Tag Archives: charity

2021 (or is that 2020) surprises?

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We talked earlier about how the IRS was changing some tax forms.  And, if you pay attention to the nuances, you can see where the IRS is planning to clamp down on enforcement.  Today, we’ll look at the new 1040 form- the one most citizens of the USA must file.

Continue reading 2021 (or is that 2020) surprises?

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A small gift

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So, it’s almost November.   Which means we should be considering our 2020 tax positions.

Most of you know that it’s become nearly impossible to itemize deductions nowadays.  Overall, the Tax Cut and Jobs Act (effective for 2018 forward) decimated the number of folks who itemize- from 31% of all returns down to 13.7%.  But, you can see from the chart that it really has hurt those that are not the richest folks in America the most.

Continue reading A small gift

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Charity begins at home? Nope- no more.

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Are you going to be surprised that charitable donations are down this year? I’m certainly not.

Given the change to the tax code- rendering fewer people capable of itemizing deductions- this should have been the most obvious conclusion, besides the fact that the new tax code favors Republican states and the rich.

Continue reading Charity begins at home? Nope- no more.

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So, this is Christmas

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Merry Christmas.

Now that we got that out of the way (I could have wished you season’s greetings, just to piss off TheDonald, TheRyan, and MitchWhatMeWorry.   But, I’ve never done that.  Because I am wishing you greetings for your holiday.)

Continue reading So, this is Christmas

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Alms for the Poor….

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We all know that Congress uses our tax laws to effect policy.  It’s why we can deduct our mortgage interest (up to $ 1KK in mortgage principal), because Congress believes that it’s good for America when folks own their houses.  (Or, maybe Congress thinks it’s great that bankers can own our houses and make us pay at least 2X what we think we bought them to finally call that house our own.)

Continue reading Alms for the Poor….

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Point/Counterpoint

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I told you that the Tax Cut and Jobs Act (sic) was partly created (or maneuvered) as political retribution by the GOP against those states that don’t vote their way. (Here’s but one  example.)  Which was the driving force behind the plot to outlaw State and Local Tax (SALT) deductions of $ 10,001 or more.  Which would allow the U.S. Treasury collect some $ 650 billion more over the 8 years that this restriction is in effect.  (The personal tax rate changes under this Act expire in 2026.)

Continue reading Point/Counterpoint

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