JerichoHill
Bedrock of Knowledge
Render unto Caesar what is Caesar's, Patroklos. Taxation is a legal and economic necessity.
What does that have to do with Pat's comment that there is no reason to pay more than you actually owe?
Render unto Caesar what is Caesar's, Patroklos. Taxation is a legal and economic necessity.
Render unto Caesar what is Caesar's, Patroklos. Taxation is a legal and economic necessity.
I have no doubt that Taniciusfox wants to pay his taxes in good faith. It's a shame that the system is so overly complex that someone who wants to do the morally right thing (pay what is owed, no less and no more) has a hard time determining the proper course of action.
A 17 year old should care more than a 67 year old because the 17 year old has to pay into the rot-gut system for 50+ years now.
The immorality is not in using the existing loopholes, but rather in lobbying for more loopholes to favor you at the expense of others.
Tfox, you have not updated us on your stock picking glory yet
Whether its intended for you, in your name, or not, I believe that it actually isn't your cash, unless I missed something as I think you've said you can
t work yet.
When you get money from your parents, it is not your money that is given to you. It is theirs. If they have to be legally responisble for it, then its theirs.
There is no debate to be had on the original topic, however. Saving money through legal means is by no means reproachable. It is not to the benefit of the individual to frit money away when they could do the same thing but cheaper.
Yes his father originally earned this money and paid income tax on it. He then gifted it to his son who invested it and earned capital gains based on the work of his investment decisions.
Now since Taniciusfox is still a minor and can't own property this gift and any capital gains derived from it are held in trust for his benefit by his parents. So on the surface this would seem to indicate that the capital gains should be taxed at the rate appropriate for the father. But the complicated tax code might actually say otherwise (how do rich child stars have their investment earnings taxed for instance?) ...thus Taniciusfox's dilema.
I would recommend speaking to a lawyer.
It seems like many of you view taxes as if all your income belongs to the government, and you are filing in order to be allowed to have some of it bestowed upon you.
Render unto Caesar what is Caesar's, Patroklos. Taxation is a legal and economic necessity.
Thats exactly my position, why do you want people tp payu more than what Caesar claimed is his?
If it was gifted to you, but its not legally in your custodianship, it is taxed at their rate.
Also, I would advice not getting cocky b/c of one week's results. Good investors never get cocky
"Tax avoidance" is very confusing term. I'd recommend "tax optimization".
Next thing they are saying that it is morally reprehensible to drive a "green" car while being sober - that's just stealing gas and liquor excise from the government!
Are you investing or are you gambling?
You're not 18, Tanicius. You don't own anything legally.
Fairmark said:Once you've transferred assets into a custodial account, you're not permitted to take them back. Those assets belong to the child. You probably can't take the assets back even with your child's consent, because your child isn't old enough to give valid consent on such matters.
You're not 18, Tanicius. You don't own anything legally.