The fallacy of the 1 mil immunity

[jackedaround]

Richt made 4 mil. He would owe over 1 mil in income taxes. All he did was get away with not paying tax for a year or paying very little tax. No BOT member is dumb enough to use that as a reason to keep him around for poor performance.

Let me just say this is not a knock against Richt. But let's call a spade a spade here.

 

[tdjones34]

amazes me people have no idea how tax write offs work

 

[Andrew]

Richt made 4 mil. He would owe over 1 mil in income taxes. All he did was get away with not paying tax for a year or paying very little tax. No BOT member is dumb enough to use that as a reason to keep him around for poor performance.

Let me just say this is not a knock against Richt. But let's call a spade a spade here.

Some rough calculations have him saving no more than 400k on his taxes from the 1m donation on a 4m salary. He still paid over 1m in taxes. (excluding any other donation.)

 

[jackedaround]

Some rough calculations have him saving no more than 400k on his taxes from the 1m donation on a 4m salary. He still paid over 1m in taxes. (excluding any other donation.)

You can deduct 50 percent of your agi and carry forward unused deductions due to limitations....