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Joined 1 year ago
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Cake day: September 27th, 2023

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  • It’s really fucking complicated and we don’t really assign purchases in a way that’d fully solve the problem - but if taken to a logical extreme I think simply taxing gifts as income sort of fixes all the loopholes.

    If we’re talking about the US the minimum income threshold for taxation is 13,850 - most personal expenses children incur wouldn’t sum up to exceed that threshold (outside of medical bills which it’s insane you have privatized in the US). So if gifts were treated as an income source then the first time kids would probably be hit with any owed taxes would be being gifted a car or being gifted college tuition.

    I think the standard exemption should probably be higher than it is but it’s still high enough to cover what we generally consider common expenses when raising a child. Using a rule like this would really even out the playing field for kids.