Charitable Giving: What's a fair percentage of your income?

You already forfeit at least half of your purchasing power in the form of government wealth confiscation. Why give to charity on top of that? Charity is very highly overrated anyway. You don't help anyone by giving them free shit.

iflyboats wrote:

You already forfeit at least half of your purchasing power in the form of government wealth confiscation. Why give to charity on top of that?

You're right. That's what Joe Biden says. It's "patriotic" to pay high taxes. Charity apparently isn't very patriotic in his mind.

Biden's financials. One of the most stingy to ever serve in the Senate.

Ever since I was in high school working at Burger King twenty years ago I have given 10% of take home pay. Yeah, it's not easy sometimes but if it's the first thing in your budget then you get used to it.

I certainly hope that table of Joe Biden's giving is an urban legend.

The 10% tithe is an archaic religious tradition. That's 10% of your work life that you'll never get back.

iflyboats wrote:

That's 10% of your work life that you'll never get back.

Duh, that's why they call it "giving." And as someone who gives about 15%, I wish I gave more.

The 10% tithe was advocated during an era when the government didn't already confiscate 50% of one's income in one form or another. It is no longer a charitable tenet so much as it's a tax management policy.

Sagarin wrote:

The 10% tithe was advocated during an era when the government didn't already confiscate 50% of one's income in one form or another. It is no longer a charitable tenet so much as it's a tax management policy.

A little research online:

"All the peasants worked to support their lord. They gave about half their time to work in his fields, cut timber, haul water, spin and weave, repair his buildings, and wait upon his household. In war, the men had to fight at his side. Besides labor, peasants had to pay taxes to their lord in money or produce. They had to give a tithe to the church--every tenth egg, sheaf of wheat, lamb, chicken, and all other animals."

Thus, the peasant had to give 50% of his working days to their lord plus 10% of the crops from their little strip of land to the church. Given all that, they had more than 50% confiscated as well.

I'm not a financial genius, but how is giving away a dollar to get a quarter a tax strategy?

people should give whatever they want...it's their money, a couple comments though:

-If you say high taxes are patriotic or something to that effect...you should probably be giving more than .1% of your income to charity...if not your an idiot...or a VP candidate...actually your both.

-I hate being strong armed into charity...happens to me at work...we're bludgeoned with e-mails...even calls...forced to give to places like the United Way...I may make a stand this year due to the latest in a long line of fraud at these large "charitable" institutions.

PS: I give every year to multiple charities without being coerced, that's as it should be, hence the difintion of charity!

Sagarin wrote:

The 10% tithe was advocated during an era when the government didn't already confiscate 50% of one's income in one form or another. It is no longer a charitable tenet so much as it's a tax management policy.

50%?? You makin' over 250K, Sag?

As someone who falls in a lower tax bracket, I'm don't feel the "confiscation" that you do, especially since it goes toward roads, police, schools, libraries, social programs, and such. Your word choice here reveals a lot.

Regarding what I give to my church, Smile Train, and my alma mater, I don't really consider the tax implications. I just kinda feel like it's the right thing. Plus, I can.

I don't think I'm the only one who operates this way.

Rulz...it's a shame you soil the good state of Ohio with your liberal beliefs. I do like the point you make here though...Sagarin is carrying your freaking lunch with the taxes he's paying...who's getting soaked the the government? The rich...that's who.

That said...Go Buckeyes...you embarassing underachieving ballers!

My wife and I clear $200K per year and give about the same as Biden (isn't he also ranked the poorest in the Senate). We live paycheck to paycheck and have almost no savings.

Sorry, but we are going to provide for our family. It's not like I'm sitting on a huge bank account.

I'm sure there are single folks on this site making $50K that have more money left over than we do at the end of the month. Your gross income is irrelevant.

My wife and I both have over $100K in school loans each. House in expensive city (where the jobs are), cars loans, live-in-nanny, etc. Money goes out as fast as it comes in and doesn't leave much left over.

So I can totally see how Biden could only contribute that much. My goal each month is not to overdraw our checking account -- and it's always a challenge.

WWRD wrote:

Rulz...it's a shame you soil the good state of Ohio with your liberal beliefs. I do like the point you make here though...Sagarin is carrying your freaking lunch with the taxes he's paying...who's getting soaked the the government? The rich...that's who.

That said...Go Buckeyes...you embarassing underachieving ballers!

It's neo-fuedalism, dude. Be thankful you're a white, middle-class male.

And go Bucks, regardless of recent beatdowns.

Good God. Making over 200K and struggling?

1. Sell the cars, buy used.

2. Forget the live-in-nanny, send your kid to daycare. Better yet, have your wife stay home and don't let someone else raise your child.

3. Consolidate and refi the student loans - over 20 yrs.

4. Forgo cable, golf, eating out (ahem, restaurant dining is what I mean here), or whatever else is eating away your monthly income.

5. Save 10-15% and give whatever you can to a charity of your choice.

6. Watch how much happier you become.

I can't believe I'd ever say this on here, but you need to go talk to Flagpole...

Sagarin wrote:

The 10% tithe was advocated during an era when the government didn't already confiscate 50% of one's income in one form or another. It is no longer a charitable tenet so much as it's a tax management policy.

Sagarin,

For many people, giving a tithe (that's 10%) to their local church or any other amount of giving is a deeply religious and/or spiritual gift. The vast majority who practice tithing do so because they feel called to by their religion and would do so even if there were NO tax benefits at all. As someone already mentioned, you don't get it all back at tax time. Financially it would be best not to give it at all (except in some very rare circumstances where giving might put you into a lower tax bracket or some such other anomaly).

Friday myday wrote:

I certainly hope that table of Joe Biden's giving is an urban legend.

I would hope so too. Sadly, Bidens's selfishness is the stuff of legend.

> 1. Sell the cars, buy used.

Used car market is in the tank.

> 2. Forget the live-in-nanny, send your kid

> to daycare. Better yet, have your wife stay

> home and don't let someone else raise your child.

Sorry, but live-in nanny is cheaper for 4 small kids (twins) in a quality day care center. With twin 6-month olds ~4K per month.

Does not make sense for my wife to stay home and waste her J.D. that cost over $100K to get. (How to pay for student loans, no hardship/deferment left).

> 3. Consolidate and refi the student loans - over 20 yrs.

Already done.

> 4. Forgo cable, golf, eating out (ahem, restaurant

> dining is what I mean here), or whatever else is

> eating away your monthly income.

Stupid. I refuse to live like a pauper while we are young and healthy. Life is too short.

> 5. Save 10-15% and give whatever you can to a

> charity of your choice.

Save 10-15% is good, but charity is going to come after that, and there's never anything left.

> 6. Watch how much happier you become.

We are incredibly happy.

sn boy wrote:

My wife and I clear $200K per year and give about the same as Biden (isn't he also ranked the poorest in the Senate). We live paycheck to paycheck and have almost no savings.

You clear $200K per year, have no savings, and live paycheck to paycheck? You need to do some SERIOUS reevaluating of your priorities. I make about a fourth of what you do and contribute heavily to savings, 401(k), and Roth IRA. Remember, it doesn't matter how much you make...it matters how much you keep.

goat boy wrote:

Remember, it doesn't matter how much you make...it matters how much you keep.

Uhh... that was my whole point. Didn't you read what I wrote:

"I'm sure there are single folks on this site making $50K that have more money left over than we do at the end of the month. Your gross income is irrelevant."