If a person on a federally funded program receives a cash gift from someone they are mandated by law to report it as it affects their benefits. It is considered income. This Monetary Gift could affect their Benefits. They are not entitled.
On the other hand...
If you come from "Old Money" you are allowed to receive all the monetary gifts you want, and don't have to pay taxes on it either, even if it is your sole source of income. Furhtermore when the money is transferred from Grandpa's account he not only is exempt from paying taxes on it, he gets to write you off as a charity. A three way win.
Is this "Old Money" doing anything for the Economy? NO. it does not work for America, it just bounces around from bank account, to bank account, avoiding taxation and all with the Government's Approval. If Tax Law's were adjusted and some of the loopholes were tied up, maybe the Poverty Stricken Working Class who just can't seem to cut a break wouldn't have to carry the burden of the country's deficit alone.
Listen Up Republican's, your answer to the deficit lies in evening up the playing field.
On the other hand...
If you come from "Old Money" you are allowed to receive all the monetary gifts you want, and don't have to pay taxes on it either, even if it is your sole source of income. Furhtermore when the money is transferred from Grandpa's account he not only is exempt from paying taxes on it, he gets to write you off as a charity. A three way win.
Is this "Old Money" doing anything for the Economy? NO. it does not work for America, it just bounces around from bank account, to bank account, avoiding taxation and all with the Government's Approval. If Tax Law's were adjusted and some of the loopholes were tied up, maybe the Poverty Stricken Working Class who just can't seem to cut a break wouldn't have to carry the burden of the country's deficit alone.
Listen Up Republican's, your answer to the deficit lies in evening up the playing field.
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