Paul at the PETA Anniversary Event
-
Sorry, I just felt the need to clarify on the tax deduction thing. It doesn't actually make the cost $175, unless you are in a 100% tax bracket, which we don't have here in the US right now (although I heard in the UK around 1966 it was 95%). The highest tax bracket in the US is 39.6%. Charitable contributions are part of the itemized deductions, thus, in theory you could say the contribution amount comes out of your taxable income vs your highest tax bracket. In this case, I believe what's being said here is that $175 is the fair value (non-deductible) part of the ticket. $2325 is the deductible amount. You don't get the the full $2325 refunded to you in taxes, you get 39.6% of it IF you are in the highest tax bracket (if you're in a lower tax bracket, it's even less). So, for a 1%-er in the 39.6% bracket, you are still paying: $2500 - ($2325 x .396) = $1,579.30 Thus, at a minimum, after-tax cost is still almost $1600, which is quite a discount from $2500, but a bit more than $175.
-
5th-beatle:
JorieG:
The ticket is sold BTW... cost after income taxes are deducted $175...
Forgot to say I bought your book of Paul's 1972-1999 concerts when it was originally published (15 years ago) and still enjoy it a lot. Any plans for a sequel? There must be plenty of material to work from, as he's been performing live almost non-stop since 2001.
I may work on photo book of rocks stars, movie stars, sports figures and more... I have thousands of photos to go through.
-
Is PETA a charity? ...or a political organisation???
-
JorieG:
This is how a charity tax deduction works. You pay the full amount of the ticket price. Then it is up to the IRS how much of that is tax deductible. You may get the entire amount allowable and deducted from your income tax for that year, thus reducing your taxes. All registered charities give tax deductions when you donate. So that is incentive to donate. Otherwise you will wind up paying taxes on money earned if you have a gain in your income. So why not give that money to charity and get a tax deduction so you don't wind up paying it to the IRS? The ticket is sold BTW... cost after income taxes are deducted $175...
We know how it works. It is also a scam so rich people don't have to pay taxes. It used to be maybe 50% but the rich and powerful have given themselves many tax breaks over the years here's the thing about these taxes: When someone rich gets this deduction to not pay, someone else has to. Someone poorer. Ie: Me. that money could be used to resource our crumbling infrastructure. Like I said, when this class warfare started, the rich countered with, "We give more to charities then anyone" Yep. To get out of paying taxes. Meanwhile, our roads are crumbling Is it legal? Yes. Rich people have elected politicians to make it so. is it right? nope. Pony up or get out of my country and especially off my roads. (I feel very strong about this tax scam for the rich) Like I said, I am paying for this event. Period Paul can charge how much he wants for any event, special charity or concert. but why do I have to pay for 85% of the ticket costs?
-
JorieG:
Otherwise you will wind up paying taxes on money earned if you have a gain in your income. .
YOu say that like it's a bad thing. Taxes pay for roads and snow plows and fire departments. I don't mind paying for those. I don't mind paying something for poor people. Hell, I'd pay for a war if I believed in it but I"m not going to agree with subsidising the rich and it's what's crippling our country. they don't want to pay up remember: For every tax break a rich brat gets, you have to pay that dollar instead.
-
I agree about rich people getting tax breaks, but many of them give back with donations that help all of us. Charities are doing things for the environment, finding cures for diseases, subsidizing the poor, (shelters, housing), saving wildlife (which is critical to the health of our ecosystem). There are educational charities and public radio stations and television (PBS). Charities that support the arts. It goes on and on. So donations from the rich to charities benefit everyone.
-
JorieG:
I may work on photo book of rocks stars, movie stars, sports figures and more... I have thousands of photos to go through.
Thanks. I hope you get to work on another McCartney book someday as well. The first one is still a great read.
-
JorieG:
I agree about rich people getting tax breaks, but many of them give back with donations that help all of us. Charities are doing things for the environment, finding cures for diseases, subsidizing the poor, (shelters, housing), saving wildlife (which is critical to the health of our ecosystem). There are educational charities and public radio stations and television (PBS). Charities that support the arts. It goes on and on. So donations from the rich to charities benefit everyone.
. the rich need to pony up and pay their share in taxes. Like I said, they aren't paying for these charities. I am. When they get their donation back in their taxes, the govenment takes it from me instead. I am paying for this Paul McCartney concert for PETA. I don't like that
-
lj01:
Sorry, I just felt the need to clarify on the tax deduction thing. It doesn't actually make the cost $175, unless you are in a 100% tax bracket, which we don't have here in the US right now (although I heard in the UK around 1966 it was 95%). The highest tax bracket in the US is 39.6%. Charitable contributions are part of the itemized deductions, thus, in theory you could say the contribution amount comes out of your taxable income vs your highest tax bracket. In this case, I believe what's being said here is that $175 is the fair value (non-deductible) part of the ticket. $2325 is the deductible amount. You don't get the the full $2325 refunded to you in taxes, you get 39.6% of it IF you are in the highest tax bracket (if you're in a lower tax bracket, it's even less). So, for a 1%-er in the 39.6% bracket, you are still paying: $2500 - ($2325 x .396) = $1,579.30 Thus, at a minimum, after-tax cost is still almost $1600, which is quite a discount from $2500, but a bit more than $175.
Excellent post. PETA will send a letter tell you what is tax deductible. First you must be able to itemize your deductions or you will get no tax benefit from buying the ticket. Tax brackets range from 10% to 36.9%. I highly doubt if anyone in the 10% bracket could afford to spend this much money on a ticket. If I recall, the LIPA ticket did not result in that much of a tax deduction way back in 1993. I think it cost $1000, but more than $175 of it was not taxable.
-
Kathryn O:
Operation Smile, one of the charities that has surgeons fixing hairlips and other deformities in third world children, has a very good reputation. I know two doctors both from Asia who have done work for them
Anyone who has the skills and experience to treat children, should do it as much as they can for as little profit as possible. Saving a child's life has to be more rewarding than hitting a hole in one.
-
moptops:
Is PETA a charity? ...or a political organisation???
Maybe it's a political charity organization.
-
Kathryn O:
JorieG:
I agree about rich people getting tax breaks, but many of them give back with donations that help all of us. Charities are doing things for the environment, finding cures for diseases, subsidizing the poor, (shelters, housing), saving wildlife (which is critical to the health of our ecosystem). There are educational charities and public radio stations and television (PBS). Charities that support the arts. It goes on and on. So donations from the rich to charities benefit everyone.
. the rich need to pony up and pay their share in taxes. Like I said, they aren't paying for these charities. I am. When they get their donation back in their taxes, the govenment takes it from me instead. I am paying for this Paul McCartney concert for PETA. I don't like that
Do you feel you have also paid for all of Paul's other US charity appearances over the years, like the 12-12-12 show, the Concert For New York, and others he has done for PETA? Do you think Paul should not do charity performances? I am merely curious which is why I ask.
-
It's getting closer to showtime. Who will be there?
-
Paul's Expensive Ticket Adventures?
-
My friend and I will be attending, but in the "cheap seats." Still, very excited to see Sir Paul!
-
jennywren:
My friend and I will be attending, but in the "cheap seats." Still, very excited to see Sir Paul!
Don't forget to "clap your hands!"
-
Nancy R:
jennywren:
My friend and I will be attending, but in the "cheap seats." Still, very excited to see Sir Paul!
Don't forget to "clap your hands!"
And eat like pigs prior to the night...beware of vegan slop.
-
jennywren:
My friend and I will be attending, but in the "cheap seats." Still, very excited to see Sir Paul!
Congratulations, enjoy the show!
-
Nancy R:
jennywren:
My friend and I will be attending, but in the "cheap seats." Still, very excited to see Sir Paul!
Don't forget to "clap your hands!"
Or "rattle your jewelry"
-
oobu24:
Nancy R:
jennywren:
My friend and I will be attending, but in the "cheap seats." Still, very excited to see Sir Paul!
Don't forget to "clap your hands!"
Or "rattle your jewelry"
But they're in the cheap seats!