mixduptransistor
Hall of Famer
Posts: 10,984
Joined: Dec 2006
Reputation: 79
I Root For: UAB
Location: Atlanta
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RE: New tax bill will impact the sports world starting w/millions in college costs
(12-22-2017 09:03 PM)ICB Wrote: (12-22-2017 08:04 PM)mixduptransistor Wrote: (12-22-2017 10:03 AM)imjustafatkid Wrote: Failing to repeal the estate tax is truly criminal though. I'd vote straight Democrat for decades if they'd eliminate that theft from our tax code.
F-35s and cruise missiles don't pay for themselves
At any rate, what does any of this have to do with the price of tea in China?
Back to the impact on UAB, for lower income donors, it may not make financial sense to make charitable donations and itemize with the change in the standard deduction. I'm not necessarily passing judgement on this particular aspect of the tax bill (I've got plenty of problems with the rest of it) but that is something that may cause people to stop making good on their pledges
I didn’t think pledges were part are the change. I thought it was donations that went toward the right to buy priority seating tickets.
There's two different changes. One is the ability to deduct license fees or otherwise any 'donation' that comes with a benefit (IE: if you get the ability to buy a season ticket from your donation, that donation isn't deductible. Also, the season tickets themselves are not deductible)
The other is the fact that the standard deduction has been doubled. That means if you were making donations and those donations pushed your itemized deductions above the standard deduction, but not *twice* over the standard deduction, it no longer makes sense to itemize and claim those contributions.
That particular issue won't affect very large donors with high incomes and high deductions, but if you were right on the edge and specifically taking advantage of that to deduct donations, that might incentivize you to not make the donation and simply take the new, doubled standard deduction
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12-23-2017 09:29 AM |
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hooverblazer
Promoter of UAB
Posts: 13,794
Joined: Dec 2006
Reputation: 101
I Root For: UAB
Location:
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RE: New tax bill will impact the sports world starting w/millions in college costs
(12-23-2017 09:29 AM)mixduptransistor Wrote: (12-22-2017 09:03 PM)ICB Wrote: (12-22-2017 08:04 PM)mixduptransistor Wrote: (12-22-2017 10:03 AM)imjustafatkid Wrote: Failing to repeal the estate tax is truly criminal though. I'd vote straight Democrat for decades if they'd eliminate that theft from our tax code.
F-35s and cruise missiles don't pay for themselves
At any rate, what does any of this have to do with the price of tea in China?
Back to the impact on UAB, for lower income donors, it may not make financial sense to make charitable donations and itemize with the change in the standard deduction. I'm not necessarily passing judgement on this particular aspect of the tax bill (I've got plenty of problems with the rest of it) but that is something that may cause people to stop making good on their pledges
I didn’t think pledges were part are the change. I thought it was donations that went toward the right to buy priority seating tickets.
There's two different changes. One is the ability to deduct license fees or otherwise any 'donation' that comes with a benefit (IE: if you get the ability to buy a season ticket from your donation, that donation isn't deductible. Also, the season tickets themselves are not deductible)
The other is the fact that the standard deduction has been doubled. That means if you were making donations and those donations pushed your itemized deductions above the standard deduction, but not *twice* over the standard deduction, it no longer makes sense to itemize and claim those contributions.
That particular issue won't affect very large donors with high incomes and high deductions, but if you were right on the edge and specifically taking advantage of that to deduct donations, that might incentivize you to not make the donation and simply take the new, doubled standard deduction
Maybe so, but true fans are going to donate/buy tickets no matter what. The tax effect of my donations to UAB has never even crossed my mind or been a motivating factor.
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12-23-2017 01:47 PM |
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Cbass33
Water Engineer
Posts: 99
Joined: Nov 2013
Reputation: 0
I Root For: Uab
Location:
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RE: New tax bill will impact the sports world starting w/millions in college costs
(12-23-2017 01:47 PM)hooverblazer Wrote: (12-23-2017 09:29 AM)mixduptransistor Wrote: (12-22-2017 09:03 PM)ICB Wrote: (12-22-2017 08:04 PM)mixduptransistor Wrote: (12-22-2017 10:03 AM)imjustafatkid Wrote: Failing to repeal the estate tax is truly criminal though. I'd vote straight Democrat for decades if they'd eliminate that theft from our tax code.
F-35s and cruise missiles don't pay for themselves
At any rate, what does any of this have to do with the price of tea in China?
Back to the impact on UAB, for lower income donors, it may not make financial sense to make charitable donations and itemize with the change in the standard deduction. I'm not necessarily passing judgement on this particular aspect of the tax bill (I've got plenty of problems with the rest of it) but that is something that may cause people to stop making good on their pledges
I didn’t think pledges were part are the change. I thought it was donations that went toward the right to buy priority seating tickets.
There's two different changes. One is the ability to deduct license fees or otherwise any 'donation' that comes with a benefit (IE: if you get the ability to buy a season ticket from your donation, that donation isn't deductible. Also, the season tickets themselves are not deductible)
The other is the fact that the standard deduction has been doubled. That means if you were making donations and those donations pushed your itemized deductions above the standard deduction, but not *twice* over the standard deduction, it no longer makes sense to itemize and claim those contributions.
That particular issue won't affect very large donors with high incomes and high deductions, but if you were right on the edge and specifically taking advantage of that to deduct donations, that might incentivize you to not make the donation and simply take the new, doubled standard deduction
Maybe so, but true fans are going to donate/buy tickets no matter what. The tax effect of my donations to UAB has never even crossed my mind or been a motivating factor.
I second that.
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12-24-2017 07:36 AM |
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