Is Cash Gifting Really Tax Free?
Most if not all gifting programs say yes. But is it just a slick ploy to get you in?
The most common document cited by cash gifting programs would have to be the Department of the Treasury Internal Revenue Service Publication 950. I’m not going to explain it here because there are hundreds, if not thousands of cash gifting articles on the net with this information. I’m going to go a different route..
Hmmm – Tax… What is the old saying? “Nothing is certain but death and taxes”.. I don’t think there are many more depressing quotes than that.
I would like to pose a question to you. How many people out there have researched the origins of income tax – or more specifically the laws pertaining to income tax in the United States? what if I was to propose that there are in fact NO specific laws requiring anyone to pay income tax, much less be fined or imprisoned for it?
A wild claim you might be thinking.. That’s what I thought. Until a little digging started to uncover some very interesting stuff indeed.
Former 19th Congressional District Candidate and famous author and researcher of The Federal Reserve System Michael “Mickey” Paoletta has this to say:
“I have been reading and researching the history of the income tax laws in the United States for several years. Based on my information, I cannot find any provisions of the Internal Revenue Code that requires me to file a 1040 income tax return.
After critically examining my CD-ROM containing the entire Internal Revenue Code, I could not locate any code section that imposed a liability on U.S. citizens for a tax on income when working within the States of the Union. I have researched specific statutes and implementing federal regulations and can’t find where the Internal Revenue Service has the power to impose upon me a liability to file an income tax return.”
There is a growing number of CPA’s, business professionals and financial specialists that are spear-heading a movement of non-conformists who are refusing to file a tax return for this very reason.
I do not pretend to be an expert on the in’s and out’s of taxation law in America, nor am I inciting or directing people to stop paying income tax. I am purely and simply trying to perhaps inspire some of you to delve into this research for yourself, and at the same time answer the question that I have posted in the title of this article..
So this query takes on a whole new dynamic.. Now the question is no longer “Do cash gifting participants have to pay income tax on received gifts?”. It surely must be “Does anyone have to pay income tax?”
Definitely food for thought..