The new tax law is sure to have a major impact on colleges that tie donations to season ticket sales. These will no longer be deductible. So for those of you who get seats to which a donation is tied, you will be affected by this. This could have a big effect on me. But, I most likely will no longer get football season tickets anyway. Should that be the case, I will just re-channel my donation so it is not tied to a seat selection. You can do this by donating directly to a sport, as an example.
How do you see this impacting season ticket sales? How will it affect you personally? This is not a good thing for the HAF.
All so the .01 % can get 80% of the tax cut. Gotta take care of the billionaires
(01-04-2018 03:22 PM)cagy cager Wrote: [ -> ]All so the .01 % can get 80% of the tax cut. Gotta take care of the billionaires
Some pretty inane logic there. You really think this helps Billionaires and sticks it to the common folks? Your biggest donors are in the top bracket, so it would impact them.
All they have to do is point out how much your total donation with the extras was last year and then "request" that you try and match it with out seat license costs etc. You can then deduct the entire amount as a donation. You can leave seat prices the same. Most people will donate the same amount once they are rationally told how the new system will work. Done properly (a big if when NIU is concerned) and there should be low impact.
(01-04-2018 03:32 PM)HuskieJ Wrote: [ -> ] (01-04-2018 03:22 PM)cagy cager Wrote: [ -> ]All so the .01 % can get 80% of the tax cut. Gotta take care of the billionaires
Some pretty inane logic there. You really think this helps Billionaires and sticks it to the common folks? Your biggest donors are in the top bracket, so it would impact them.
All they have to do is point out how much your total donation with the extras was last year and then "request" that you try and match it with out seat license costs etc. You can then deduct the entire amount as a donation. You can leave seat prices the same. Most people will donate the same amount once they are rationally told how the new system will work. Done properly (a big if when NIU is concerned) and there should be low impact.
But if your seat is taken away if you don't donate a certain amount (or what you donated last year), then your donation is tied to your seat and is a
quid pro quo. It'll be interesting to see how this works out. I'm sure the tax attorneys and accountants have been hard at work on this.
huskie asks "You really think this helps Billionaires and sticks it to the common folks?" The answer is a resounding YES. In Illinois, the top 1% make just over $400,000. A tax increase for middle class is set to kick in in 3 years while the huge cuts for multimillionaires continue throughout the life of the new tax plan. Carried interest, a loophole for real estate moguls like trump, was supposed to be cut out but was included and will result in billions for the billionaire class.
“In 2018, the framework would cut taxes for moderate-income households by an average of $660, or 1.2 percent of their after-tax income,” Howard Gleckman, a senior fellow with TPC, wrote on the center’s website. “But not everyone would win. In 2018, about one in seven middle income households would pay an average of $1,000 more in taxes under this plan. By 2027, more than one of every four middle-income families would pay more in taxes.”
For the highest earners — those in the top 1 percent and top 0.1 percent — nearly all would see lower taxes. Ninety percent of the top 1 percent — those earning about $900,000 and above in 2027 — would get a tax cut, averaging $234,050.
As dogfan points out, the donation portion of the seat cost will no longer be deductible and will result in a significant tax increase on anyone buying such seats.
(01-04-2018 04:21 PM)cagy cager Wrote: [ -> ]For the highest earners — those in the top 1 percent and top 0.1 percent — nearly all would see lower taxes. Ninety percent of the top 1 percent — those earning about $900,000 and above in 2027 — would get a tax cut, averaging $234,050.
As dogfan points out, the donation portion of the seat cost will no longer be deductible and will result in a significant tax increase on anyone buying such seats.
Agree with both folks above. And let's be honest, unfortunately not that many Huskie fans are among those highest earners who have other ways to neutralize this effect. It'll be interesting to see if this affects football parking plans, which are tied to donation levels.
DJIA hit 25k....real work job is BOOMING...and if you invest into crypto, times are very surreal. A tax write off like this is bogus anyway...this isn't real charity imo. Give because you love NIU and want to support the school.
(01-04-2018 09:19 PM)prairiedawg Wrote: [ -> ]DJIA hit 25k....real work job is BOOMING...and if you invest into crypto, times are very surreal. A tax write off like this is bogus anyway...this isn't real charity imo. Give because you love NIU and want to support the school.
Then I guess you could say that donating to the HAF is not a charity either. What's the difference between donating money to the HAF tied to a seat not being deductible vs. donating that same amount to the HAF not tied to a seat being deductible?
(01-04-2018 09:30 PM)Dog Fan Wrote: [ -> ] (01-04-2018 09:19 PM)prairiedawg Wrote: [ -> ]DJIA hit 25k....real work job is BOOMING...and if you invest into crypto, times are very surreal. A tax write off like this is bogus anyway...this isn't real charity imo. Give because you love NIU and want to support the school.
Then I guess you could say that donating to the HAF is not a charity either. What's the difference between donating money to the HAF tied to a seat not being deductible vs. donating that same amount to the HAF not tied to a seat being deductible?
Don't ask me, but i get your point...I guess it's not a big enough deduction for me to get mad about it when times are good.
(01-04-2018 09:19 PM)prairiedawg Wrote: [ -> ]DJIA hit 25k....real work job is BOOMING...and if you invest into crypto, times are very surreal. A tax write off like this is bogus anyway...this isn't real charity imo. Give because you love NIU and want to support the school.
The bottom line is that next year it will cost some of us more for the same product we received this year because of the new tax laws.
Would think this could have a bigger impact on P5 schools?
Sucks other way.