Re: You're rich, now what?
 

"Burn me once, shame on you, burn me twice, shame on me"

Re: You're rich, now what?
 

[QUOTE=]Anyway, giving your time and money is a very admirable thing to do. I just hope that whoever is the recipient truly appreciates it. ...[/QUOTE]


Well, mainly it's the hookers on Hollywood and Vine, but if I'm particularly flush one week I'll pick up the local Yellow Pages and spring for an escort. They always seem to be appreciative. Oh, and strippers.

Re: You're rich, now what?
 

[QUOTE=BDBohnzie]do the wealthy have a moral obligation to be philanthropic? sure...just as the rest of us do. whether it's spare change in the collection basket each Sunday, or a $100,000 check to Jerry's Kids, or volunteering to coach a youth league, i believe we all have a moral obligation to provide what we can to those who need it.

some can provide more (time and/or money) than others...but i feel that we are still obliged to provide what we can, when we can do so.[/QUOTE]

Great way to put it, everyone should feel obligated to lend a helping hand whenever possible.

Re: You're rich, now what?
 

[QUOTE=Mattyk72]Great way to put it, everyone should feel obligated to lend a helping hand whenever possible.[/QUOTE]

I can't agree here. If you feel obligated, that means you feel it's your personal responsibility to help, which goes against the very definition of the words generosity and philanthropy.

If someone gives of themselves, I look at them with admiration. I don't view them as someone simply doing their job. After all, fulfilling an obligation is the same thing as doing your job.

Re: You're rich, now what?
 

Of course it's a tax shelter. When you donate money to your community you are in a sense, paying taxes.

Re: You're rich, now what?
 

If your name isn't Ramseyfan and you're wealthy, you MUST give money to others (principally people named Ramseyfan). If your name is Ramseyfan and you're wealthy, you don't have to give money to others, but if you do, others must erect statutes to hail your majesty.

Re: You're rich, now what?
 

The rich give to charity and get it back when taxes are filed. So it is a tax shelter for them.

Re: You're rich, now what?
 

[QUOTE=John Hasbrouck]The rich give to charity and get it back when taxes are filed. So it is a tax shelter for them.[/QUOTE]

In point of fact, that's not entirely true. Tax deductions for contributions aren't even close to 100%; they only get back (by virtue of the tax deducation) a portion of the money they give.

Plus, not to be incredibly obonoxious, but a tax shelter is a place where you can put money to avoid taxation. It doesn't shelter money to give it away - even if you get a portion of it back.

Re: You're rich, now what?
 

[QUOTE=RedskinRat]Well, mainly it's the hookers on Hollywood and Vine, but if I'm particularly flush one week I'll pick up the local Yellow Pages and spring for an escort. They always seem to be appreciative. Oh, and strippers.[/QUOTE]

:lol:

Re: You're rich, now what?
 

As corny as it sounds, we all have a part in doing what we can to help out. Some do community service. For some their job is a service to the community. Others donate food or money when they can. There are also many other ways to help out and while I don't think helping out or not helping out determines whether someone is a good person or not, being a good samaritan is never a bad thing to be. Personally I do what I can when I can, and I don't think twice about. And I agree with others in that being pressured into a charitable deed negates the purpose.

Re: You're rich, now what?
 

they get back 75-80% of instead of paying 45% tax then it is a image tax shelter-still a tax shelter

Re: You're rich, now what?
 

[QUOTE=John Hasbrouck]they get back 75-80% of instead of paying 45% tax then it is a image tax shelter-still a tax shelter[/QUOTE]

I'm not trying be obnoxious, but I don't think the above statement is accurate.

Let's say I have $10,000,000 of taxable money and I'd normally have to pay $3,000,000 for Federal income tax - so I'm left with $7,000,0000. I opt to give $500,000 to charity - leaving me with $6,500,000. I get back $400,000 (which is a very high estimate since you don't get back 80%). So, I'm left with $6,900,000. Even if you assumed I get back 80% of what you donate, I'm still out $100,000.

So I don't see how it's any kind of tax shelter, or cheating the system in the name of altruism, to give the money if I'm still out $100,000 more than I would have been without the contribution.

The only way it would be a tax shelter is if I got a tax deducation [I]in excess [/I] of 100% of the amount I contributed.

Re: You're rich, now what?
 

Ramseyfan it is WAY better than paying the FULL tax on it-tax shelter no matter how you want to state it