Sounds like the Mafia, right – “a cut”. But what other takeaway can there be to this but that Govt wants us to be less charitable – but they want more:
- you can give a tax-free gift of up to $13,000 per person.
- If you’re married, you and your spouse can each make such a gift (total of $26,000)
- Lifetime gifting: Lifetime giving each is $5,120,000 to a person
- Lifetime gifting: the limit drops is $1,000,000 to a person (big drop from $5MM)
Once again, we see Government wanting more and Society with less. If I have earned this money, and I want to give it to someone of my own free and voluntary will, why should Govt get a cut for which they have not earned? On money that I have already paid taxes once on (and if the money is derived from dividends, money that has been taxed TWICE).
So, who are the greedy ones?