Goodoledays
VIP Member
Given that Romney is as liberal/progressives/idiots complain, giving the wealthy tax breaks much like Obama enjoys.. (Obama deducted the $48k he gave his daughters.."gift deduction)...what will those filthy 1% rich do with the tax savings?
1) Will they spend it on yachts,planes, more houses?
2) Even after spending more will they
a) bury this excess money in the backyard?
b) hide under the mattresses?
What happens?
Would you liberals/progressives tell me what happens with these tax savings?
They'll deposit the money into a banking system which is already overloaded with cash - i.e. it goes into a bank vault or a federal reserve deposit account and sits there and does absolutely nothing to help anyone. In many cases it will even get deposited in foreign bank accounts. Sorry, but the wealthy have plenty of cash to invest. They aren't investing it because demand is low.
President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.
The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.
There is nothing illegal about the presidents taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthymillionaires and billionaires like himselfto pay less in taxes.
Sorry but the Obama's already paid taxes on that 48k, you entirely misunderstand the law. But of course, you didn't bother to even check out that law yourself, because you're not an independent thinker and never question what the right wing media tells you.
The exemption is for an additional tax the IRS levies on the giver of a gift. This tax is meant (in part) to prevent the uber-wealthy from avoiding the estate tax by transferring their wealth to their heirs while they are still alive. There is an exempt amount because obviously, it would be absurd if you couldn't give your kid a gift without paying a tax. This exemption is the same exemption that allows every parent, aunt, grandpa, etc. to give a child a birthday present without having to pay an additional tax to the IRS on that gift. The Obamas already paid taxes on their income. The exemption just allows them to give their children a cash gift without being subject to an additional tax.
And the amount of money the rich put under their mattress has already been taxed. Its not that they didn't earn it. Since they did they can do anything they want with it. The left just wants them to redistibute it. Well they can go out and earn for themselves. Stop looking for handouts.