3 ms·
You mean hes reallocating 36M of his taxes usually paid, as write offs to the Houston Relief
by corporateslave3 9y ago
You mean hes reallocating 36M of his taxes usually paid, as write offs to the Houston Relief
- uluyol 9y agoYes, find some way to take something good that someone has done and make it look bad.
- acchow 9y agoAlso, this is not how tax deductions work.
- JumpCrisscross 9y ago> You mean hes reallocating 36M of his taxes usually paid It sounds like you've never made a charitable donation under the American tax code. A dollar donated isn't a dollar saved. A dollar donated is (1-marginal tax rate) dollars saved.
- sgc 9y ago1 * marginal tax rate... so for most people who can afford larger donations, 25-35 cents.
- selectodude 9y agoHe's reallocating 39.6 percent of 36mm to Harvey victims instead of his taxes. If you're going to be a clown at least get it right.
- dlp211 9y agoIn addition to this, how much you can deduct is limited in multiple capacities, so he may not even be able to deduct the full amount. https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions https://www.irs.gov/charities-non-profits/charitable-organiz...
- readams 9y agoAlso itemized deductions are phased out as your income increases.
- crikli 9y agoNo, that is not how taxes work. You do not get to deduct a dollar from your tax obligation for every dollar you donate. You only deduct the percentage dictated by your tax bracket. So assuming he's in the 39.6% tax bracket his tax obligation is reduced by 39.6 cents for every dollar he donates. This is an oversimplification, there's a bit more to it than that, but you get the point. Maybe.