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Thread: Charity tax limits upset man

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    Charity tax limits upset man

    Charity tax limits upset man


    Washington Times - Charity tax limits upset many


    Democrats and Republicans poured cold water on President Obama's budget plan to cut down on wealthy taxpayers' charitable giving tax deductions, the second of his ambitious cost-savings plans to earn lawmakers' scorn, and underscoring the legislative minefield he is entering.




    Hey Obama! Who do you think that is going to hurt more? Me or the Charities I (used to) give to?



    Idiot.
    Let evil swiftly befall those who have wrongly condemned us

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    Re: Charity tax limits upset man

    I write off my FICA withholdings as donations to charity.

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    Re: Charity tax limits upset man

    Ever hear of tax shelters, Rev? That's how the rich really get wealthy. It's not through RRSPs, or as you Yanks like to call 'em, CDs.
    No men are anywhere, and Im allowed to go in, because Im the owner of the pageant and therefore Im inspecting it, Trump said... Is everyone OK? You know, theyre standing there with no clothes. Is everybody OK? And you see these incredible looking women, and so I sort of get away with things like that.

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    Re: Charity tax limits upset man

    Quote Originally Posted by Middleground View Post
    Ever hear of tax shelters, Rev? That's how the rich really get wealthy. It's not through RRSPs, or as you Yanks like to call 'em, CDs.




    What does this have to do with charitable contributions?
    Let evil swiftly befall those who have wrongly condemned us

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    Re: Charity tax limits upset man

    Quote Originally Posted by Reverend_Hellh0und View Post
    What does this have to do with charitable contributions?
    From what I understand, a lot.

    Not sure how things are different in the US, but here in Canada, a $5000 charitable contribution can turn out to be more than $5000 in your pocket. Say if the charity builds houses for the poor, and they buy $10,000 worth of bricks from your $5000 donation, they can legally record that your contribution was $10,000. At least that's what a financial planner told me a few years back, but he could be full of bull, or my memory of what he explained is not quite accurate. In any event, tax shelters do exist, and are based-on charitable donations. I have not read the article yet, so I'd don't know exactly what are the new charitable limits.
    No men are anywhere, and Im allowed to go in, because Im the owner of the pageant and therefore Im inspecting it, Trump said... Is everyone OK? You know, theyre standing there with no clothes. Is everybody OK? And you see these incredible looking women, and so I sort of get away with things like that.

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    Re: Charity tax limits upset man

    Quote Originally Posted by Middleground View Post
    From what I understand, a lot.

    Not sure how things are different in the US, but here in Canada, a $5000 charitable contribution can turn out to be more than $5000 in your pocket. Say if the charity builds houses for the poor, and they buy $10,000 worth of bricks from your $5000 donation, they can legally record that your contribution was $10,000. At least that's what a financial planner told me a few years back, but he could be full of bull, or my memory of what he explained is not quite accurate. In any event, tax shelters do exist, and are based-on charitable donations. I have not read the article yet, so I'd don't know exactly what are the new charitable limits.




    Ok. Lets say this is all true and Obama lowers the limits. Who suffers? Me or the charity more?
    Let evil swiftly befall those who have wrongly condemned us

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    Re: Charity tax limits upset man

    Hear hear, let's jack up welfare and lower real charity, that's how we help the poor.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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    Re: Charity tax limits upset man

    Quote Originally Posted by Reverend_Hellh0und View Post
    Ok. Lets say this is all true and Obama lowers the limits. Who suffers? Me or the charity more?
    It all depends on the limits that have been set.
    No men are anywhere, and Im allowed to go in, because Im the owner of the pageant and therefore Im inspecting it, Trump said... Is everyone OK? You know, theyre standing there with no clothes. Is everybody OK? And you see these incredible looking women, and so I sort of get away with things like that.

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    Re: Charity tax limits upset man

    Quote Originally Posted by Middleground View Post
    It all depends on the limits that have been set.




    I think you know the answer here.


    If you make it more difficult or expensive for me to donate to the boys and girls club of Paterson.


    Who is going to suffer more? Me who keeps that money cause its going to be taxed and use it to pay off the tax raise that I will be seeing shortly, or the childeren who benefited for over a decade my generous donations?
    Let evil swiftly befall those who have wrongly condemned us

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    Re: Charity tax limits upset man

    Donating to charities equates to tax deductions, not credits. If you make $260k per year, and do not want to get put into the new Obama tax bracket, you donate $11k to charity, reducing your taxable income to $249k. Now i am not aware of the new tax ramifications for the $250k +, but lets just assume its equates to 5% more paid in taxes.

    That equates to saving $12,500 in tax savings by giving away $11,000 (opportunity cost forgone was $1,500). Of course it is much more complicated than this, as taxation is progressive on income intervals. If the highest tax bracket is increased from 35%-45%, the IRS does not tax 45% of your income if you are a high earner, instead only 45 of your income over $250k. Of course, my 45% figure is completely hypothetical...
    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

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