Hobby Lobby owner announces he’s giving away the company, for God

Clem72

Clem72

Well-Known Member
HemiHauler said:
…. For a balloon payment tax write off. I’m certain god approves.
Click to expand...
Do you understand how taxes work? Like you can only write off up to what you pay, so if I give away $100 I can write $100 off my income and I won't owe the $40 or so taxes. I'm still out $60. Now do that with a multi-billion dollar company and tell me how that works out to his advantage. You can't, because it doesn't. Not unless he donates it to a charity he controls in which case that's a scam not an actual donation and taxes have nothing to do with it.
 
H

HemiHauler

Well-Known Member
Clem72 said:
Do you understand how taxes work? Like you can only write off up to what you pay, so if I give away $100 I can write $100 off my income and I won't owe the $40 or so taxes. I'm still out $60. Now do that with a multi-billion dollar company and tell me how that works out to his advantage. You can't, because it doesn't. Not unless he donates it to a charity he controls in which case that's a scam not an actual donation and taxes have nothing to do with it.
Click to expand...

I didn't say anything about income tax.
 
PJay

PJay

Well-Known Member
One of my favorite stores..hope they never close.

Going to miss Bed Bath and Beyond. :frown:
 
You must log in or register to reply here.
Top