Tuesday, August 29, 2006

Dirty underwear no longer tax deductible!

Upsetting I know! No longer can we pawn off piles of dirty unmentionables to charity and claim them as tax write offs. Inside the recent pension bill signed by President Bush there was a provision added that will makes our broken and dirty junk non-tax deductible. Me thinks such laws won’t be needed once the FairTax is passed what about you? In the Joint Commission on Taxation’s technical explanation of the “PENSION PROTECTION ACT OF 2006” it is explained that,

“The provision provides that no deduction is allowed for a charitable contribution of clothing or household items unless the clothing or household item is in good used condition or better. The Secretary is authorized to deny by regulation a deduction for any contribution of clothing or a household item that has minimal monetary value, such as used socks and used undergarments.”

Does government really need to be bogged down writing provisions to eliminate dirty underwear from being a tax write off? If I would have known I would have been writing my underwear off for years just like Bill Clinton did when he claimed his underwear was worth $2 a piece USED. That was when he was Governor too so I can’t even imagine how much they’re worth after being President! Just goes to show yet another example of one of the thousands of ridiculous loopholes that enables people to pay less in taxes. If the FairTax was in place currently this would not have been an issue along with itemizing our dirty laundry. I wonder what other ridiculous things you can write off on your taxes are. If anyone has any interesting exemptions please let me know.

No comments: