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Started By
Message
Math lesson from the money/political boards
Posted on 11/24/15 at 2:06 pm
Posted on 11/24/15 at 2:06 pm
If a donor is willing to put up $20M for the buy-out, he will be making a donation to TAF. He will be getting a $20M deduction on his federal and state income tax returns. If he has that kind of money, his federal tax bracket is 39.6% and his state tax bracket is 6%. After his reduction in federal and state income taxes, his true out of pocket cost is only $10.88 million.
19
Posted on 11/24/15 at 2:08 pm to CubsFanBudMan
Ok
Posted on 11/24/15 at 2:10 pm to CubsFanBudMan
Math is fun
Posted on 11/24/15 at 2:12 pm to CubsFanBudMan
Make it happen you old rich TD Ballers
Posted on 11/24/15 at 2:15 pm to CubsFanBudMan
quote:
only $10.88 million.
quote:
only
Posted on 11/24/15 at 2:19 pm to CubsFanBudMan
quote:
his true out of pocket cost is only $10.88 million.
I wish I could say this about myself without laughing my a$$ off.
Posted on 11/24/15 at 2:20 pm to CubsFanBudMan
Are you sure that he can treat the entire $20M as a deduction, or is it limited to a percentage of it?
Posted on 11/24/15 at 2:22 pm to CubsFanBudMan
288
Posted on 11/24/15 at 2:22 pm to LSUGoose
quote:
Are you sure that he can treat the entire $20M as a deduction, or is it limited to a percentage of it?
I hope you don't do your own taxes man
Posted on 11/24/15 at 2:22 pm to CubsFanBudMan
quote:
CubsFanBudMan
GET OUT OF HERE, NERD
Posted on 11/24/15 at 2:23 pm to CubsFanBudMan
On the Money Board, 2 + 2 = 4.
On Poli Talk, 2 + 2 = potato.
On Poli Talk, 2 + 2 = potato.
Posted on 11/24/15 at 2:25 pm to CubsFanBudMan
Posted on 11/24/15 at 2:26 pm to LSUGoose
quote:
Are you sure that he can treat the entire $20M as a deduction, or is it limited to a percentage of it?
The only donations direct to TAF that are limited are donations that are required to purchase tickets/parking passes. Donations that are earmarked to projects, such as the nutrition center, stadium expansions, etc are 100% deductible.
Posted on 11/24/15 at 2:27 pm to CubsFanBudMan
"Only"
Posted on 11/24/15 at 2:28 pm to CubsFanBudMan
In that case, who do i make the check out to?
Posted on 11/24/15 at 2:30 pm to CubsFanBudMan
Wasn't it just last year that everyone was bitching about TAF donations not being tax deductible anymore?
Posted on 11/24/15 at 2:33 pm to CubsFanBudMan
quote:
He will be getting a $20M deduction on his federal and state income tax returns.
Obama is trying to get rid of this part of the tax code, btw...
Posted on 11/24/15 at 2:36 pm to CubsFanBudMan
Go Cubs go
Posted on 11/24/15 at 2:36 pm to PennyPacker
quote:
I wish I could say this about myself without laughing my a$$ off.
So do I!!!
I've seen a post about an alleged oil/gas man willing to donate $10M. That would be a strictly alumni angle. There are other reasons people might contribute to the cause. There are many area businesses that see swings in revenue based on the quality of a season (football, baseball or basketball). The local hotel, restaurant and bar industry can easily make a return on their investment of bringing in a new coach. I would love to know the difference in revenue for Mockler (Budweiser distributor) from a 7 win season and a 10 win season.
Posted on 11/24/15 at 2:45 pm to CubsFanBudMan
you are limited to 50% of your income so unless his AGI was 40M for the year he can't deduct it all this year
also with that kind of income it probably consist of a lot of capital gains which are taxed at a way lower percentage
also with that kind of income it probably consist of a lot of capital gains which are taxed at a way lower percentage
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