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Wealthy Washington State resident giving his tax cut savings to charity

August 29, 2011

No, not that rich Seattle guy with his ginormous philanthropic foundation. This time it's Rick Steves.

Steves, founder of the Edmonds, Wash.-based Rick Steves' Europe Through the Back Door travel conglomerate, has donated $1 million to his community's arts center.

Steves was able to share his wealth thanks to the success of his travel writings, tours, radio show and speaking engagements.

But he says the thing that's really allowed him to amass so much disposable wherewithal is the lower tax rates created by the Bush-era tax cuts.

Rick_Steves_radio_show_courtesy_RickStevesdotcom Steves on the air with his radio show, Travel with Rick Steves.
(Photo courtesy RickSteves.com)

Rick Steves, meet Warren Buffett (and the French).

Like the Oracle of Omaha, Steves questions the wisdom of giving those who already have so much even more in the form of lower tax rates.

But Steves also issued a challenge to his similarly wealthy peers.

"If you're fortunate enough to be doing well these days, figure out what recent tax cuts have saved you, then donate that amount to a deserving cause that you believe in," Steves said in a statement issued by his company.

Steves' $1 million donation will support and expand the Edmonds Center for the Arts' performances and community programs. Some of the money also will pay all of the facility costs for the Edmonds' Cascade Symphony Orchestra for the next 10 years.

He sees the gift as a balance to what he calls a "false austerity [that] is being forced on the finer points of our culture. Over the last decade, my tax burden has been decreased even as public funding for important local programs and institutions has been decimated, a trend I find alarming."

Of course, if Steves wants to, he probably will be able to deduct his charitable gift to the Edmonds' arts community. That, too, will help lower his tax bill.

And deducting charitable donations is a tax break that anyone who itemizes can claim.

That's one way that even we much poorer folks can get the same tax treatment as the ultra wealthy.

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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