To: Oshkalaboomboom
The moment the contributor receives a state tax credit for his contribution, that credit amount has to be deducted from his contribution amount and then its only the NET charitable contribution that may be federally deducted. In other words, zero fed deduction under this proposed silly scheme. This has been fed tax law for longer than I can remember. All the Sacramento political hacks are doing is political posturing. They cant save their taxpayer/contributors one red cent this way and they know it.
3 posted on
01/12/2018 11:08:45 PM PST by
faithhopecharity
(“Politicians aren’t born, they’re excreted.” -Marcus Tillius Cicero (3 BCE))
To: faithhopecharity
The moment the contributor receives a state tax credit for his contribution, that credit amount has to be deducted from his contribution amount and then its only the NET charitable contribution that may be federally deducted.
Finally, a sane analysis of this idiot scheme.
4 posted on
01/12/2018 11:36:39 PM PST by
867V309
(Lock Her Up)
To: faithhopecharity; Oshkalaboomboom; 867V309
And the IRS has this neat little trick they use called "collapsing the transaction". In general they don't care about the form of the transaction (who does what with who's money). What they care about is the end result.
That approach keeps my employer from making a charitable donation to my "charity", who then donates the money to me, so that everyone gets a tax free income / deduction. I'm sure that, being politicians, they are by definition too stupid to understand that.
11 posted on
01/13/2018 6:50:38 AM PST by
Hardastarboard
(Three most annoying words on the internet - "Watch the Video")
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