Cheney's shady charitable contributions net $2 million refund

[kpete]

Cheney's shady charitable contributions net $2 million refund
by clammyc
Tue Apr 18, 2006 at 08:54:45 AM PDT
Last week, Darth Cheney released his 2005 tax return, and while this type of thing doesn't generally make waves in the news unless it is a Democrat who is releasing the return, there was something that jumped out at me which prompted me to do a bit of digging, where I found this snippet that led me to do a bit more digging.

Being the tax geek that I am, I noticed something that caught my eye as, shall we say, "interesting" - charitable contributions in excess of $6,800,000 on income of just under $9,000,000. For those who are not familiar with tax rules, let's just say that this is a very high, an unusually high number.

While this is not illegal, by exploiting a loophole in the Katrina tax relief laws passed regarding charitable donations, Dead Eye Dick was able to obtain a refund of at least $1,000,000 MORE than he would be able to get in any other year.

The best part? None of the charities were Katrina related at all.

more at:
http://www.dailykos.com/storyonly/2006/4/18/115445/192

[Selatius]

1. I'd like to strip down the tax code if I had the chance

There's got to be a simpler way to file taxes.

When you have industries springing up around just filing your damn taxes like H&R Block, it indicates your fucking tax code is overly complex, bloated, and harmful.

[napi21]

2. It used to be SOP that any refund of $!million or more triggered an audit!

I've never been a tax specialist, just a lowly accountant, but when the Co. I worked for filed their return and had justified a $1.25 million refund, out tax accountants told us up front to "expect to be audited"! Suppose that also applies to ead Eye Dick?

[saltpoint]

3. Maybe with that nice wad of cash Uncle Dick can buy an overcoat

for official state functions.

The snow parka he wore to the Holocaust memorial event just didn't cut it.