Do We Really Need to Keep the Poor?

speaking of gifting ... you can give as many people as you want to $14K a year, tax free ... up to $5 million in a lifetime

speaking of gifting ... you can give as many people as you want to $14K a year, tax free ... up to $5 million in a lifetime Originally Posted by CJ7

Every time I pay for a session I am "gifting" ....

..... they don't claim it as income, do they?

And they sure don't file any gift tax returns on it.

May be the Chicago Hot Babe OP can shed some light on that topic?

The no reporting matter.

do you write it off as entertainment ?

lol

There Is no debt in my household......Question, do you think there should be no gift tax? If so whst would prevent every employer from gifting their employees? You can not answer those questions because it blows to hell your stupid argument of no estate tax. Which is really all you are arguing is welfare for the rich. Originally Posted by WTF

WTF, your argument isn't as ingenious as you think it is. If a business "gifts" their employees what should be wages, they cannot write off the expense. Later, the IRS will come along, declare it wages, and demand back taxes, high interest and penalties, including matching SS and Medicare/Medicaid, and both the state and feds will want unemployment taxes with penalties. So you will be much farther in the whole, and the IRS agents will laugh at you as they cart your shit away, commenting among themselves about how dumb you are.

You remember the TV shows of old? Back in the 50s and early 60s we had some good shows. Uplifting shows about how someone could change lives. In one show a mysterious millionaire (is there any other kind?) will pick someone out of the crowd and give them a million dollars (I assume tax free). You can't do that anymore and if WTF had his way then the benefactor would probably go to prison for trying to cheat the government.

Simple point that I will repeat; the money belongs to the person who earned it and not the government. It also does not belong to the person inheriting it. The decision to give the money to someone is the decision of the owner. Now are you going to tell us that all money is owned by the federal government, that we have nothing, that everything we bought with that money belongs to the government? If you think yes, then you are no American that I have ever met.

WTF, your argument isn't as ingenious as you think it is. If a business "gifts" their employees what should be wages, they cannot write off the expense. Later, the IRS will come along, declare it wages, and demand back taxes, high interest and penalties, including matching SS and Medicare/Medicaid, and both the state and feds will want unemployment taxes with penalties. So you will be much farther in the whole, and the IRS agents will laugh at you as they cart your shit away, commenting among themselves about how dumb you are. Originally Posted by Jewish Lawyer

There is a gift tax JL. I didn't say to do it, I explained why there is a gift tax.

Simple point that I will repeat; the money belongs to the person who earned it and not the government. It also does not belong to the person inheriting it. The decision to give the money to someone is the decision of the owner. Now are you going to tell us that all money is owned by the federal government, that we have nothing, that everything we bought with that money belongs to the government? If you think yes, then you are no American that I have ever met. Originally Posted by JD Barleycorn

It does not belong to the person that inherited it? Yes it does minus the taxes you pay on it.

What I am telling you is that when you die, your estate is taxed over a certain amount. That is a fact, despite what LL may think.

http://online.wsj.com/article/SB1000...964155832.html

Q:I have a question on the recently passed changes to the federal estate-tax laws for 2013. What are the exemptions for estates?
—P.O., Reed City, Mich.

A:The basic federal estate-tax exclusion amount for estates of people who die in 2013 is $5,250,000, the Internal Revenue Service announced recently, up from $5,120,000 in 2012.
The federal estate-tax exclusion now is set permanently at $5 million and is indexed for inflation, says Catherine Grevers Schmidt, a partner at Patterson Belknap Webb & Tyler LLP and head of the law firm's trusts and estates department. But because of inflation, the amount for 2013 works out to $5,250,000.
The federal gift and generation-skipping transfer tax exemption is the same as the estate-tax exclusion amount, she says. The top federal estate-tax rate on the largest estates is now 40%, up from 35% in 2012. Transfers from one spouse to the other typically are tax-free.

Of course if you are in Texas there hasn't been an "interitance tax" for years in Texas (through 12/31/2012 anyway) ... and the Feds don't have an "inheritance tax" ... so WTF is whining about NOTHING when he whines about an "inheritance tax" ... that is if he lives in Texas.

Now, if that doesn't reach your head, WTF, you might want to quit talking, do more listening, and study up on some books on the topic written by folks who have at least a marginal ability to read "the law" ... rather than digging around until you find some kook from Chicago who is uninformed enough to agree with you .... "science" .... you have got to be kidding me? Originally Posted by LexusLover

There is a gift tax JL. I didn't say to do it, I explained why there is a gift tax. Originally Posted by WTF

You are too sad to be for real, I've decided. There is a gift tax, but employers cannot gift what should be wages. Gift taxes mainly exist to stop people from defrauding the government out of other taxes by subterfuge. (Like "gifting wages" or the like.)
The only reason I support inheritance taxes for estates above 10 million is that half of them are liberals.

There is a gift tax JL. I didn't say to do it, I explained why there is a gift tax. Originally Posted by WTF

Only in your mind is that why. And ONLY IN YOUR MIND.

I challenge you to find any ANY Congressional history that ...

.... supports your dream theory!

And please don't start cutting and pasting from your pulp fiction bs paperbacks.

Let's save time and move on to another topic ..

http://www.irs.gov/pub/irs-soi/11pwcompench8b98.pdf

When it doubt ask the IRS! Not WTF and his socialist rags.

Only in your mind is that why. And ONLY IN YOUR MIND.

I challenge you to find any ANY Congressional history that ...

.... supports your dream theory!

And please don't start cutting and pasting from your pulp fiction bs paperbacks. Originally Posted by LexusLover

. Gift taxes mainly exist to stop people from defrauding the government out of other taxes by subterfuge. (Like "gifting wages" or the like.)
. Originally Posted by Jewish Lawyer

Correct but not according to LL.

Look, it is a transfer of wealth...it should be taxed as earned income.

Let's save time and move on to another topic ..

"The first Federal gift tax was introduced in the Revenue Act of 1924. Congress imposed the 1924 tax after it realized that wealthy Americans could avoid the estate tax, introduced in 1916, by transferring wealth during their lifetimes, called inter vivos giving. Tax-free inter vivos gifts effectively negated the estate tax’s capacity to redistribute wealth accumulated by large estates and removed a source of revenue from the Federal government’s reach (Johnson and Eller, 1998)."

http://www.irs.gov/pub/irs-soi/11pwcompench8b98.pdf

When it doubt ask the IRS! Not WTF and his socialist rags.

Originally Posted by LexusLover

Good God LL, you are making my point.

Without these type taxes...The Rockfellers would be running this country. They would pay no taxes, all politicians would just be working for them. You have to try a re-level the playing field from generation to generation. You want incentive to work, not incentive to just shield your money you got from your parents!

It matters not if I like him or not, if he gives you money when he is alive, you pay taxes on it as if it were income. Why should you pay no taxes on any money he gives you in his death? Originally Posted by WTF

Well, WPF. I can see you googled "gift tax". But you originally said gifted money is taxed as income. It is not. You are ignorant of tax law, not me. If you knew me, which will never happen, you would realize how stupid that statement is.

Your ignorance is exceeded only by your pomposity

Good God LL, you are making my point.

Without these type taxes...The Rockfellers would be running this country. They would pay no taxes, all politicians would just be working for them. You have to try a re-level the playing field from generation to generation. You want incentive to work, not incentive to just shield your money you got from your parents! Originally Posted by WTF

Are you really this stupid? And you call US simpletons?

Well, WPF. I can see you googled "gift tax". But you originally said gifted money is taxed as income. It is not. You are ignorant of tax law, not me. If you knew me, which will never happen, you would realize how stupid that statement is.

Your ignorance is exceeded only by your pomposity Originally Posted by CuteOldGuy

I said it was taxed...just like income is taxed. They are both taxed with exceptions but not taxed exactly.

That has two meanings, had you bothered to ask or been smart enough, you would have know that I was not stating that it was taxed exactly like income but taxed just as income is taxed.

I smell me some Mendacity every time I'm around your posts, why is that?