Brainglutton, I am so tired of your BS

Qualify that “without any further income tax ramifications for either the donor or donee” to exclude donations to charities, political parties and the good old government, for in those circumstances there may be ramifications via a deduction available to the donor, and via restrictions on what the not-for-profit may do with the donation (e.g. there may be tax on money that a not-for-profit socks away without having a firm plan in place for spending it). In any event, the simple point is that in Canada in most circumstances there is no gift tax. There is no reason why the USA has to have a gift tax if it choses. There is nothing that fundamentally inextricably intertwines gift tax with income tax. An income tax system can truck along quite nicely without an overall gift tax.

Shows what you know. :slight_smile:

I gather from what you say that there is an Antelope Valley Freeway IRL, but I didn’t know nothin’ about that until now.

I was quoting from Firesign Theatre’s “How Can You Be in Two Places at Once” album. Nobody listens to the classics anymore. :wink:

Are you guys in the right thread?

The USA does have a gift tax, but it’s intertwined with the estate tax rather than the income tax, so few people that don’t keep an accountant on retainer ever brush up against it.

There’s an annual exemption currently at $12,000 per giver/recipient combo, so if you and your spouse were US residents and were giving a large gift to me and my wife, you two could give us $48K without the IRS taking note.

But even the gifts in excess of the annual exemption only count towards using up the giver’s estate tax exemption, which varies from year to year but is currently in the low millions. (As in US dollar amount, as opposed to the indie pop group.)

So the actual answer to Lib is that giving him money to pay his taxes wouldn’t affect the amount of tax he owed. But I didn’t see any reason why he should already know that, and it seemed tangential to the discussion anyway, so there didn’t seem to be much point in bringing it up earlier.

Like the spirit of the Lord, the digressions go where they will. :cool:

Lord knows, I am all in favor of digressions, I guess I just didn’t get the reference. :cool:

Yeah. That was explained to me a page or two ago. But thanks. It’s always good to review. :slight_smile:

So fer christ’s sake, give me some money!

Money, like the spirtit of the Lord, goes where* it * will. Some people seem to actualy attract the stuff, like magnets. Me, I put my wallet down, it tries to crawl away.

That’s because you keep it in your back pocket and you fart a lot. It’s desperately trying to save itself. :smiley:

And what’s a ‘spirtit’? Sounds like a wonderful blending of flesh and spirit. :stuck_out_tongue:

You should have gathered that I had heard the album in my misspent youth.

Now I’m going to have to dig this up and give it another listen, because I recall how delighted I was when I discovered that there actually is an Antelope Valley Freeway.

Off to dig into a heaping bowl of Loostner’s.

“Anyone not completely wasted will be immediately disqualified” :smiley: (From a Tank MacNamara cartoon about a celebrity sports show with rock stars.

Well, OK, I guess drug envy is something I can relate to.

I expect you to mail 91% of your drugs to the U.S. Treasury for an appropriate redistribution.

Screw that, I’ll just light it and pass it. You’re in Canada? Might take a while, getting to you.

[sub]Watch it, their bucks is worth more than ours now’days. Don’t piss 'em off.[/sub]

Fuck 'em. We’ll just raise their rent.

“Oh, it ain’t no use if you ain’t got the boost,
the boost you get from Loostners!
Loooooooostners!”