It’s even worse than it seems.
They gave $1 million.
They are in the 34% tax bracket.
Which means that they also got a $340,000 tax deduction.
So the “give” a million get 90% of that back into their family scam, then get another $340000 back in tax deduction.
$1.1 million out, $1.34 million back.
And you suckers pay your taxes!
Actually, it’s worse than that.
$1,042,000 out x 34 percent tax bracket (I’m guessing you’re correct there) = $354,280 tax credit
Plus 1 million to their own foundation
PLUS 700,000 back from the golf charity
$2,054,280 what with tax deductions and 1.7 million to their own “charity”.