Ideas for Improving America
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Why would we allow you to "transfer" income?
Tue Nov 20, 2012 4:21pm

Your income is your income, and you pay taxes on ALL of it...

If you LATER give some of that money to your child, that is fine. Then the child has income and must pay income taxes on ALL he gets...

  • It cannot work that way.David F Mayer, Tue Nov 20 1:32pm
    This leads to income transference. Daddy puts income producing assets into name of minor, who thereby becomes a taxpayer and creates an exemption. Besides, we need to recognize that kids cost money.... more
    • Why would we allow you to "transfer" income? — Sprout, Tue Nov 20 4:21pm
      • Hoist on my own petard. I yield.David F Mayer, Tue Nov 20 9:21pm
        You are correct. This would amount to a deduction. Opening the door for JUST ONE deduction, opens it for thousands. Thanks for pointing out my error. David F Mayer
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