WASHINGTON, D.C –
In order to help defer costs of Obamacare and immigration amnesty, the IRS is digging deeper into Americans’ pockets with the “Christmas Gift Tax” or “The Gift Tax.”
Recipients of any gift will be required to declare the retail value of said gift as earnings added to their personal income tax.
Example: If you make $36,000 per year and a relative gifts you a $10,000 truck for your birthday, your adjusted personal income will be $46,000.
Americans will need to keep a tally of gifts received along with estimated retail values which will need to be included in personal tax filings (corporate gift-giving is exempt from taxation).
Representative Stevens: “Americans cannot afford more taxes. Obama should be impeached for this.”
Obviously, this program will be fraught with fraud as many people will not declare all their gifts because it will increase their personal income taxes.
“We realize people will cheat the system and not report all of their gifts. Some will really need to dig down deep and fight the urge to cheat,” IRS representative Bertha Bloom said. “But most people are honest. Most people want to pay taxes so they can help pay for government programs like Obamacare.”
The program goes into effect December 25th, 2014. The IRS will provide a mobile and web app to help people track gifts they have received.
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