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  1. #1
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    Donations - the Grassley Effect?

    There have been a few threads on giving more money to the NCC so I thought I would throw out this question-

    If Grassley gets his way in Washington and makes contributions to college athletics non-deductible will it change the amount you will to give to NCC?



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    Re: Donations - the Grassley Effect?

    It will change the amount I give...


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    Re: Donations - the Grassley Effect?

    Doubt Chuck will get that done. Too much big money involved

    If it passes it would hurt donations.



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    Re: Donations - the Grassley Effect?

    There would be alot of people pizzed at that one, and not just Cyclone Nation.



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    Re: Donations - the Grassley Effect?

    Won't affect my donation to ISU.
    But yes, donations in general would go down. It's gonna be a tough sell.



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    Re: Donations - the Grassley Effect?

    Really in the grand scheme of things it will hurt every college and that probably only means no more 4 million$ coaching salaries.
    If you are getting priority seating for your donation then, IMHO, it probably shouldn't be tax-deductible.
    Doesn't technically for a donation to a non-profit to be a tax deduction, you get nothing in return?


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    Re: Donations - the Grassley Effect?

    I'd definitely be in favor of getting rid of the tax deduction for donations, but mainly because I hate the whole idea of deductions in general. If 3 people want to donate:

    1) Itemize and in 35% tax bracket: $1000 to ISU, tax savings of $350, total cost of $650.

    2) Itemize and in 15% tax bracket: $1000 to ISU, tax savings of $150, total cost of $850.

    3) Don't itemize: $1000 to ISU, tax savings of $0, total cost of $1000.

    It just doesn't make sense to me why the cost of donating should be different for different income levels.

    As far as being good or bad for Iowa State athletics, I think you really have to compare how it affects us in comparison to other schools, not whether net donations go up or down.



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    Re: Donations - the Grassley Effect?

    I'm sorry, but can you honestly say that sports play a role in college education for the average student? They make it fun, and they give everyone something to latch onto (sports are visible - on the news - etc)....but I'm not sure they contribute much to the college general budget. Grassley is onto something, IMO.



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    Re: Donations - the Grassley Effect?

    Its not the cost of donating, but how much one pays in taxes. Someone in a 35% tax bracket pays more than one in a 15%.

    Quote Originally Posted by LivntheCyLife View Post
    I'd definitely be in favor of getting rid of the tax deduction for donations, but mainly because I hate the whole idea of deductions in general. If 3 people want to donate:

    1) Itemize and in 35% tax bracket: $1000 to ISU, tax savings of $350, total cost of $650.

    2) Itemize and in 15% tax bracket: $1000 to ISU, tax savings of $150, total cost of $850.

    3) Don't itemize: $1000 to ISU, tax savings of $0, total cost of $1000.

    It just doesn't make sense to me why the cost of donating should be different for different income levels.

    As far as being good or bad for Iowa State athletics, I think you really have to compare how it affects us in comparison to other schools, not whether net donations go up or down.


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    Re: Donations - the Grassley Effect?

    Quote Originally Posted by LivntheCyLife View Post
    I'd definitely be in favor of getting rid of the tax deduction for donations, but mainly because I hate the whole idea of deductions in general. If 3 people want to donate:

    1) Itemize and in 35% tax bracket: $1000 to ISU, tax savings of $350, total cost of $650.

    2) Itemize and in 15% tax bracket: $1000 to ISU, tax savings of $150, total cost of $850.

    3) Don't itemize: $1000 to ISU, tax savings of $0, total cost of $1000.

    It just doesn't make sense to me why the cost of donating should be different for different income levels.

    As far as being good or bad for Iowa State athletics, I think you really have to compare how it affects us in comparison to other schools, not whether net donations go up or down.
    Look at it like this if you are talking about charitable deductions:

    Poor person with nice heart donates what they can to a charity that feeds homeless people. Itemize and in 15% tax bracket: $100 to charity, tax savings of $15, total cost of $85.

    Very rich person donates $1,000,000 to charity to build homeless shelter: Itemize and in 35% tax bracket: $1,000,000 to charity, tax savings of $350,000, total cost of $650,000.

    If you were talking about getting rid of deductions just to schools, well then that's a little bit different, but not really. Not everyone gives to a school just so they can get better seating of football tickets. Many people give to fund scholarships, faculty positions, etc.



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    Re: Donations - the Grassley Effect?

    Just what the heck is Chuck trying to accomplish by that?



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    Re: Donations - the Grassley Effect?

    Quote Originally Posted by crash_zone View Post
    I'm sorry, but can you honestly say that sports play a role in college education for the average student? They make it fun, and they give everyone something to latch onto (sports are visible - on the news - etc)....but I'm not sure they contribute much to the college general budget. Grassley is onto something, IMO.
    To be honest, unless this plan also includes lowering tuition costs, I don't see it going through. If it will help with Financial Aid, and lowering tuition, then it should pass. If not, what does it really matter? It wouldn't help the schools, but hurt them most likely.


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    Re: Donations - the Grassley Effect?

    Quote Originally Posted by LivntheCyLife View Post
    I'd definitely be in favor of getting rid of the tax deduction for donations, but mainly because I hate the whole idea of deductions in general. If 3 people want to donate:

    1) Itemize and in 35% tax bracket: $1000 to ISU, tax savings of $350, total cost of $650.

    2) Itemize and in 15% tax bracket: $1000 to ISU, tax savings of $150, total cost of $850.

    3) Don't itemize: $1000 to ISU, tax savings of $0, total cost of $1000.

    It just doesn't make sense to me why the cost of donating should be different for different income levels.

    As far as being good or bad for Iowa State athletics, I think you really have to compare how it affects us in comparison to other schools, not whether net donations go up or down.
    Who is not itemizing that makes charitable donations? Once you get out of college, you never get the standard deduction again, that is just for min wage workers. Once you own a house or have kids you pretty much have to itemize.


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  14. #14
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    Re: Donations - the Grassley Effect?

    Quote Originally Posted by brianhos View Post
    Who is not itemizing that makes charitable donations? Once you get out of college, you never get the standard deduction again, that is just for min wage workers. Once you own a house or have kids you pretty much have to itemize.

    I agree that most people do itemize. I'm currently single with a small $100k condo and am not itemizing but I realize that most people do and I will be in the future when I have kids and a house.

    All I'd really like to see is to lower the high income tax rates to a lower amount and then get rid of the deductions so people still pay the same amount of tax. Or instead of deductions make it a tax credit system so everybody can get a tax benefit. I just don't understand the reason for the difference between tax brackets. I don't want to change the amount of tax the different groups pay (ok, so I'd really like to see them lower for everybody), but just not have the different groups having the different choices.

    This has probably already gotten plenty political for this board, but I really didn't mean to imply that high tax brackets should pay more in tax.



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    Re: Donations - the Grassley Effect?

    Brianhos has no idea what he is talking about. I make six figures and I take the standard deduction because it exceeds my deductible amount if I itemize. There are many other people I know that are in a similar situation. And by the way I have a house and I have kids.



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