Well, I don't know about the US, but here in Canada you could save more in taxes from a charitable donation than it actually costed you in the first place up until February 1 (I think) when they closed the loophole. The way it worked was through charitable donation of medical supplies to 3rd world countries. A bunch of companies were set up that allowed you to buy drugs for donation at big discount and give the drugs to charities, for which you were credited a tax credit at the market value of the drug. It gets a little complicated due to the capital gain in the equation, but the end result was a $1 donation created a tax credit of over $1 if you were in the highest tax bracket.
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