal sex every time we see the acronym.
False. This is an oft repeated myth.
You should at least Google the appropriate laws before being this confidently incorrect.
Bring the proof. Because it’s a myth.
So, let’s see your documentation please.
This old myth still… They do not get any tax benefits. That’s not how taxes work. The donation is your donation. You can claim it on your own taxes if you itemize deductions.
They make a dollar, they donate a dollar. No change to tax.
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I had a dream where pretty much the same prompt came up but it was offering me a discount for being poor
yes
