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The Don donates $12 million

infection said:
They don’t know what a write-off is.

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To piggy back off this, another pet peeve is how many people really don’t understand tax brackets and make insanely idiotic decisions based off that flawed understanding. Maybe @Handlogten's Heros can tell us some of his pet peeves so I can stop doing any of these idiotic things myself.
 
fishonjazz said:
I saw someone on facebook saying that he is only doing it for the tax write off.


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Yeah, there were several people, quite a few from Connecticut on Twitter I saw saying that “rich private school doesn’t need it”. The point they seem to be missing is the fact he’s donating it to a gym, and in the form of scholarships so that people can attend the place and get that good of an education. I saw a few with the “tax write-off” thing too lol.
 
oneye said:
Yeah, there were several people, quite a few from Connecticut on Twitter I saw saying that “rich private school doesn’t need it”. The point they seem to be missing is the fact he’s donating it to a gym, and in the form of scholarships so that people can attend the place and get that good of an education. I saw a few with the “tax write-off” thing too lol.
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Ohhh.... I bet those comments from Connecticut are going to make him reconsider the Knicks.

Looks like Donovan will be opting in.
 
infection said:
To piggy back off this, another pet peeve is how many people really don’t understand tax brackets and make insanely idiotic decisions based off that flawed understanding. Maybe @Handlogten's Heros can tell us some of his pet peeves so I can stop doing any of these idiotic things myself.
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Write offs are good but if you can keep .50 of this dollar or you can donate the whole dollar to charity you still did something charitable. So donate 12M save $6M in tax... still out 6M.

My theory on dumb people like that is they are not generous or selfless in anyway so they feel no one else is... the old if you can trust you can’t be trusted.
 
And tax brackets don’t work like some people think... some people worry that if they are pushed up to a higher tax bracket all of their income is taxed at the higher level... not how it works.
 
Handlogten's Heros said:
And tax brackets don’t work like some people think... some people worry that if they are pushed up to a higher tax bracket all of their income is taxed at the higher level... not how it works.
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“I’m gonna earn less so I’m in a lower tax bracket.”
 
infection said:
“I’m gonna earn less so I’m in a lower tax bracket.”
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I get like three or four calls a year from people on this every year.
 
Handlogten's Heros said:
And tax brackets don’t work like some people think... some people worry that if they are pushed up to a higher tax bracket all of their income is taxed at the higher level... not how it works.
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Yep.
A few years back I was worried about hitting a higher tax bracket and then I researched it.
Everyone is taxed at the same rate for the first dollar that make. Whether you make a million in the year or 1 dollar.
Same goes for every other dollar you make.

If I make 35,000 dollars and get taxed 15% on that and someone else makes 1 million dollars then they also got taxed 15% on the first 35,000 dollars that they made.

Moral of the story is that it's always good to make more money even if it puts you in a higher tax bracket.

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fishonjazz said:
Yep.
A few years back I was worried about hitting a higher tax bracket and then I researched it.
Everyone is taxed at the same rate for the first dollar that make. Whether you make a million in the year or 1 dollar.
Same goes for every other dollar you make.

If I make 35,000 dollars and get taxed 15% on that and someone else makes 1 million dollars then they also got taxed 15% on the first 35,000 dollars that they made.

Moral of the story is that it's always good to make more money even if it puts you in a higher tax bracket.

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Click to expand...

Would be cool if we taught this stuff in schools.
 
Mission Accomplished said:
What will 12 million do for a single school. Seems like 1 million to 12 schools would do more.

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I’m guessing the total will be money donated as scholarships over a number of years, and some amount of the 12 million is to build a gym. The money is going towards individuals in the form of scholarships so they can get the education this very top line school provides.
 
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