General Discussion

goldent

(1,582 posts)

32. Another soution

Sat Apr 12, 2014, 09:37 AM

Apr 2014

would be to figure out how much more you should have paid in taxes, and donate that money to a charity of your choice. Maybe a charity related to something you think the government should be doing more about - it could be help for the homeless or very poor, medical research, education programs, etc. It's like directing where your taxes should be spent.

The thing about this is you will get a tax deduction next year on this charitable gift, and so you can give even more. This is known as "grossing up." Say you are in the 28% marginal tax rate. And say you think you should have paid $10,000 more in taxes this year. You can actually donate 10000/(1-.28) = $13889 this year which will account for the 10000 you underpaid in taxes this year, and account for the deduction you will get next year.

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Just did my taxes and I feel ashamed [View all] FreakinDJ Apr 2014 OP

The only problem I have with this is... cherokeeprogressive Apr 2014 #1

Rich Republicans blame poor people for the Country's financial woes FreakinDJ Apr 2014 #2

Sure they do. They pay the politicians to write what they want them to write. cui bono Apr 2014 #9

Well, more than half of congress *are* millionaires. progressoid Apr 2014 #14

The rich didn't write the tax code?! JaneyVee Apr 2014 #28

I feel the same... Bigmack Apr 2014 #3

If you really feel ashamed, you can make a gift to the US Treasury. Info is: kelly1mm Apr 2014 #4

be interesting to know hfojvt Apr 2014 #6

I read an article about this once. BlueCheese Apr 2014 #10

Per a 2011 SLATE article about 26 million between 1996 and 2011. Snip: kelly1mm Apr 2014 #25

the more you make, the less you pay? hfojvt Apr 2014 #5

I made just under 200K FreakinDJ Apr 2014 #15

again, though, I don't see how that is possible hfojvt Apr 2014 #20

It's possible if you're talking about FICA and/or investment income Major Nikon Apr 2014 #36

maybe there should be a march of higher income people who call for more fairness JI7 Apr 2014 #7

Well... linuxman Apr 2014 #8

that really solves nothing hfojvt Apr 2014 #11

He seems bothered by it. linuxman Apr 2014 #12

seems more bothered by the entire system hfojvt Apr 2014 #13

He can send me a check Reter Apr 2014 #30

Didn't the Bush tax cuts expire in 2012? Are you menaing the tax cuts that President Obama made kelly1mm Apr 2014 #24

only 13% of them were allowed to expire hfojvt Apr 2014 #34

So are the Bush tax cuts that President Obama made permanent now the Obama tax cuts kelly1mm Apr 2014 #38

Actually I prefer to give to Real Charities FreakinDJ Apr 2014 #16

So, you are not really ashamed that you do not pay more taxes, you are ashamed that taxes kelly1mm Apr 2014 #23

You know you can voluntarily pay more, right? nt B2G Apr 2014 #17

You should have read post #16 FreakinDJ Apr 2014 #18

Just did B2G Apr 2014 #19

Maybe you have more deductions? JustABozoOnThisBus Apr 2014 #21

We Made Less - Pay More otohara Apr 2014 #22

Why feel ashamed you did not write the tax laws in the country or maybe you did? Exposethefrauds Apr 2014 #26

50K to 85K is the highest tax bracket FreakinDJ Apr 2014 #39

Be sure to call your Congress critters! peace13 Apr 2014 #27

This message was self-deleted by its author TransitJohn Apr 2014 #29

I need your accountant. JaneyVee Apr 2014 #31

Another soution goldent Apr 2014 #32

Nothing stopping you from sending more money if you want. badtoworse Apr 2014 #33

Write a check for the difference to the treasury. lonestarnot Apr 2014 #35

I think he's better off just donating the difference Reter Apr 2014 #40

I'm proud of you treestar Apr 2014 #37

So cut the Treasury a check for what you think is your fair share... Jgarrick Apr 2014 #41