The Gift Tax Essay

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The Gift Tax One of the taxes that we went over in class was gift taxes. This is a tax that is implied when property, personal items, or money with a value of over
10,000 dollars is given from one person to another.
There are a few exceptions to this law such as giving to non-prophit organizations or the donation is going towards an education or tuition. I feel that this is a good tax to have because it will keep greedy people from transferring their money around to evade paying taxes on it. Gift tax is will make sure that all citizens pay their fair amount of taxes which is decided by their income. This tax is collected and responsible to the donor. This person must file a gift - tax return with
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Medical, educational, non - prophit organization donations, gifts to charities, and gifts to a spouse are tax exempt.

Some examples of gifts that are not taxable are giving your nephew 9,000 dollars for a present because it is not over 10,000 dollars. Also paying 15,000 dollars for your friend to go to college is not taxable because it is for a tuition. Now if you gave your son
25,000 dollars the first 10,000 dollars are tax exempt but you have to pay tax on the other 15,000 dollars.

I think that this is a good tax because it keeps people from using other people to hold their money so they do not have to pay taxes on it. It will also make more wealthy people want to give to charity or help out the less needy. This tax overall is good to keep the money circulating around the United States and not all tied up in the pockets of greedy old men.

I am sure that people would rather give money to a non - prophit organization than the IRS so this tax will also help those people out. These people with all the money can give out as much money as they want but once

they give a gift over 10,000 dollars then they pay tax on it. This law that was adopted in 1932 was established to protect the people from greed and I feel that it is doing a very good job. Professional

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