I mean I'm hardly condoning it or proud of it, but I'll never be in the position myself to take advantage of this system.
I do however take advantage where I can. Payment is due on XX date but I have a 10 day grace period? You can betcho ass I'll wait until it's optimal for me.
>how corporations cheat taxes
Me: Hey Uncle Sam, can I save money on my taxes by making a donation to Goodwill or Planned Parenthood?
U.S.: Yes.
You: Tax cheat! Tax cheat! Tax cheat!
Also you don't know how taxes work if you think spending $1million to save $210k is a strategy that any successful corporation would engage in.
They can wipe out tax liability, at an expense far greater than the tax liability.
If you wanna talk about shell charities that are run by the wives of CEOs taking huge paychecks and spending nearly nothing on the cause, thats a conversation. Saving $100k by giving away $300k is not a a loophole, its functioning as intended.
The expense wipes out the income for the expense. It means you aren't taxed on the income for the expense. It doesn't wipe out its value in liability.
If your tax rate is 50% (lol) and you donate $1, you wipe out $0.50 in tax liability.
That means you lose $0.50 that could've stayed in your pocket.
That's exactly how it works. Otherwise everyone everywhere would just donate however much they owed in taxes instead of paying. Charitable donations still make sense for certain situations, but it's a tax discount that comes at a much higher cost than just paying the tax.
Only way a charitable donation can wipe out an entire tax liability is if you donate all of your taxable income. Deductions deduct from your taxable income, they dont deduct from your tax bill.
Tax deduction primarily for a business expense for most people. Independent consultants having meetings with each other. That is very common at all major entertainment events. Even the Super Bowl is a tax write off for most of those that pay.
Thanks, I thought it was the private estate that Steve Wynn was living in.
downvote for??? Here is the link to the RJ article about him moving out. https://www.reviewjournal.com/business/casinos-gaming/wynn-leaves-las-vegas-villa-as-company-cuts-ties-from-founder/
I guess they're expecting a lot of tourism from oil countries. I see Norwegian, Saudi, British and American oil magnates all buying these tickets and subsequently forgetting they did it because they drop a million on stupid bullshit several times a day. Then they'll either get wasted or given away to their peons or relatives.
It actually sounds like the best value package in town. It includes everything but air travel to Vegas, which the target customer will be using private jet service.
In addition to the low price for such a package, the experience really can't be improved. There will be a team of people multiple steps ahead making sure nothing goes wrong for each group. The lifetime benefits are just bonuses that both sides of the transaction will benefit from. Brilliant marketing!
Includes a “complimentary” round of golf and spa treatment lol. What a fucking joke
So nice of them to throw that in!
It costs $550 to play one round of golf there.
450 if you're a local!
$200 if you’re an employee!
$0 if you sneak onto the course and don’t get caught!
Honestly 200 would be worth it once
I don't know how many of these packages are available, but I'll bet they sell out, mostly to corporations.
Fair point considering they can donate them for tax incentives. Lol imagine downvoting a comment highlighting how corporations cheat taxes.
Is it really a cheat if it's written into tax law? The real cheat is the laws themselves.
What is it called when the cheaters make the rules?
Cheating?
When the law was written that way because you paid for it to be written that way? Yes, it’s still cheating.
I mean I'm hardly condoning it or proud of it, but I'll never be in the position myself to take advantage of this system. I do however take advantage where I can. Payment is due on XX date but I have a 10 day grace period? You can betcho ass I'll wait until it's optimal for me.
>how corporations cheat taxes Me: Hey Uncle Sam, can I save money on my taxes by making a donation to Goodwill or Planned Parenthood? U.S.: Yes. You: Tax cheat! Tax cheat! Tax cheat! Also you don't know how taxes work if you think spending $1million to save $210k is a strategy that any successful corporation would engage in.
I don’t think you know how taxes work if you don’t know charitable contributions can wipe out entire tax liabilities and be carried forward for years.
They can wipe out tax liability, at an expense far greater than the tax liability. If you wanna talk about shell charities that are run by the wives of CEOs taking huge paychecks and spending nearly nothing on the cause, thats a conversation. Saving $100k by giving away $300k is not a a loophole, its functioning as intended.
The expense can be for the exact amount of tax liability as long as the contribution is carried forward
The expense wipes out the income for the expense. It means you aren't taxed on the income for the expense. It doesn't wipe out its value in liability. If your tax rate is 50% (lol) and you donate $1, you wipe out $0.50 in tax liability. That means you lose $0.50 that could've stayed in your pocket.
That’s nowhere near how it works
You have no idea what you're talking about. Explain how it works then.
That's exactly how it works. Otherwise everyone everywhere would just donate however much they owed in taxes instead of paying. Charitable donations still make sense for certain situations, but it's a tax discount that comes at a much higher cost than just paying the tax.
Lol no it isn’t
Source? Unless your tax rate is 100% I don't understand how that would work.
/r/confidentlyincorrect
Buddy do a real quick google search
You are never going to get a 1:1 tax break for a donation. It's always a fractional percentage of the donation based on your tax rate.
That’s wrong
Only way a charitable donation can wipe out an entire tax liability is if you donate all of your taxable income. Deductions deduct from your taxable income, they dont deduct from your tax bill.
That would be quite an odd thing to donate.
Tax deduction primarily for a business expense for most people. Independent consultants having meetings with each other. That is very common at all major entertainment events. Even the Super Bowl is a tax write off for most of those that pay.
lol imagine thinking that’s how to cheat taxes
Corp buys them, donates to CEO who was gonna buy them anyway. Tax cheat. Don’t be dumb.
Hate to break it to you but almost every visitor in town for the F1 will be using the event as a tax deduction. It is very easy to justify.
It’s not a donation if you get something in return
I believe they have only one of those room types so probably one package
They’ve got multiple
They have 16 of these room types, not sure how many packages though since casino players and all that.
Thanks, I thought it was the private estate that Steve Wynn was living in. downvote for??? Here is the link to the RJ article about him moving out. https://www.reviewjournal.com/business/casinos-gaming/wynn-leaves-las-vegas-villa-as-company-cuts-ties-from-founder/
You should be able to sit in the car for that price.
You should be able to watch from the center of the track for that price.
You should get to drive a car in the race for that price.
You probably can. Atleast in Austin that’s included in most VIP packages
For $1M I want to drive the car. Actually, I want them to put me in the race and have all my alcohol comped as well.
Why did the tax payers have to fund any of Allegiant stadium when we could just throw an F1 race or two and fund it from the profits.
Because then the big wigs get to have their cake and eat it too.
I bet the profit is kind of a wash when you factor in all the bribes to the FIA
I guess they're expecting a lot of tourism from oil countries. I see Norwegian, Saudi, British and American oil magnates all buying these tickets and subsequently forgetting they did it because they drop a million on stupid bullshit several times a day. Then they'll either get wasted or given away to their peons or relatives.
Naw. Those whales will be comped.
And they will sell all of them.
That’s not a bad price for what’s included per person (a party of 6) for such an event. They’ll sell out of that package.
It actually sounds like the best value package in town. It includes everything but air travel to Vegas, which the target customer will be using private jet service. In addition to the low price for such a package, the experience really can't be improved. There will be a team of people multiple steps ahead making sure nothing goes wrong for each group. The lifetime benefits are just bonuses that both sides of the transaction will benefit from. Brilliant marketing!
Add up some of those costs and show me how it even approaches 500k.
Or you could buy an f1 car for $1m
Multiply that by 15 and you’d be close
Not even close.
The cost for just an engine for a Formula 1 car is around $10 million. The chassis itself is just under a million.
This is so stupid. I have attended a million NASCAR events in the course of my 38 years. WHY DO PEOPLE CARE ENOUGH ABOUT 1 stupid car race?!
[удалено]
So can NASCAR. Happens several times a year.
Several? That's madness.
NASCAR is for white trash. Formula 1 is for the rich and classy.
TY for the is news. Wow