This is a fucking insult

  • Col3814444@kbin.social
    link
    fedilink
    arrow-up
    1
    arrow-down
    1
    ·
    1 year ago

    Please donate to charity to allow this multi billion corporation to earn a reduction on its tax.

    • vaguerant@kbin.social
      link
      fedilink
      arrow-up
      3
      ·
      1 year ago

      That’s not how taxes work.

      But like so much else these days, these giving opportunities have become controversial, in part because some critics insist retailers are taking a tax benefit for their customers’ donations.

      The store serves only as a collection agent for your gift. 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.

      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.

      tl;dr: You are still the one making the donation and eligible for the charitable deduction, not the business through which you donated. Businesses like it because they can say things like “Walmart facilitated donations of $n to agreeable charity in 2023.” It’s a company exploiting your generosity for good press, not for a tax scam.

      • Pregnenolone@lemmy.world
        link
        fedilink
        arrow-up
        4
        ·
        1 year ago

        This is one of the most infuriating misconceptions, and it can be corrected with some simple research. Yet people continue to parrot this basic falsehood because “corpo bad”.