Tax trix

Facing South is dropping some serious science on Republicans who are managing to cheat the IRS and Katrina survisors at the same time!

Percent of a $165 million contribution made by Texas billionaire T. Boone Pickens that he wrote off his taxes under a special tax provision to help Hurricane Katrina victims: 100%

Percent of his contribution that went to the golfing program at Oklahoma State University: 100%

Estimated amount that President Bush’s tax cuts will increase the national debt over next 10 years: $900 billion
– Facing South: Institute Index: Taxing Times

According to the VP’s 2005 tax return, Cheney claimed $6.8 million in charitable deductions — a whopping 77 percent of his annual gross income. That’s well over the 50 percent limit that would have applied had it not been for the Katrina Emergency Tax Relief Act of 2005, which Congress passed unanimously and President Bush signed into law on Sept. 23, 2005.
– Facing South: Cheney reaps Katrina tax benefits for non-Katrina donations