HopsGuy Posted April 11, 2006 Share Posted April 11, 2006 As a practical matter, save property taxes, Gates doesn't pay ANY taxes on his net worth. No one does, really. 658936[/snapback] Just (rich) dead people. Link to comment Share on other sites More sharing options...
plenzmd1 Posted April 11, 2006 Share Posted April 11, 2006 That $540 is the net result of reducing one's taxable income by $2000. Remember that a deduction does not mean "deduct what is owed to the Gov't," (that's a tax credit) but "deduct the amount of taxable income that is used to calculate how much is owed the Gov't." Let's pretend this is the guy's only deduction (yeah, I know, he'd do better with a standard deduction, but whatever). His AGI (adjusted gross income, which is used to calculate what your tax rate is) is $50,000. That puts his tax rate at 27%. So that means his starting tax bill (how much taxes he's supposed to pay the gov't) is $13,500. From that $50,000 he can deduct certain expenses, such as charitable contributions. By contributing $2000, his taxable income gets reduced to $48,000. Multiply that $48,000 by 27% and you have a tax bill of $12,960. $13,500 - $12,960 = $540 off your taxes for donating $2000. 658795[/snapback] Just as a heads up, I am doing my taxes now and you get a 100% deduction for chartible contibutions made after the date of Katrina. Not saying something I would do, but ya just may want to date all your contributions after Sept 15th or so. This according to turbo tax, so double check Link to comment Share on other sites More sharing options...
NavyBillsFan Posted April 11, 2006 Author Share Posted April 11, 2006 Ah, so Tom should meet you in person before he makes judgements but it's OK to start a thread bitching about what Bill Gates should do with HIS money and how he's not a saint because he still works and makes even more money everyday. Got it. Now, please feel free to espouse some gem about my post total. 658832[/snapback] Ah... Where in the thread have I bitched about what Bill Gates has done with his money. The topic reads "how much money does one man need?" and used Mr Bill as a example. My point is greed.... As for Tom, he cant meet me since he does not go to public gatherings with everyone... Hmmmmm As far as Alaska, you were right, the trout fishing is the best on the planet and never seen a bear in the wild! I get to go back next week... Fishing anyone? Link to comment Share on other sites More sharing options...
Crap Throwing Monkey Posted April 11, 2006 Share Posted April 11, 2006 As for Tom, he cant meet me since he does not go to public gatherings with everyone... Hmmmmm 659219[/snapback] Does anyone know what this nitwit is trying to accomplish by pointing out that I don't hang out with him? News flash, Little Hulkster: there's a reason you haven't met me. It has far more to do with your lachrymonious prepubescent wrestling angst than it does anything about me. Link to comment Share on other sites More sharing options...
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