Comment by glompers
5 days ago
People already paid their taxes on all of the principal before they donated it to fund education. You and I are not chartered as an educational endowment; things like Roth IRAs exist for us.
5 days ago
People already paid their taxes on all of the principal before they donated it to fund education. You and I are not chartered as an educational endowment; things like Roth IRAs exist for us.
> People already paid their taxes on all of the principal before they donated it to fund education
That's not true, the donations are tax exempt (deductible).
I think the point is that money for many was taxed before the paycheck ever came in. And you have no control over it. Part of your W-2 goes to fund social security, part of it to fund the federal, part of it to fund the state.
Taxing donations is just double dipping on your money. That's how you discourage donating.