BUZ LIVINGSTON: The Pope, charity, and new rules

Published: Sunday, December 15, 2013 at 09:13 AM.

There is a horn of prosperity from Genoa, Italy, to Glasgow, Scotland, where capitalism raised living standards and later spread across the Atlantic to America.  Perfect, capitalism is not, but we’ve yet to develop a more efficient system. One thing we learned from the 2008 economic collapse is capitalists themselves are the biggest threat to capitalism. 


Charitable Gifting Revisited

Don’t let concerns over itemized deduction phase-outs curtail gifting strategies. The Pease exemption (itemized deductions reduced 3 percent with 80 percent floor) is definitely a surtax on income over $300,000 Adjusted Gross Income (single, $250,000). For most, even with the limitations, charitable deductions remain a viable and effective strategy for reducing taxes while helping others. I posted Michael Kitces’ excellent column at buzblog.net if anyone wants the gory details. A couple with $301,000 Adjusted Gross Income loses $30 in itemized deductions whether they claim $20,000 or $30,000 in itemized deductions. The Pease phase-out is calculated solely on income and not on total deductions.


New Rules

Like Bill Maher closing his show with “New Rules,” here’s our version. If you don’t like Walton County’s Spring Break New Rules, Panama City Beach is due east on US 98.  Don’t let the door hit you on the way out. 

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