I believe, if you re-read my answer, you'll see that I deducted from the
gross figure. Deductions are from adjusted gross (lines 33, 34, of your tax
return), not Taxable Income (line 39). People often give away more than half
their money. My great-uncle who once owned a huge piece of Coca-Cola gave
95% of it to charity when he died. I haven't seen Bill Gates"s Income Tax
return, so I can't comment on what percentage he gives away, but it's a lot
of money. (Money he doesn't have to give at all, and does nothing to allay
the animosity of those who hate the wealthy). The break even point for Bill
Gates is everything over $15,200, the same as any family of 3. I don't
believe that Bill Gates will ever fall into a lower tax bracket.
Arvin Meyer
onsite_at_esinet.net
John Seitz wrote in message <3735AEC3.8826CAD2_at_pobox.com>...
>Well Mr. Account, you forgot about the tax deduction. Its not just the
govt
>taxes only what you have left, but a great deal more. You pay taxes on
what you
>earn. Say a million dollars. You pay 30% to taxes. First of all no one
would
>give 1/2 their money away. There is a point where giving the money away
and
>what you would have to give to the govt breaks even.
>
>Don't forget that when you give away money, that is deducted from your
income,
>and your tax brace may go down from 30% to 25%.
>
>
>
>Arvin Meyer wrote:
>
>> That's ridiculous. The same mentality is why you think Linux is cheaper
than
>> NT.
>>
>> If I have a million dollars and give half of it away, then pay 40% tax on
>> the other half, I then have $300K
>>
>> If I have a million dollars and give nothing away, then pay 40% tax, I
then
>> have $600K. Unless I missed something in my second grade arithmetic $600K
is
>> more than $300K.
>> -----
>> Arvin Meyer
>> onsite_at_esinet.net
>>
>> Stefan Skoglund wrote in message <3734D682.42D9AE9D_at_ebox.tninet.se>...
>> >Arvin Meyer wrote:
>> >> For an AntiChrist, Bill Gates sure gives away a lot of his own money
for
>> >> charitable purposes.
>> >>
>> >
>> >Isn't donations very much tax-deductible in the US ???
>
Received on Sun May 09 1999 - 16:25:06 CDT
