I will have to check with my CPA wife but that just does not sound right. In order to take that deduction and write off the $1.4 million donation he would first need to claim it as income, so it would be a wash in the end. I hate it when talking heads start throwing around half truths and misconceptions.
Sorry I haven't posted to this thread for a bit... I'm still looking for a place that will sell me an Umlaut! Matt
This was so good. And the finger movements? So right on. And with a straight face as well, he's as good as the original. Only thing is, the original's not funny. He's scary.
Just in!!! Obama awarded the Heisman Trophy, said he watched a college football game yesterday!!:cornut:
I think the point is that while he can't profit while in office, simply donating the money still gives him a tax write-off that is still a benefit in a less direct way. Yes he'd have to claim it as income first (same as winning the lottery) but by giving it away he still gets a monetary gain come April 15th.
Checked with the wife. Legalities aside, there is no monetary gain to be had if he donates the entire sum. Think of it this way: Obama made X amount. So he would normally get taxed on X. In this scenario he made X+1.4 million. He donated 1.4 million. Since charitable contributions get deducted from the gross income before taxes he has now made X+1.4-1.4, which brings him back down to X.
Yeah, I see what you mean now. I somehow had it in my head that you can get a tax break in excess of what one would pay, not thinking that it all washes out at the end.
Well deserved to OUR President like it or not, he got it. Although, some here wish that Bush got it....I don't think so. All he deserves is is a trip to fricken hell.
Sorry. No opinions are allowed by inmates of correctional facilities. We'll transfer you to Gitmo if you keep that up. Oh wait - we're closing Gitmo. Oh wait, no we're not. Oh wait - but, but, but
I'd vote for the lady who smuggled 2,500 kids out of the Polish ghetto before the Nazis could gas them. Then spent the years after the war reuniting families. But she lost to Al Gore, not Obama.
You mean you don't think the documentary Al Gore did, did more for peace than that sweet little old lady saving a few people from the Nazis did?
One earth is worth way more than a few people. Or even a few million. Or a few billion. We're saving the PLANET here. That's worth any cost, right?