One of the taxes that we went over in class was This is a tax that is implied whenproperty, personal items, or money with a value of over10,000 dollars is given from one person to another. There are a few exceptions to this law such as giving tonon-prophit organizations or the donation is goingtowards an education or tuition. I feel that this is agood tax to have because it will keep greedy people fromtransferring their money around to evade paying taxes onit.Gift tax is will make sure that all citizens paytheir fair amount of taxes which is decided by theirincome. This tax is collected and responsible to thedonor. This person must file a gift - tax return withthe Internal Revenue Service. There are little ways toextend the amount of a gift given but there is no wayaround the tax that there is to be paid. One of thetricks is to have a man and his wife donate because any gift coming from a marriage can equal 20,000 dollars,10,000 from the husband and 10,000 from the wife. Medical, educational, non - prophit organizationdonations, gifts to charities, and gifts to a spouse aretax exempt. Some examples of gifts that are not taxable aregiving your nephew 9,000 dollars for a present becauseit is not over 10,000 dollars. Also paying 15,000dollars for your friend to go to college is not taxablebecause it is for a tuition. Now if you gave your son25,000 dollars the first 10,000 dollars are tax exemptbut you have to pay tax on the other 15,000 dollars.I think that this is a good tax because it keepspeople from using other people to hold their money sothey do not have to pay taxes on it. It will also makemore wealthy people want to give to charity or help outthe less needy. This tax overall is good to keep themoney circulating around the United States and not alltied up in the pockets of greedy old men.I am sure that people would rather give money to anon - prophit organization than the IRS so this tax willalso help those people out....
