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No, I'm saying that inheritances and gifts to your children or other family members should be tax free if it stays in the family. If my father gives me money to help pay for college or help buy a house should that money be taxed?
No, I'm saying that inheritances and gifts to your children or other family members should be tax free if it stays in the family.
If my father gives me money to help pay for college or help buy a house should that money be taxed?
Money that you work for and have already paid taxes on and give or leave to your family should be off limits no matter how much it is.
And it certainly should not be subject to the government confiscating half of it.
So your argument is that income that you do nothing for should be tax free, while income that you actually work should be taxed.
Tons of family-owned businesses hire their children. That money is technically staying in the family. Explain why that income should be taxed, but income gotten from doing nothing shouldn't be.
so your argument is that income that you do nothing for should be tax free, while income that you actually work should be taxed.
Tons of family-owned businesses hire their children. That money is technically staying in the family. Explain why that income should be taxed, but income gotten from doing nothing shouldn't be.
why should any income be taxed
taxing income is the least effective way of taxing
a good portion of income is never reported, so it never gets taxed
everyone who works ''off the books'' is not contributing
you want a solution......get rid of the income, corporate, estate, excise taxes, and have a consumption tax
So your argument is that income that you do nothing for should be tax free, while income that you actually work should be taxed.
In order for someone to will money to another person, they first have to earn that money. When the money was earned, it was taxed. So your characterization of inheritances as free income is disingenuous.
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Tons of family-owned businesses hire their children. That money is technically staying in the family. Explain why that income should be taxed, but income gotten from doing nothing shouldn't be.
It's pretty simple. If a mother gives $100 to her daughter, that $100 was already taxed when she originally earned it. If you then tax the gift, you are double taxing the same money. If a mother employs her daughter and pays her $100, then that money is income, not a gift. In that situation the family arrangement is irrelevant and the $100 is payment made from an employer to an employee.
Of course there are tax laws related to gifting to your kids. A certain amount to each kid per year per parent. And this is a way for the parents to avoid some estate tax. But a good tax lawyer can set up ways to get around that. For instance you can loan your kid the money. Of course there has to be some sort of repayment schedule in the documentation. But since the parents can each gift the child every year, that can go toward the loan.
Of course there are tax laws related to gifting to your kids. A certain amount to each kid per year per parent.
Yes, but annual cost of attendance at many private and out-of-state colleges easily exceeds $40,000 per year, an amount that far exceeds the annual gift limit. So why isn't the excess taxed?
In an earlier post. He then modified his statement to say they were writing large checks.
It wasn't a modification. He merely added a descriptor. Nowhere did he recant his assertion that they're paying a 30+% effective rate, an assertion I and others have already shown is impossible given actual IRS tax data and the income level and the marginal tax rates.
taxing income is the least effective way of taxing
a good portion of income is never reported, so it never gets taxed
everyone who works ''off the books'' is not contributing
you want a solution......get rid of the income, corporate, estate, excise taxes, and have a consumption tax
A VAT or only retail?
So then, if a consumption tax is paid only at the retail level (as is currently the case in US states) a corporation or anyone who could buy retail (or overseas) would never pay any tax. It would also have to be exceedingly high, and would be exceedingly regressive. The less you earned, the higher the proportion of tax you'd pay for essentials.
If the US instituted a VAT, the tax would be hidden--and could be much higher than most people realize, as well as uncontrollable.
Yes, but annual cost of attendance at many private and out-of-state colleges easily exceeds $40,000 per year, an amount that far exceeds the annual gift limit. So why isn't the excess taxed?
I think each parent can give $14K. Any payments for their education would be tax deductible for the parents.
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