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From: jca@abnji.UUCP (james armstrong)
Newsgroups: net.politics
Subject: Reagan's redecoration
Message-ID: <222@abnji.UUCP>
Date: Fri, 25-Jan-85 15:56:00 EST
Article-I.D.: abnji.222
Posted: Fri Jan 25 15:56:00 1985
Date-Received: Sun, 27-Jan-85 07:18:04 EST
References: <307@gargoyle.UChicago.UUCP>, <54@osu-eddie.UUCP>, <574@tty3b.UUCP>, <1118@pyuxa.UUCP> <211@abnji.UUCP>
Organization: ATTIS, NJ
Lines: 24

>> >Dummy, the inauguration is paid for out of private funds and donations.
>> >It does not come out of the taxpayers pocket.  Cool down.
>> >T. C. Wheeler
>> So that those people who can afford it get yet another "charitable" deduction
>> on their taxes.
>> If you remember, in 1981, RR said that he would "save" the gov't the money 
>> offered to redecorate the WH by doing it through "charitable" contributions.
>> In the end, those contributions cost the gov't about 4X the offered money
>> in lost tax revenue.
>
>    Are you serious?  4X?  Even if they were in a 50% tax bracket, donating
>X dollars would result in a .5*X decrease in their taxes.  Are there some
>really creative methods of filling out a 1040 that I haven't heard of, or is
>is James Armstrong (the guy who claimed 4X) talking through his hat?
>    In the worst case, (50% tax) donating X dollars costs you only 1/2 X $.
>I really don't see how it could cost you -4 X $.
>-- 
>Jeff Sonntag
>ihnp4!mhuxt!js2j
>    "I couldn't do THAT.  They'd kick me right out of Cowards Anonymous."
>              -- Dangermouse's faithful assistant, Penfold.

No, I (James Armstrong) am not.  The contributors donated over 8 times as much
as Congress offered.  That is a net cost in lost revenue of 4X.