Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
Guisslapp
What is the dead person thinking they will get back when factoring in the estate tax implications of their gift?
Wow! Talk about a socialist talking point.
Most any live person wants to leave their already taxed "stuff" to loved ones or a charity of their choice, NOT the federal government. Most any live person will do that even if they don't receive favorable tax treatment for doing it.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
PawDawg
Wow! Talk about a socialist talking point.
Most any live person wants to leave their already taxed "stuff" to loved ones or a charity of their choice, NOT the federal government. Most any live person will do that even if they don't receive favorable tax treatment for doing it.
Exactly. So if given the choice to leave little Billy $50k and the government $50k OR leave your favorite charity $100k, some will choose to leave more where less money will be taken by the government. How that is a “gift of greed” is what confuses me.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
Guisslapp
Exactly. So if given the choice to leave little Billy $50k and the government $50k OR leave your favorite charity $100k, some will choose to leave more where less money will be taken by the government. How that is a “gift of greed” is what confuses me.
You insinuate benefactors will not give (as much) because they don't get the same tax breaks.
I don't agree.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
PawDawg
You insinuate benefactors will not give (as much) because they don't get the same tax breaks.
I don't agree.
I don’t believe you don’t believe this will effect the amount some benefactors give. You are smarter than that.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
Guisslapp
I don’t believe you don’t believe this will effect the amount some benefactors give. You are smarter than that.
Well I did point out that I know an lsu fan who has said he will cut his season ticket purchases in half because he won't receive the 80% tax write off. I'm not sure that is what we are talking about here. I'm talking more about benefactors leaving estate assets along with true charities. I don't see lsu's TAF as a charity and I don't believe it will hurt LaTech's gift receipts.
Re: Tax Bill Bringing Big Changes to College Athletics
Admittedly, I'm not a huge giver to charities. I (we, my wife and I) give more in terms of actual dollars than most. In fact based on some stats I saw on a financial page I read, we are in the top 10% of Americans. I don't give much to the big "name brands" like United Way, etc because such a small % of donations actually make it to the people who need it. Instead, we give mostly to local organizations and directly to people we know. A lot of what we give is not tax-deductible since it's considered a gift under tax law.
As for how we, as Americans, pay taxes, I advocate for an invoice system. Every taxpayer should get an itemized monthly bill, listing where and how much of that check you write goes. Such as Foodstamps....$XX.XX, etc..
The ONLY automatics for we taxpayers are things such as National Defense. The Constitution charges the Federal Government with the responsibility to provide for the common defense of the people and the nation. ALL of us benefit from it, so ALL of us should pay for it. But most of that other crap, like Medicaid, federal education (is supposed to be left to the states) are not mandated by the Constitution, and therefore subject to the generosity of taxpayers.
I know the libtards would have a much tougher time convincing taxpayers their stupid programs are important if we got a monthly, itemized bill.
Re: Tax Bill Bringing Big Changes to College Athletics
Even if the amount doesn’t change (which I wouldn’t put money on), the methods certainly will change.
If our people are worth their salt, they need to be the first conversation for folks that fall in that particular asset level.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
PawDawg
Well I did point out that I know an lsu fan who has said he will cut his season ticket purchases in half because he won't receive the 80% tax write off. I'm not sure that is what we are talking about here. I'm talking more about benefactors leaving estate assets along with true charities. I don't see lsu's TAF as a charity and I don't believe it will hurt LaTech's gift receipts.
I don’t believe you don’t believe that. It will hurt all charities, meaning that charities (that have more than a few benefactors with enough assets to be impacted) will get less than they would have gotten without an increase in estate tax exemption.
With a small enough number of benefactors impacted by the increase in the exception, the law of averages may allow you to go by unscathed...or you could get crushed if your 1 or 2 benefactors would make different choices with their estate if it were not cheaper to give to charity.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
dawg80
Admittedly, I'm not a huge giver to charities. I (we, my wife and I) give more in terms of actual dollars than most. In fact based on some stats I saw on a financial page I read, we are in the top 10% of Americans. I don't give much to the big "name brands" like United Way, etc because such a small % of donations actually make it to the people who need it. Instead, we give mostly to local organizations and directly to people we know. A lot of what we give is not tax-deductible since it's considered a gift under tax law.
As for how we, as Americans, pay taxes, I advocate for an invoice system. Every taxpayer should get an itemized monthly bill, listing where and how much of that check you write goes. Such as Foodstamps....$XX.XX, etc..
The ONLY automatics for we taxpayers are things such as National Defense. The Constitution charges the Federal Government with the responsibility to provide for the common defense of the people and the nation. ALL of us benefit from it, so ALL of us should pay for it. But most of that other crap, like Medicaid, federal education (is supposed to be left to the states) are not mandated by the Constitution, and therefore subject to the generosity of taxpayers.
I know the libtards would have a much tougher time convincing taxpayers their stupid programs are important if we got a monthly, itemized bill.
Many years ago, I proposed an “a la carte” government in the Pawlitics forum.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
Guisslapp
Many years ago, I proposed an “a la carte” government in the Pawlitics forum.
Where we get to pick and choose where our tax dollars go? That would be very interesting. People would "vote" with their taxes.
But again, the only thing, or one of a few things, that would not be included is National Defense. That has to be mandatory. The Constitution is very clear on that, and from an economic perspective, it is impossible to fund defense with a voluntary payment program. Same reasoning why you can't privatize National Defense. Imagine if one had to purchase "defense" like you do insurance or via a subscription for services (cable TV). It is impossible to protect one person/family from nuclear attack, and not also their non-paying next door neighbors.
But I like your concept. Kind of a cafeteria plan.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
dawg80
Where we get to pick and choose where our tax dollars go? That would be very interesting. People would "vote" with their taxes.
But again, the only thing, or one of a few things, that would not be included is National Defense. That has to be mandatory. The Constitution is very clear on that, and from an economic perspective, it is impossible to fund defense with a voluntary payment program. Same reasoning why you can't privatize National Defense. Imagine if one had to purchase "defense" like you do insurance or via a subscription for services (cable TV). It is impossible to protect one person/family from nuclear attack, and not also their non-paying next door neighbors.
But I like your concept. Kind of a cafeteria plan.
Yes, and I theorized a flat rate based on income for defense was a reasonable way to do it - even though a property tax on assets would be another way. The more you have the more you have to be defended.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
Guisslapp
. Estate tax deductions have been a moving target for 100 years— during Bush it changed practically every year for 10 years - disappeared for 1 year and came back the following year- point is : anyone making predictions for the long run are guessing—. I am concerned that charities will have dip if deduction are reduced or eliminated ..
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
Dogsince65
. Estate tax deductions have been a moving target for 100 years— during Bush it changed practically every year for 10 years - disappeared for 1 year and came back the following year- point is : anyone making predictions for the long run are guessing—. I am concerned that charities will have dip if deduction are reduced or eliminated ..
Essentially they are by increasing the exemption. People won’t be taking the deduction.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
Guisslapp
Do you wish this to happen? Most don't give just for the tax exemption.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
TYLERTECHSAS
Do you wish this to happen? Most don't give just for the tax exemption.
No one said they did.