|Posted: October 13, 2011, 3:39 pm - IP Logged|
What I can't fathom though is how the hell we let them get away with this kind of highway robbery. When did this gift tax happen? Were we all sleeping? Was it done in secret?
I know democrats love high taxes but I think a majority of Americans would be against this outrageous abuse of taxation.
It's because most of us will never be in a position to pay the gift tax, so it goes under our radar. I think you can gift up to $13,000 a year to a person without you or the recipient paying any taxes. And you can give as many people as you want up to $13,000 a year without paying a gift tax, until it adds up to some multi-million dollar limit. I don't remember if the limit is per year, or a life-time limit. I think you can combine 5 years of giving someone $13,000, and hand them 65,000 without paying the gift tax, but if you give them anything else (cash or merchandise) during the next 5 years, you pay the gift tax on that. Something like that. I'm sure there are accountants around that can correct me if I'm wrong. But, how many of us ever have more than $13,000 to give to anyone?