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Pease Fine

Topic closed. 15 replies. Last post 5 months ago by Think.

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Think's avatar - lightbulb
Marquette, MI
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Posted: July 8, 2016, 2:38 pm - IP Logged

There have been topics on here about anonymity but I have pretty much given up on that.

I am wondering if there is any way around the Pease fine if I just want to follow the 50% rule.

I don't believe the winner should be fined for giving money to charity that is absolutely ridiculous.

There must be some way to donate to charity and avoid the fine.

"The American Voter is too Stupid..."   Jonathan Gruber Obamacare Architect

"There is no sin except stupidity" Oscar Wilde

https://books.google.com/books?id=apm21IcqhmcC&pg=PP6&lpg=PP6&dq=americans+can+tolerate+just+about+anything+except+stupidity&source=bl&ots=tq9QUeP46j&sig=qXfXEz-wh_yUQSsE8DZG0ZjABls&hl=en&sa=X&ved=0ahUKEwil8YSjmuDPAhWF7IMKHV11A0kQ6AEIUzAI#v=onepage&q=americans%20can%20tolerate%20just%20about%20anything%20except%20stupidity&f=false

    LiveInGreenBay's avatar - driver
    Green Bay
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    Posted: July 8, 2016, 2:51 pm - IP Logged

    Never heard of that.  Why would they fine a lottery winner for donating some of the money for charity?  Are they trying to recoup money lost through tax deductions?

    Never give up.  Banana

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      South Carolina
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      Posted: July 8, 2016, 3:22 pm - IP Logged

      There have been topics on here about anonymity but I have pretty much given up on that.

      I am wondering if there is any way around the Pease fine if I just want to follow the 50% rule.

      I don't believe the winner should be fined for giving money to charity that is absolutely ridiculous.

      There must be some way to donate to charity and avoid the fine.

      "I am wondering if there is any way around the Pease fine if I just want to follow the 50% rule."

       

      What is Pease fine and the 50% rule ??? [Is this word Pease misspelled perhaps ??]

        HoLeeKau's avatar - YheaShea
        Idaho
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        Posted: July 8, 2016, 3:50 pm - IP Logged
          Think's avatar - lightbulb
          Marquette, MI
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          Posted: July 8, 2016, 4:25 pm - IP Logged

          "I am wondering if there is any way around the Pease fine if I just want to follow the 50% rule."

           

          What is Pease fine and the 50% rule ??? [Is this word Pease misspelled perhaps ??]

          There are different cases for various charitable deductions with 50% of your income being the maximum you can deduct in one year.  You can still deduct the rest in following years so you have to be careful.

          example you make $50,000 in a year and you give all $50,000 to charity then you can only deduct $25,000 in the year you donated it and you have to pay taxes on the other $25,000.  You can carry over the other $25,000 in deductions in following years.

          That is the tip of the iceberg and a very simplified version of what goes on.  It's just one of the reasons you (and I) need a tax attorney if we ever win big.

          "The American Voter is too Stupid..."   Jonathan Gruber Obamacare Architect

          "There is no sin except stupidity" Oscar Wilde

          https://books.google.com/books?id=apm21IcqhmcC&pg=PP6&lpg=PP6&dq=americans+can+tolerate+just+about+anything+except+stupidity&source=bl&ots=tq9QUeP46j&sig=qXfXEz-wh_yUQSsE8DZG0ZjABls&hl=en&sa=X&ved=0ahUKEwil8YSjmuDPAhWF7IMKHV11A0kQ6AEIUzAI#v=onepage&q=americans%20can%20tolerate%20just%20about%20anything%20except%20stupidity&f=false

            Think's avatar - lightbulb
            Marquette, MI
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            Posted: July 8, 2016, 4:39 pm - IP Logged

            Never heard of that.  Why would they fine a lottery winner for donating some of the money for charity?  Are they trying to recoup money lost through tax deductions?

            It's just a way for them to make it look like they are sticking it to the big guy while they are really just trying to suck more gravy for themselves.

            Political Contributions are generally not tax deductible like charitable contributions are.

            So they figured if they fine higher income people for giving money to charity then the higher income earners would probably divert their charitable contributions towards political contributions since the political contributions aren't deductible anyway.

            The Pease fine is, in essence, just a way for the candidates and lobbyists and PACs to suck more gravy from higher income earners while screwing over the charities.

            The only reason you or I would have to worry about it is if we win big.

            It's just another reason you (or I) would need a tax attorney if we ever won big.

            Anybody who has convinced themselves that the Pease fine is not a fine is just totally "Gruber Stupid"

            "The American Voter is too Stupid..."   Jonathan Gruber Obamacare Architect

            "There is no sin except stupidity" Oscar Wilde

            https://books.google.com/books?id=apm21IcqhmcC&pg=PP6&lpg=PP6&dq=americans+can+tolerate+just+about+anything+except+stupidity&source=bl&ots=tq9QUeP46j&sig=qXfXEz-wh_yUQSsE8DZG0ZjABls&hl=en&sa=X&ved=0ahUKEwil8YSjmuDPAhWF7IMKHV11A0kQ6AEIUzAI#v=onepage&q=americans%20can%20tolerate%20just%20about%20anything%20except%20stupidity&f=false

              realtorjim's avatar - images q=tbn:ANd9GcT7U3t20NgScoPlxOqLT6TR0vQeJNBV3_tTswe1XeFDTsdw3NLZ

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              Posted: July 8, 2016, 4:49 pm - IP Logged

              "I am wondering if there is any way around the Pease fine if I just want to follow the 50% rule."

               

              What is Pease fine and the 50% rule ??? [Is this word Pease misspelled perhaps ??]

              Named after Donald Pease, a congressman from Ohio.  Some call it a fine, others a surtax, and of course there is that thing called a rule.  Call it what you will, but I for one would like to be in the room where it even matters.

                I'm feeling a jackpot win coming my way!

                Think's avatar - lightbulb
                Marquette, MI
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                Posted: July 8, 2016, 4:57 pm - IP Logged

                Named after Donald Pease, a congressman from Ohio.  Some call it a fine, others a surtax, and of course there is that thing called a rule.  Call it what you will, but I for one would like to be in the room where it even matters.

                If it looks like a fine, walks like a fine and quacks like a fine then it's a fine.

                Many people know that under Obamacare you have to pay a penalty for not having health insurance.
                What most people don't know is that it isn't called a penalty it's called a "shared responsibility payment".

                A rose by any other name......

                or if you prefer, A f*rtblossum by any other name smells just as foul!

                "The American Voter is too Stupid..."   Jonathan Gruber Obamacare Architect

                "There is no sin except stupidity" Oscar Wilde

                https://books.google.com/books?id=apm21IcqhmcC&pg=PP6&lpg=PP6&dq=americans+can+tolerate+just+about+anything+except+stupidity&source=bl&ots=tq9QUeP46j&sig=qXfXEz-wh_yUQSsE8DZG0ZjABls&hl=en&sa=X&ved=0ahUKEwil8YSjmuDPAhWF7IMKHV11A0kQ6AEIUzAI#v=onepage&q=americans%20can%20tolerate%20just%20about%20anything%20except%20stupidity&f=false

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                  Ohio
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                  Posted: July 9, 2016, 8:33 am - IP Logged

                  Can't you just drop a charity a wad of cash... I mean do it anonymously? You quickly hand it to someone in the correct department of a charity but just don't do much talking, as in say this is for such and such, have a nice day... Turn around and leave.

                    ArizonaDream's avatar - Lottery-009.jpg

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                    Posted: July 9, 2016, 8:50 am - IP Logged

                    Can't you just drop a charity a wad of cash... I mean do it anonymously? You quickly hand it to someone in the correct department of a charity but just don't do much talking, as in say this is for such and such, have a nice day... Turn around and leave.

                    That would be fun to do, but not sure I'd want to give up the tax deduction. Well, I suppose one could still claim the deduction, but risk an audit.

                      Think's avatar - lightbulb
                      Marquette, MI
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                      Posted: July 9, 2016, 10:33 am - IP Logged

                      That would be fun to do, but not sure I'd want to give up the tax deduction. Well, I suppose one could still claim the deduction, but risk an audit.

                      Over a certain amount and they want a copy of the check and a letter from the charity I believe.

                      "The American Voter is too Stupid..."   Jonathan Gruber Obamacare Architect

                      "There is no sin except stupidity" Oscar Wilde

                      https://books.google.com/books?id=apm21IcqhmcC&pg=PP6&lpg=PP6&dq=americans+can+tolerate+just+about+anything+except+stupidity&source=bl&ots=tq9QUeP46j&sig=qXfXEz-wh_yUQSsE8DZG0ZjABls&hl=en&sa=X&ved=0ahUKEwil8YSjmuDPAhWF7IMKHV11A0kQ6AEIUzAI#v=onepage&q=americans%20can%20tolerate%20just%20about%20anything%20except%20stupidity&f=false

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                        Posted: July 11, 2016, 9:33 am - IP Logged

                        If it looks like a fine, walks like a fine and quacks like a fine then it's a fine.

                        Many people know that under Obamacare you have to pay a penalty for not having health insurance.
                        What most people don't know is that it isn't called a penalty it's called a "shared responsibility payment".

                        A rose by any other name......

                        or if you prefer, A f*rtblossum by any other name smells just as foul!

                        This one doesn't look, walk, or quack like a fine. It just says that past a certain point, charitable donations are no longer tax deductible.

                          Think's avatar - lightbulb
                          Marquette, MI
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                          Posted: July 11, 2016, 3:37 pm - IP Logged

                          This one doesn't look, walk, or quack like a fine. It just says that past a certain point, charitable donations are no longer tax deductible.

                          Substance over form! Pease is a fine.

                          "The American Voter is too Stupid..."   Jonathan Gruber Obamacare Architect

                          "There is no sin except stupidity" Oscar Wilde

                          https://books.google.com/books?id=apm21IcqhmcC&pg=PP6&lpg=PP6&dq=americans+can+tolerate+just+about+anything+except+stupidity&source=bl&ots=tq9QUeP46j&sig=qXfXEz-wh_yUQSsE8DZG0ZjABls&hl=en&sa=X&ved=0ahUKEwil8YSjmuDPAhWF7IMKHV11A0kQ6AEIUzAI#v=onepage&q=americans%20can%20tolerate%20just%20about%20anything%20except%20stupidity&f=false

                            Think's avatar - lightbulb
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                            Posted: July 11, 2016, 3:42 pm - IP Logged

                            This one doesn't look, walk, or quack like a fine. It just says that past a certain point, charitable donations are no longer tax deductible.

                            If you go 30 MPH in a 25 MPH zone you get a ticket which is supposed to modify your behavior so you don't go over 25 MPH.

                            If you make over a certain amount of money and donate to charity you get fined so as to discourage you from giving money to charities.

                            "The American Voter is too Stupid..."   Jonathan Gruber Obamacare Architect

                            "There is no sin except stupidity" Oscar Wilde

                            https://books.google.com/books?id=apm21IcqhmcC&pg=PP6&lpg=PP6&dq=americans+can+tolerate+just+about+anything+except+stupidity&source=bl&ots=tq9QUeP46j&sig=qXfXEz-wh_yUQSsE8DZG0ZjABls&hl=en&sa=X&ved=0ahUKEwil8YSjmuDPAhWF7IMKHV11A0kQ6AEIUzAI#v=onepage&q=americans%20can%20tolerate%20just%20about%20anything%20except%20stupidity&f=false

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                              Posted: July 11, 2016, 4:11 pm - IP Logged

                              "In addition to a series of tax rate increases, 2013 also brought back a more subtle tax increase for high income earners:  the Pease limitation on itemized deductions. This provision, named after the late Congressman Donald Pease, reduces the value of itemized deductions for high income taxpayers. It works by reducing the value of a taxpayer’s itemized deductions by 3 percent for every dollar of taxable income above a certain threshold ($254,200 single; $305,050 married). The phase-out of the value of itemized deductions is capped at 80 percent of the total value of itemized deductions."