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A comment on ProPublica's tax story. Parent comment
They manifestly are income for the recipient.
They aren't taxed as such, though, because undertaxing income through generational wealth transfer is how you preserve a privileged elite.
> Additionally, there are annual and lifetime exclusions for gift tax.
The annual per-recipient limits are large, only amounts over them count against the lifetime limit, and the lifetime limit is enormous.
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They manifestly are income for the recipient.
They aren't taxed as such, though, because undertaxing income through generational wealth transfer is how you preserve a privileged elite.
> Additionally, there are annual and lifetime exclusions for gift tax.
The annual per-recipient limits are large, only amounts over them count against the lifetime limit, and the lifetime limit is enormous.