jca@abnji.UUCP (james armstrong) (01/25/85)
>> >Dummy, the inauguration is paid for out of private funds and donations. >> >It does not come out of the taxpayers pocket. Cool down. >> >T. C. Wheeler >> So that those people who can afford it get yet another "charitable" deduction >> on their taxes. >> If you remember, in 1981, RR said that he would "save" the gov't the money >> offered to redecorate the WH by doing it through "charitable" contributions. >> In the end, those contributions cost the gov't about 4X the offered money >> in lost tax revenue. > > Are you serious? 4X? Even if they were in a 50% tax bracket, donating >X dollars would result in a .5*X decrease in their taxes. Are there some >really creative methods of filling out a 1040 that I haven't heard of, or is >is James Armstrong (the guy who claimed 4X) talking through his hat? > In the worst case, (50% tax) donating X dollars costs you only 1/2 X $. >I really don't see how it could cost you -4 X $. >-- >Jeff Sonntag >ihnp4!mhuxt!js2j > "I couldn't do THAT. They'd kick me right out of Cowards Anonymous." > -- Dangermouse's faithful assistant, Penfold. No, I (James Armstrong) am not. The contributors donated over 8 times as much as Congress offered. That is a net cost in lost revenue of 4X.