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Thread: Charity tax limits upset man

  1. #21
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    Re: Charity tax limits upset man

    Quote Originally Posted by obvious Child View Post
    You forgot something rather important. Donating appreciated property to charity that you've held for more then a year can be taken at fair market value.

    Therefore, someone who's in that 250k bracket who's partnership interest is worth $10,000 who receives $10,000 in cash and a $100,000 piece of property while have zero basis for that piece of property. They hold it for a year and then donate it for $120,000. Thank GOD for the 30% limit on property donations or that guy just managed to reduce his taxable income from $250,000 to $130,000 for effectively nothing. The tax savings on that is truly massive. He just reduced his taxes by $37,552.5 for 2009 and that's just for single. $37,552.5 in cash trade for an adjusted basis of nothing? I like that. Now, if he had sold that property and had a bit more income, hello highest tax bracket. Ewwww.

    Charity limits exist for a reason.

    I can keep making up scenarios for people to abuse the daylights out of charitable contributions.
    Yes there are an entire industry devoted to forgoing taxation. My biggest issue was when they removed the ability to convert series E bonds into tax deferred series HH bonds.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

  2. #22
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    Re: Charity tax limits upset man

    Charitable giving is easily abused come tax time....
    I assisted some people with tax returns for one season, and it is just one of many methods people try to reduce taxes illegally. I always warned them that come audit time, withoug receipts, they are on their own. BUt they swore they did the donation, or paid the dentist, or whatever....
    Oracle of Utah
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  3. #23
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    Re: Charity tax limits upset man

    I think this legislation is meant to target the rich who abuse the system, in which case, good for Obama. It's sad that the honest people have to suffer, but I don't see how a law could be created that serves the honest but targets the rich?

  4. #24
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    Re: Charity tax limits upset man

    Quote Originally Posted by Goldenboy219 View Post
    Yes there are an entire industry devoted to forgoing taxation.
    Yay for tax Planning! How to dodge, duck, dip, dive, and dodge taxation!
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  5. #25
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    Re: Charity tax limits upset man

    Quote Originally Posted by Orius View Post
    I think this legislation is meant to target the rich who abuse the system, in which case, good for Obama. It's sad that the honest people have to suffer, but I don't see how a law could be created that serves the honest but targets the rich?
    Why isn't he going after all the "poor" people who falsely claim EITC using children that aren't even theirs.

    I did taxes for a season and the abuse of EITC by poor people is ridiculous.

    It looks like this is an easy way of federalizing charity.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Charity tax limits upset man

    Quote Originally Posted by Harry Guerrilla View Post
    Why isn't he going after all the "poor" people who falsely claim EITC using children that aren't even theirs.

    I did taxes for a season and the abuse of EITC by poor people is ridiculous.
    Didn't this problem stop after the IRS required social securities for every claimed dependent?

    It would be logical to deduce that if you need social security numbers for dependent claims, then you'll need the same social security numbers for EITC criteria.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Charity tax limits upset man

    Quote Originally Posted by obvious Child View Post
    Didn't this problem stop after the IRS required social securities for every claimed dependent?

    It would be logical to deduce that if you need social security numbers for dependent claims, then you'll need the same social security numbers for EITC criteria.
    It doesn't stop it. They just bring in the social security numbers and cards.

    It works like this. One person has no kids or one kid. The other has 3 kids and can only get the most benefits off of 2 of them. So the person with 1 or no kids uses the social of the one kids with the mother or father that has 3 or more children.

    They get a lot of money from the government per child and slide a little of it to the mother of three and pocket the rest.

    I had to help these people do this at the tax payers expense. This fraud happens every year, nothing has stopped it.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Charity tax limits upset man

    Quote Originally Posted by American View Post
    Hear hear, let's jack up welfare and lower real charity, that's how we help the poor.


    That is it in essence.

    The intent is to make those who take charity more reliant on the government..while at the same time making those who give to charity "give" more to the government thru the increase in various taxes on the basic necessities of life.


    His MASSIVE spending is reliant on everyone paying more. In order to do that he needs to make it appear to everyone that they are not paying more until AFTER they have little to no recourse to undo what he has changed.

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