When we are paid an hourly wage of $7.25 an hour, it's taxed by the IRS as"earned income". If you are a waitress or a bartender and receive atip, it's not considered a "gift" by the IRS, so it's also taxed asearned income. Since 2002 the lifetimeexemption for gifts has stood at $1 million. But tips are not considered"gifts" by congress (those who write the tax code).
If we are laid off, we pay taxes on our unemployment checks; but if someonelike Paris Hilton receives a $10 million inheritance from her parents, it'sexempt from all inheritance taxes.
Corporations can write off billion-dollar salaries that are paid as stockoptions and dividends to their executive directors, and they call it"payroll".
Facebook is getting a multi-billion-dollartax cut for paying co-founders like Eduardo Saverin, who renounced his U.S.citizenship to avoid paying income taxes on his capital gains...income he madefrom stock options and dividends.
But if I cheat on my taxes (by not reporting all my tips), I can havea lien put on my house, have my bank account frozen, have my wages garnished,and maybe even go to jail.
But tax evaders with Swiss bank accounts are offered "amnesty" --anddummy-corporations can exist in the Cayman Islands to legally avoid taxes.
It's no wonder that thetop 1% captured 121% of all income gains from 2009 to 2011.
And when everyone else was still paying taxes while losing their jobs, theirhomes, their cars, their savings, their spouses, and even their lives --- somemembers in congress were evading their income taxes and living large onsomeone else's money.
We can't reform the tax code until congress first reforms itself, but aswe've seen with the filibuster, congress is perfectly happy with the currentstatus quo.
John Stossel on Fox News says, "Facebook isn't doing anythingwrong, they're just obeying the law."
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