is the ONLY way to make tax liability independent of how income is distributed. This is not an opinion, but a theorem, which I will prove here if you want me to do so.
It is really very simple. If Bob makes income Bob pays income tax, and can claim one exemption... If Susan makes income, Susan pays income tax and can claim one exemption. If Billy makes income,... more
The point is that, by transferring income producing assets to some minor, a new taxpayer and corresponding new personal exemption is created. Hence tax liability is reduced. The ONLY way that tax can ... more
If one indivdual "transfers" wealth to another indivdiual that is INCOME for the other indivdual, who must pay taxes on it... AFTER the first indiviual payed taxes on it in the FIRST PLACE... Dad... more
in the same family, to a trust fund, etc, etc. I have never heard of them being called income, although that would be in the spirit of my flat rate tax. This is an interesting matter that requires... more
Folks just USE that word to AVOID it sounding like they are paying... If I "transfer" twenty dollars to you, you have been paid twenty dollars. It doen'st matter WHY. Now, it is possible that you... more
scratch with none of the existing loopholes... If someone gives you money it is income... I think some extremely limited exceptions might be in order such as a person under the age of 16 can recieve... more
Y is required to pay, NOT Mr X, but Mr X's wife, son, daughter, dog, etc. Sure, it is taxable income, but such subterfuges permit the income and consequent tax to be spread to several individuals. Mr ... more
And because it WILL when an 8 yr old claims 20K in income without being legally able to work, it will be amply clear that that money is actually compensation for Mr. X's job, and Mr X will then be... more