- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
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 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 2:27 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 2:45 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
Posted on 11/24/15 at 3:40 pm to CubsFanBudMan
Tree fiddy!
Posted on 11/25/15 at 12:15 am to CubsFanBudMan
most people, even with 20mm to throw around, don't earn that in one year
LINK
be careful getting your tax/investment/any advice whatsoever from a collegiate athletics message board
LINK
quote:
There are limits to how much you can deduct, but they're very high.
For most people, the limits on charitable contributions don't apply. Only if you contribute more than 20% of your adjusted gross income to charity is it necessary to be concerned about donation limits. If the contribution is made to a public charity, the deduction is limited to 50% of your contribution base. For example, if you have an adjusted gross income of $100,000, your deduction limit for that year is $50,000.
be careful getting your tax/investment/any advice whatsoever from a collegiate athletics message board
Posted on 11/25/15 at 12:44 am to CubsFanBudMan
It's payable over 8 years too so TAF will be collecting interest on the money
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News