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He doesn't know what he's talking about.It doesn't make sense to you because you have your head up Barry's ass.That doesn't even make sense. If he didn't donate what he did, even with the additional tax burden, he'd still have more money in the bank.
You've never actually filed a tax return, have you?
That is what UBA means.
But ask any accountant that understands the tax code, and you will see that it does indeed 'make sense'.
Without the deduction he would have been taxed on over 7 million at 35% minimum, but with out those deductions the percentage jumps 45%, which means he would have 3.5 'in the bank'.
The way Barry did it, giving away almost 2 mil, he's left with 3.7.
Understand now?
He palyed the system, rich people do it all the time.
I'll admit to not having the most complete knowledge of the tax system - but you're going to have to back this one up. The highest marginal tax rate is 35% - where did you get 45% from?
He doesn't know what he's talking about.It doesn't make sense to you because you have your head up Barry's ass.
That is what UBA means.
But ask any accountant that understands the tax code, and you will see that it does indeed 'make sense'.
Without the deduction he would have been taxed on over 7 million at 35% minimum, but with out those deductions the percentage jumps 45%, which means he would have 3.5 'in the bank'.
The way Barry did it, giving away almost 2 mil, he's left with 3.7.
Understand now?
He palyed the system, rich people do it all the time.
I'll admit to not having the most complete knowledge of the tax system - but you're going to have to back this one up. The highest marginal tax rate is 35% - where did you get 45% from?
It works like this.
Say you make 10,000 and your tax rate is 35% (I'm just simplifying here, it wouldn't be 35%)
You'd pay $3,500 in taxes.
If you donated $100 bucks to charity, you'd deduct the $100 from your income leaving you $9,900 as your adjusted gross income. Your tax would then be $3,465.
Which is $35 less.
Basically, it cost you $100 to save $35 on your taxes.
No it isn't.He doesn't know what he's talking about.I'll admit to not having the most complete knowledge of the tax system - but you're going to have to back this one up. The highest marginal tax rate is 35% - where did you get 45% from?
It works like this.
Say you make 10,000 and your tax rate is 35% (I'm just simplifying here, it wouldn't be 35%)
You'd pay $3,500 in taxes.
If you donated $100 bucks to charity, you'd deduct the $100 from your income leaving you $9,900 as your adjusted gross income. Your tax would then be $3,465.
Which is $35 less.
Basically, it cost you $100 to save $35 on your taxes.
See, that's the beauty of using the, IMO, unfair progressive tax. IF that $100 donation gets the taxable income into a lower bracket, the savings is sometimes larger than the donation.
How dare Obama use capitalism like any other American and sell books!
What I find disgusting is that our President is a book salesman!!!
We need a President with a REAL American profession, like farmer, rancher, commercial fisherman, or country singer!
Not a book salesman!
How dare Obama use capitalism like any other American and sell books!
What I find disgusting is that our President is a book salesman!!!
We need a President with a REAL American profession, like farmer, rancher, commercial fisherman, or country singer!
Not a book salesman!
No it isn't.He doesn't know what he's talking about.
It works like this.
Say you make 10,000 and your tax rate is 35% (I'm just simplifying here, it wouldn't be 35%)
You'd pay $3,500 in taxes.
If you donated $100 bucks to charity, you'd deduct the $100 from your income leaving you $9,900 as your adjusted gross income. Your tax would then be $3,465.
Which is $35 less.
Basically, it cost you $100 to save $35 on your taxes.
See, that's the beauty of using the, IMO, unfair progressive tax. IF that $100 donation gets the taxable income into a lower bracket, the savings is sometimes larger than the donation.
How dare Obama use capitalism like any other American and sell books!
What I find disgusting is that our President is a book salesman!!!
We need a President with a REAL American profession, like farmer, rancher, commercial fisherman, or country singer!
Not a book salesman!
Or Actor....don't forget Actor.
He doesn't know what he's talking about.I'll admit to not having the most complete knowledge of the tax system - but you're going to have to back this one up. The highest marginal tax rate is 35% - where did you get 45% from?
It works like this.
Say you make 10,000 and your tax rate is 35% (I'm just simplifying here, it wouldn't be 35%)
You'd pay $3,500 in taxes.
If you donated $100 bucks to charity, you'd deduct the $100 from your income leaving you $9,900 as your adjusted gross income. Your tax would then be $3,465.
Which is $35 less.
Basically, it cost you $100 to save $35 on your taxes.
See, that's the beauty of using the, IMO, unfair progressive tax. IF that $100 donation gets the taxable income into a lower bracket, the savings is sometimes larger than the donation.
He doesn't know what he's talking about.
It works like this.
Say you make 10,000 and your tax rate is 35% (I'm just simplifying here, it wouldn't be 35%)
You'd pay $3,500 in taxes.
If you donated $100 bucks to charity, you'd deduct the $100 from your income leaving you $9,900 as your adjusted gross income. Your tax would then be $3,465.
Which is $35 less.
Basically, it cost you $100 to save $35 on your taxes.
See, that's the beauty of using the, IMO, unfair progressive tax. IF that $100 donation gets the taxable income into a lower bracket, the savings is sometimes larger than the donation.
You don't seem to know how tax brackets work.
Here are the tax tables, as of 2009.
2009 Tax Brackets Announced
The marginal rate refers to only income between those tax brackets.
The highest marginal tax rate is 35%, which kicks in only for income OVER $372,950. So, if I made $500,000 dollars last year, I would pay the following amount in taxes:
For the first $8350 dollars, I would be taxed 10% = $835
For the next $25600 dollars, I would be taxed 15% = $3840
For the next $48300 dollars, I would be taxed 25% = $12075
For the next $89300 dollars, I would be taxed 28% = $25004
For the next $201400 dollars, I would be taxed 33% = $66462
And for the remaining $127050 dollars, I would be taxed 35% = $44467.50
My total income tax, without any deductions would be $152683.5, which according to my math is about 30%.
Please show me a scenario in which someone could have a net savings by donating to charity.
See, that's the beauty of using the, IMO, unfair progressive tax. IF that $100 donation gets the taxable income into a lower bracket, the savings is sometimes larger than the donation.
You don't seem to know how tax brackets work.
Here are the tax tables, as of 2009.
2009 Tax Brackets Announced
The marginal rate refers to only income between those tax brackets.
The highest marginal tax rate is 35%, which kicks in only for income OVER $372,950. So, if I made $500,000 dollars last year, I would pay the following amount in taxes:
For the first $8350 dollars, I would be taxed 10% = $835
For the next $25600 dollars, I would be taxed 15% = $3840
For the next $48300 dollars, I would be taxed 25% = $12075
For the next $89300 dollars, I would be taxed 28% = $25004
For the next $201400 dollars, I would be taxed 33% = $66462
And for the remaining $127050 dollars, I would be taxed 35% = $44467.50
My total income tax, without any deductions would be $152683.5, which according to my math is about 30%.
Please show me a scenario in which someone could have a net savings by donating to charity.
By donations alone, if one is near the dividing line of a bracket on their taxable income, donations can bump one lower. However, as I said, and perhaps that wasn't clear, IF making a donation puts one in a lower bracket, sometimes that donation is quite desirable. I know, I've done it. One year the money I saved in paying taxes by making a donation was more than the donation. This was in the 90s.
You don't seem to know how tax brackets work.
Here are the tax tables, as of 2009.
2009 Tax Brackets Announced
The marginal rate refers to only income between those tax brackets.
The highest marginal tax rate is 35%, which kicks in only for income OVER $372,950. So, if I made $500,000 dollars last year, I would pay the following amount in taxes:
For the first $8350 dollars, I would be taxed 10% = $835
For the next $25600 dollars, I would be taxed 15% = $3840
For the next $48300 dollars, I would be taxed 25% = $12075
For the next $89300 dollars, I would be taxed 28% = $25004
For the next $201400 dollars, I would be taxed 33% = $66462
And for the remaining $127050 dollars, I would be taxed 35% = $44467.50
My total income tax, without any deductions would be $152683.5, which according to my math is about 30%.
Please show me a scenario in which someone could have a net savings by donating to charity.
By donations alone, if one is near the dividing line of a bracket on their taxable income, donations can bump one lower. However, as I said, and perhaps that wasn't clear, IF making a donation puts one in a lower bracket, sometimes that donation is quite desirable. I know, I've done it. One year the money I saved in paying taxes by making a donation was more than the donation. This was in the 90s.
I know, I'm having a hard time visualizing what you mean though. Could you give me a hypothetical situation?
Everyone who takes government funds should never make more the $500k
That should include Obama.
Everyone who takes government funds should never make more the $500k
That should include Obama.
By donations alone, if one is near the dividing line of a bracket on their taxable income, donations can bump one lower. However, as I said, and perhaps that wasn't clear, IF making a donation puts one in a lower bracket, sometimes that donation is quite desirable. I know, I've done it. One year the money I saved in paying taxes by making a donation was more than the donation. This was in the 90s.
I know, I'm having a hard time visualizing what you mean though. Could you give me a hypothetical situation?
If I had access to my tax records, I would. I'm not so great at this stuff, either. That's why I pay someone to do it for me. I recall him telling us to donate a certain amount a few years in the 90s so that we could save on taxes.
Everyone who takes government funds should never make more the $500k
That should include Obama.
I wish I could do them myself. And, I am not all that stupid, TBH. THIS fact alone makes me favor tax reform with the first thing on the agenda - KISS.I know, I'm having a hard time visualizing what you mean though. Could you give me a hypothetical situation?
If I had access to my tax records, I would. I'm not so great at this stuff, either. That's why I pay someone to do it for me. I recall him telling us to donate a certain amount a few years in the 90s so that we could save on taxes.
Yeah, I mean, from my understanding, that couldn't happen. I don't see how it could, mathematically. But tax code is so convoluted and confusing that I don't doubt what you're saying.
I wish I could do them myself. And, I am not all that stupid, TBH. THIS fact alone makes me favor tax reform with the first thing on the agenda - KISS.If I had access to my tax records, I would. I'm not so great at this stuff, either. That's why I pay someone to do it for me. I recall him telling us to donate a certain amount a few years in the 90s so that we could save on taxes.
Yeah, I mean, from my understanding, that couldn't happen. I don't see how it could, mathematically. But tax code is so convoluted and confusing that I don't doubt what you're saying.
