Author Topic: House tax bill would cut deductions for athletic donations  (Read 694 times)

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Run49er

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Niner National

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Reply #1 on: November 16, 2017, 08:03:03 pm
I don't really have a problem with this. There are plenty of other things to hate about it though.


Dowless

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Reply #2 on: November 16, 2017, 08:09:29 pm
"We need to put speed bumps up now to slow this thing down, because I don't think the politicians have any idea how much this will pull apart our system."

Do they even care?  I don't.  This tax deal sucks for me and for those who know how to make the current tax code work to our advantage.


ghostofclt

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Reply #3 on: November 17, 2017, 06:10:21 am
clt says ninja Judy is always one step ahead. Let our contributions bottom out, right before the tax write off is eliminated.



bleedsgreenandgold

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Reply #4 on: November 17, 2017, 08:29:57 am
Judy is just sitting there laughing...doesn't affect you that much when you have student fees to rely on.


JaMiNNiNeR

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Reply #5 on: November 17, 2017, 09:03:34 am
How many on this board contribute enough now that it makes meaningful deduction? Iíve heard several on this board boasting they donít contribute at all. 


ghostofclt

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Reply #6 on: November 17, 2017, 09:17:01 am
clt gives money to the school, but clt doesn't pay taxes. win, win.


MEGRNiner

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Reply #7 on: November 17, 2017, 11:53:20 am
How many on this board contribute enough now that it makes meaningful deduction? Iíve heard several on this board boasting they donít contribute at all.


I've donated for nearly 30 years. If the tax laws change such that I can no longer deduct my contribution from my AGI, then we better start winning or else I'll find somewhere else to spend my discretionary dollars. 


NLP

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Reply #8 on: November 17, 2017, 12:01:32 pm
How many on this board contribute enough now that it makes meaningful deduction? Iíve heard several on this board boasting they donít contribute at all.

If the tax laws change such that I can no longer deduct my contribution from my AGI, then we better start winning or else I'll find somewhere else to spend my discretionary dollars.


Ben H

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Reply #9 on: November 17, 2017, 12:06:13 pm
Someone correct me if I'm wrong, but if this tax law passes then it would decrease the incentive to itemize your tax deductions to beg with. I think most people would go with just the standard offered deduction.

Not saying that this is good or bad, but I think the idea of this bill is to make it as simple as possible to file taxes and part of that is reducing incentive to itemize.
« Last Edit: November 17, 2017, 12:09:16 pm by Ben H »


NLP

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Reply #10 on: November 17, 2017, 12:08:57 pm
Someone correct me if I'm wrong, but if this tax law passes then it would decrease the incentive to itemize your tax deductions to beg with. I think most people would go with just the standard offered deduction.

Not saying that this is good or bad.


Oh it's bad if your itemized deductions are greater than the standard deduction. That's math though and probably off-topic for a science-adverse nation. 


VA49er

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Reply #11 on: November 17, 2017, 01:27:35 pm
Someone correct me if I'm wrong, but if this tax law passes then it would decrease the incentive to itemize your tax deductions to beg with. I think most people would go with just the standard offered deduction.

Not saying that this is good or bad.


Oh it's bad if your itemized deductions are greater than the standard deduction. That's math though and probably off-topic for a science-adverse nation.


I agree; however, I've run the numbers and given low interest rates it's kind of hard to get over the standard deduction now if one's largest deduction is the home interest deduction.  If this thing passes, I'd more than likely go the standard deduction.   


sportsman1417

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Reply #12 on: November 17, 2017, 01:44:26 pm
If you are what I will call "upper" middle class and have bought a house of 350K, you will likely pay more in SALT and interest. Family that makes 150K will likely have around 11K in SALT. Early on in your 275K mortgage/30 year mortgage will have 12-13K in interest. That is the new deduction right there before medical expense if you have any and donations.


 

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