Monday, November 12, 2012

Philanthropy and Taxes

How many times have we heard folks on the left bitch and whine about people who don't pay taxes? They are the same people who whine about people with "too much money".

Here's a few stories about a very wealthy couple in Saskatoon who have done many things with their money that we tax payers would otherwise have had to either pay for or go without:

Leslie and Irene Dubé make generous donation to the U of S Health Sciences project
"The Dubé’s commitment will ensure the completion of the capital project. The Dubés, together with President Peter MacKinnon and Vice-President University Advancement Heather Magotiaux, unveiled renderings of the new state-of-the-art library and 500-seat lecture theatre in the Health Sciences building that will be named the Leslie and Irene Dubé Health Sciences Library and the Leslie and Irene Dubé Theatre.

“The Dubés are truly inspiring,” added President MacKinnon. “Their generous support brings us one step closer to turning our Health Sciences vision into reality. We are very thankful for their lead partnership in building the future of health education, research and practice.”
CHERISHED DONORS: Irene and Leslie Dubé
"In recognition of their philanthropy, the Irene and Leslie Dubé Centre for Mental Health was named in their honour, ushering in a new era of treatment for those in our community suffering from mental illness and addictions. The Dubé Centre opened its doors at RUH in early 2010.

“The Centre has exceeded our expectations,” say the Dubés. “Our hopes and prayers for each and every person who comes to the centre is that they find the peace, solace and healing that their lives require.”

Most recently, the Leslie and Irene Dubé Foundation Intensive Care Unit was named to recognize the Foundation's generous $500,000 donation that brought home the $2.5 million Royal Vital Care Campaign in 2011 that replaced 96 vital sign monitors in the ICU."
Les and Irene Dubé donate $6.5 million to Children’s Hospital Foundation
"The gift was announced Oct. 7 at a thanksgiving celebration honouring children’s hospital supporters and kicking off a $25 million fund-raising campaign.

The Children’s Hospital Foundation of Saskatchewan said the donation will be designated to the creation of the Leslie and Irene Dubé Centre of Care for Children, a main core area in the new children’s hospital.

“By the grace of God, we are able to pour out our love on all our children. When we wake up in the morning we have two choices; go back to sleep and dream or get up and chase those dreams,” said Leslie and Irene Dubé.(Emphasis mine)"
I don't know if the Dubes don't pay taxes, but if their substantial donations don't net them a tax break, they sure do net us taxpayers with something worth a helluvalot.

Now, for something about that 47% that Romney talked about:

Tax Policy Center analysis details the '47 percent'
"GOP presidential nominee Mitt Romney’s comment that 47 percent of voters pay no income tax appears to come from a study by the nonpartisan Tax Policy Center.

The most recent study by the Center, in 2011, found that 46 percent of taxpayers would not be eligible to pay the federal individual income tax either because of their low income or owing to specific tax breaks.

But in 2009, it estimated that threshold was set at 47 percent. Of that group, roughly half will not pay taxes because their income is below $26,400.

In 2011, a family with two children making less than $26,400 will pay no federal income tax, the center said. Such a family would get the $11,600 standard deduction, as well as four exemptions of $3,700 each that would reduce its taxable income to zero."
[---]
"About three-quarters of the remaining people who do not pay income tax are either senior citizens or low-income working families with children who are eligible for specific tax breaks. These taxpayers get breaks excluding some Social Security benefits from being counted as taxable income, as well as targeted tax credits and deductions for the elderly and children.

The Center determined that a family of four could make up to $45,775 and still not have to pay income tax because its tax liability would be erased by a $2,000 child tax credit and $57 from the Earned Income Tax Credit.

All told, households with an income of less than $50,000 make up nearly 90 percent of those households that do not pay federal income tax."
[---]
"“Relatively few” households making more than $100,000 don’t pay income taxes, but there are some, according to the center. These households benefit from other deductions and reduced tax rates on capital gains and dividends, according to the Tax Policy Center.

While in 2011 the center found 46 percent paid no income taxes, the center notes that many of these people did pay federal payroll taxes as well as local sales and property taxes."
But don't let facts get in the way of a good old fashioned leftard hatefest.

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