You mean hes reallocating 36M of his taxes usually paid, as write offs to the Houston Relief
Michael Dell Pledges $36M in Harvey Relief
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Re: Michael Dell Pledges $36M in Harvey Relief
#12You mean hes reallocating 36M of his taxes usually paid, as write offs to the Houston Relief
Yes, find some way to take something good that someone has done and make it look bad.
Re: Michael Dell Pledges $36M in Harvey Relief
#13This is great news, but a nitpick, it isn't Michael Dell pledging, but his foundation. Michael Dell, the billionaire Texan who founded Dell Technologies, has pledged $36 million of his foundation’s money to help disaster relief efforts in the wake of Hurricane Harvey. The gift from the Michael and Susan Dell Foundation is the largest donation to date aimed at recovery efforts.
Seems that's also what Trump is doing, he's using foundation money, not his own personal money.
Where do you think the foundation gets its money?
http://philanthropynewsdigest.org/news/michael-and-susan-del...
Re: Michael Dell Pledges $36M in Harvey Relief
#14You mean hes reallocating 36M of his taxes usually paid, as write offs to the Houston Relief
Also, this is not how tax deductions work.
Re: Michael Dell Pledges $36M in Harvey Relief
#15You mean hes reallocating 36M of his taxes usually paid, as write offs to the Houston Relief
> You mean hes reallocating 36M of his taxes usually paid
It sounds like you've never made a charitable donation under the American tax code. A dollar donated isn't a dollar saved. A dollar donated is (1-marginal tax rate) dollars saved.
Re: Michael Dell Pledges $36M in Harvey Relief
#16You mean hes reallocating 36M of his taxes usually paid, as write offs to the Houston Relief
He's reallocating 39.6 percent of 36mm to Harvey victims instead of his taxes. If you're going to be a clown at least get it right.
Re: Michael Dell Pledges $36M in Harvey Relief
#17You mean hes reallocating 36M of his taxes usually paid, as write offs to the Houston Relief
No, that is not how taxes work. You do not get to deduct a dollar from your tax obligation for every dollar you donate.
You only deduct the percentage dictated by your tax bracket. So assuming he's in the 39.6% tax bracket his tax obligation is reduced by 39.6 cents for every dollar he donates.
This is an oversimplification, there's a bit more to it than that, but you get the point. Maybe.
Re: Michael Dell Pledges $36M in Harvey Relief
#18Earlier quoted context omitted.
Seems that's also what Trump is doing, he's using foundation money, not his own personal money.
Where do you think the foundation gets its money? http://philanthropynewsdigest.org/news/michael-and-susan-del...
But Trump allegedly doesn't donate to his own foundation unlike the Dell's or the Gate's foundations.
Re: Michael Dell Pledges $36M in Harvey Relief
#19You mean hes reallocating 36M of his taxes usually paid, as write offs to the Houston Relief
He's reallocating 39.6 percent of 36mm to Harvey victims instead of his taxes. If you're going to be a clown at least get it right.
In addition to this, how much you can deduct is limited in multiple capacities, so he may not even be able to deduct the full amount.
https://www.irs.gov/charities-non-profits/charitable-organiz...
Re: Michael Dell Pledges $36M in Harvey Relief
#20Thanks, Michael!
Paging Mark Cuban.....