Skip to comments.Going Galt: Give Until it Hurts ... Obama
Posted on 05/27/2009 2:44:09 PM PDT by drangundsturm
This idea that we'll all just grin and bear it has to be proven dead wrong, this year. But what can we do? With only 2% of the population, we can hardly hold big rallies. Even if we did, a march involving $250k+ earners protesting high taxes would only feed into their "greedy bastards who don't want to pay their fair share" rhetoric.
So what can we do?
Stop paying taxes over $250,000 income.
WAIT, I AM NOT A NUT!
No, no, stick with me on this. I'm not one of those loony people who argue income taxes are unconstitutional.
How can we stop paying taxes on our earnings above $250k, without losing any moral ground whatsoever?
2009: The Year of the Private Foundation
The solution: 2009 is the year you open your Private Foundation or set up a Donner Advised Fund. You donate enough money in 2009 to offset all taxes over $250,000 of your income. This will work up to $500,000 of income since you are limited to 50% of your income for donations, but even above that level you will dramatically shrink the amount of money the administration collects in taxes.
Or if your current obligations won't allow that level of generosity, consider just donating just enough to offset the extra 6% or so tax increase on the amount over $250k. That's a much smaller number but still deprives Obama of any benefit of raising taxes. If you earn $500k, then the donation to offset the extra Obama taxes would come to about $40,000.
Your charity gets a nice donation, Obama does not get any more from you than he would have had he not raised taxes.
(Excerpt) Read more at twitsdale.livejournal.com ...
This is assuming Obama would allow charitable donations to be deductible.
One could call this the “Rahmbo Charitable Tax Dodge”
Probably any good tax lawyer could advise of how to set up the same arrangement as Rahm Emmanuel and his wife. Like them, even claim your family home (and deduct all expenses) as the headquarters of your private nonprofit charitable foundation. And hire the wife and kids as employees.
Soon followed by your 46% Donner Advised Fund Tax imposed by Bambi after just two of us did it...
The bar on hiring family members and deducting your own home is extremely high for private foundations under the "self-dealing" rules. But I guess not so high as can't be overcome by being buddies with obama.
He offers a good idea, but for God's sake: can't he even get the name right?
There are several funds available. I funnel all my charitable donations through my account, because it allows me to remain anonymous.
Someday I hope to have such problems. LOL
As a dedicated freeper, I am willing to offer my services to anyone who wants to make a charitable donation. I am in need of funds, and will be happy to be a receipient of any and all such donations! Not kidding.
I like the idea. What I think is a good approach is to emulate the tax exempt profile of organizations the left want to protect, like ACORN. That way they can’t come after you without putting their own organizations at risk. I think we should start FREECORN, The Free Republic Endeavor to Encourage Community Organization in our Region and Nation.
I say if Rahm and Amy can do it, a lawyer should be able to set it up for anyone. And yes, they claim their house as the headquarters for their private foundation which eliminates their property tax bill (they pay taxes only on an empty unbuildable lot next to their house) .
They “donate” money to the jewish temple where their kids go to private school- thus tuition becomes a deduction! Brilliant eh? Plus they donate to another tax exempt artsy fartsy group where she just happens to be on the board, drawing a fee or at least deducting all her expenses?
John Edwards also has a big tax dodge set up to sheletr his income
$250K is for a couple
Queers are only 2 percent of the population and they can drive a national perverse agenda.
But then again, their friends in the media see that their cause is favorably marketed. Decent, productive people are invisible.
“...loony people who argue income taxes are unconstitutional.”
At the risk of sounding “looney”, there are definitely legal holes and constitutional problems to be found in regard to this matter.
You don’t have to be “looney” to see this fact.
Would the framers have supported an income tax?
Blind disobedience might be “looney”.
I promise to send pictures and letters weekly [when I get sober on Sunday when the 'club' is closed]. Hell, I'll even throw in a coupla pictures or three of some of the local 'club' missionaries.'
Remember now, single ones!
Where is John Galt when we need him?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.