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Tim Cook Coffee Meeting Charity Auction Hits $100,000

ijohn.8.80 said:
Your logic and vitriol baffles me, but that seems to be a regular occurrence here. :rolleyes:
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You are correct about the vitriol. I apologize and take it back.

But I also don't understand your logic. I'll try to keep an open mind if you can explain how a tax deduction would make a charitable donation "not cost in the long run".
 
ActionableMango said:
You are correct about the vitriol. I apologize and take it back.

But I also don't understand your logic. I'll try to keep an open mind if you can explain how a tax deduction would make a charitable donation "not cost in the long run".
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Okay, when I was working as a consultant, my accountant used to have me donate about $25-30K a year to keep me in a lower tax bracket. Which saved me about $10K per annum. Wouldn't the same apply for those with even more wealth? Just on a bigger scale. :confused:
 
ijohn.8.80 said:
Okay, when I was working as a consultant, my accountant used to have me donate about $25-30K a year to keep me in a lower tax bracket. Which saved me about $10K per annum. Wouldn't the same apply for those with even more wealth? Just on a bigger scale. :confused:
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The tax rate in a tax bracket only applies to each dollar earned within that bracket. An example helps. Let's say $50,000 and under was taxed at 10% and $50,000.01 and over was taxed at 20%. If you earned $100,000, the first half would be taxed at 10% and second half would be taxed at 20%.

Many people mistakenly think that bumping into a higher bracket means the higher rate applies to all of the income. In other words, if you made $50,000 and paid $5,000 in tax, a small $1000 raise would be disastrous because you'd pay $10,200, for a net loss of $5,200. In that scenario, you would want to donate $1000 in order to get into a lower tax bracket and only pay $5000 again.

Well, I'm speaking for the USA anyway; I don't know how it works in Australia. If you had a professional accountant, I have to assume brackets don't work the same way in Australia.
 
ActionableMango said:
The tax rate in a tax bracket only applies to each dollar earned within that bracket. An example helps. Let's say $50,000 and under was taxed at 10% and $50,000.01 and over was taxed at 20%. If you earned $100,000, the first half would be taxed at 10% and second half would be taxed at 20%.
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That rings a bell for me, from one of her explanations to me.

I don't know how it worked, just that I got roughly 1/3 of what I donated back again and that all ongoing education and equipment expenses were claimed back over three years.

Sorry for being off topic. :eek:
 
Bids are now over $200K. Most expensive cup of coffee anyone may ever drink. Makes Starbucks look cheap.

Bid now on this unique opportunity to have coffee with Apple CEO Tim Cook at Apple headquarters.
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Kwill said:
Bids are now over $200K. Most expensive cup of coffee anyone may ever drink. Makes Starbucks look cheap.
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Not cheap...just bad.:(

Since coffee seems to be the issue here, my guess is Cook has a half way decent coffee maker in his office.

Just a guess...:p
 
I get if it would be coffee with Jobs, but Tim Cook? The way of his slow speach, you would be happy if he would make 2 whole sentences in 30 minutes :) Way to spend 500k dollars :)
 
Is it just my twisted mind, or are all the jokes you can make about this wildly inappropriate, yet somewhat critical towards the demands of the stock market?

But I guess a cup of coffee with the Woz would be more entertaining than this anyways.
 
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They should have auctioned an Ouji Board session with Steve Jobs. That would have attracted major bucks!
 
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