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Post by GoYotes on Oct 15, 2013 22:50:44 GMT -6
T Denny lives in SD, so no state income tax. Therefore, at most, he is saving tax at most at a approximately 40% rate. $10,000,000 donation less $4,000,000 tax savings is still a net $6,000,000 out of pocket.
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jackjd
Senior Member
Posts: 655
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Post by jackjd on Oct 18, 2013 18:38:18 GMT -6
Is there something wrong with making charitable donations and getting a deduction under the tax code?
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obc
Senior Member
Posts: 781
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Post by obc on Oct 18, 2013 18:53:51 GMT -6
Is there something wrong with making charitable donations and getting a deduction under the tax code? No and I wish more USD alumni would do just that
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Post by GoYotes on Oct 18, 2013 20:38:50 GMT -6
Is there something wrong with making charitable donations and getting a deduction under the tax code? No problem at all. I was trying to make the point that it was a very generous donation and that even with the tax savings it was still a lot of $$$$ out of T Denny's pocket.
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jackjd
Senior Member
Posts: 655
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Post by jackjd on Oct 19, 2013 7:33:46 GMT -6
Is there something wrong with making charitable donations and getting a deduction under the tax code? No problem at all. I was trying to make the point that it was a very generous donation and that even with the tax savings it was still a lot of $$$$ out of T Denny's pocket. I agree with you. My comment was made after I read the following post: "Let's be honest, T Denny makes his money in not the best of ways and these donations sounds like he wants to help, but most of them, if not all of them, are tax writeoffs for him, plain and simple.""
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