|
Replies: 13
| visibility 4,820
|
Orange Blooded [4299]
TigerPulse: 100%
Posts: 2985
Joined: 10/17/02
|
IPTAY email warning of new tax bill implications
Dec 5, 2017, 7:19 PM
|
|
IPTAY donations no longer tax deductible under both the House and Senate versions of the tax bill.
It's gonna cost almost twice as much now.
|
|
|
|
 |
Hall of Famer [24073]
TigerPulse: 100%
Posts: 9781
Joined: 10/7/15
|
Only 80% was deductible plus
Dec 5, 2017, 7:22 PM
|
|
deduction only reduced your taxes by your current rate/bracket - 22% to 40% or so.
How do you figure it ‘doubles your cost’?
|
|
|
|
|
|
All-Pro [682]
TigerPulse: 87%
Posts: 1003
Joined: 9/8/14
|
Re: Only 80% was deductible plus
Dec 5, 2017, 7:24 PM
|
|
That’s some liberal democrat stirring the pot
|
|
|
|
|
|
Orange Blooded [4299]
TigerPulse: 100%
Posts: 2985
Joined: 10/17/02
|
who is a liberal?***
Dec 5, 2017, 8:07 PM
|
|
|
|
|
|
|
|
null [null]
TigerPulse: null%
Posts: 2
Joined: 5/3/07
|
Re: Only 80% was deductible plus
Dec 5, 2017, 7:35 PM
[ in reply to Only 80% was deductible plus ] |
|
You are correct but that deduction is at you marginal tax rate, i.e. th eetax you pay on your next dollar of income. That is different from the average rate a person pays on their entire income.
|
|
|
|
|
|
110%er [8049]
TigerPulse: 100%
Posts: 6808
Joined: 10/16/09
|
Re: Only 80% was deductible plus
Dec 5, 2017, 7:43 PM
|
|
And depending upon your earning the deductibility is even more constrained now.
|
|
|
|
|
|
All-In [48078]
TigerPulse: 100%
Posts: 49059
Joined: 5/16/04
|
Winning feels great.
Dec 5, 2017, 7:22 PM
|
|
Seriously though, that SUCKS!
|
|
|
|
|
|
CU Guru [1761]
TigerPulse: 100%
Posts: 2022
Joined: 8/22/99
|
Re: IPTAY email warning of new tax bill implications
Dec 5, 2017, 7:29 PM
|
|
You get your "donation"back when you sell your tix to big games for $300 and 400 I thought.
|
|
|
|
|
|
Letterman [261]
TigerPulse: 91%
Posts: 359
Joined: 1/2/16
|
Re: IPTAY email warning of new tax bill implications
Dec 5, 2017, 8:09 PM
|
|
I’m willing to give more to get to the lower deck. Maybe some will stop giving because of the tax changes and allow me to do so.
|
|
|
|
|
|
All-TigerNet [12249]
TigerPulse: 100%
Posts: 5395
Joined: 9/12/04
|
Re: IPTAY email warning of new tax bill implications
Dec 5, 2017, 8:22 PM
|
|
In my case it doesn't matter if IPTAY donations are non-deductible so long as the current Standard Deduction is doubled (i.e. $24k for joint filers) as proposed in both the House and Senate bills.
Quite frankly the Federal deduction and credits game has been nothing but a tool for politicians to reward/punish constituencies they like/don't like for years and is one of the reasons we need to revamp the tax code. In fact I would just prefer an easy flat tax - just pay what I owe based on what I earn and it shouldn't matter whether I buy an electric car or install solar panels on my house.
|
|
|
|
|
|
Orange Blooded [4299]
TigerPulse: 100%
Posts: 2985
Joined: 10/17/02
|
Hopefully so, I haven't studied either bill
Dec 5, 2017, 8:58 PM
|
|
I hope the bottom line is better, everything else the same. The email though mentions giving for 2018 donation this month so that you can take the deduction this year.
|
|
|
|
|
|
CU Guru [1453]
TigerPulse: 100%
Posts: 626
Joined: 9/25/01
|
Never Happen..........
Dec 5, 2017, 8:58 PM
[ in reply to Re: IPTAY email warning of new tax bill implications ] |
|
Your elected officials will never voluntarily relinquish power of inducing your behavior. And don’t for a second believe it is anything more than power to them: power to obtain votes and power to enrich themselves and/or family and friends........
Drain The Swamp
|
|
|
|
|
|
Orange Blooded [2862]
TigerPulse: 100%
Posts: 2698
Joined: 10/29/03
|
Re: IPTAY email warning of new tax bill implications
Dec 5, 2017, 9:15 PM
|
|
Here we go.... Another round of Special Interest Bingo.
If you really want to stop tax reform over yours and everyone else's favorite tax deduction, then you're certainly not thinking about the big picture.
My favorite "horror story" is the one about teachers losing the $340 deduction for school supplies they purchase. Like that deduction is better than paying much lower taxes...
Please folks... Resist falling for these special interest "alerts".... A growing and strong economy will lift ALL boats.
|
|
|
|
|
|
All-In [36409]
TigerPulse: 100%
Posts: 21512
Joined: 10/27/03
|
Most Larger Donors Already Effed By AMT Anyhow***
Dec 5, 2017, 9:18 PM
|
|
|
|
|
|
|
|
Replies: 13
| visibility 4,820
|
|
|
50
