- “When we arrived at the press conference, Ki-Jana took a glance at the check and was appalled. “Leigh, someone stole my money,” he said. “You told me I got a $7 million bonus, but this check is for only $5 million.” “Ki-Jana,” I said, “that someone is the Internal Revenue Service, and they can do anything they want.” The Agent: My 40-Year Career Making Deals and Changing the Game (Steinberg, Leigh; Arkush, Michael) – page 116
- “To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical.”– Thomas Jefferson
- “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” — Winston Churchill
- “Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” — Ronald Reagan (1986)
- “The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin.”— Mark Twain
- “The top three reasons why advisors believe their HNW clients engage in charitable giving are consistent with the top motivations reported by HNW individuals themselves, which are: being passionate about a cause, having a strong desire to give back, and having a positive impact on society and the world. After that, however, reasons provided by HNW individuals and advisors differ significantly:
- The next three most cited reasons by HNW individuals were: to encourage charitable giving by the next generation (30%), religious or spiritual motivations (23%), and because they believe giving back is an obligation of wealth (22%). Meanwhile, advisors believed their clients’ next most popular motivations would include: reducing their tax burden (46%), religious or spiritual reasons (41%), and creating a family legacy (30%). The study found that, in fact, just 10% of HNW individuals cite reducing taxes among their motivations for forgiving.
- Further evidence of a disconnect on the topic of taxes was found when advisors cited a belief that 40% of HNW individuals would reduce their giving if the estate tax were eliminated, and that 78% would do so if income tax deductions for donations were eliminated — whereas just 6% and 45% of HNW individuals, respectively, indicated that they would reduce their charitable giving if these tax policy changes occurred.”
- THE U.S. TRUST STUDY OF THE PHILANTHROPIC CONVERSATION: Understanding advisor approaches and client expectations OCTOBER 2013 Conducted in partnership with The Philanthropic Initiative (TPI)
- “The government cannot give to anybody anything that the government does not first take from somebody else.” Anonymous