if the taxes are paid on money when it's made, the govt can tax it a second time if you give it away???
Posted on 08/13/2008 3:53:25 PM PDT by Laissez-faire capitalist
Former presidential candidate John Edwards knew his ex-mistress, Reille Hunter, was receiving payments from his former campaign finance chairman, according to the National Enquirer, the publication that broke the story of Edwards' affair.
What's more, says the Enquirer, it has "uncovered that Edwards' political operatives are still paying" Hunter.
After months of denials, Edwards admitted to the affair, but vehemently denied fathering a baby with Hunter, or knowing she was being paid.
Edwards said, "I've never paid a dime of money to any of the people that are involved. I've never asked anybody to pay a dime of money, never been told that any money's been paid."
If the story is true, asked CBS News correspondent Blanca Soloranzo, the question remains, where did the money paid by the former Edwards campaign finance committee chairman, Fred Baron, come from?
...
(Excerpt) Read more at cbsnews.com ...
And if someone gave money to another person, who then gave this money to Reille Hunter, wouldn't the person giving the money have to report it on their tax forms, followed by the person receiving it, followed by Reille Hunter receiving it?
Just questions, just mere speculation, but there would be legalities involved if this CBS story were true.
Whay say you?
The person giving money in excess of 12K will have to file a gift tax return. I don’t believe the recipient of the gift is required to report it.
“I’ve never paid a dime of money to any of the people that are involved. I’ve never asked anybody to pay a dime of money, never been told that any money’s been paid.”
This guy is a lawyer and this was practiced. Use your Clintonian decoder ring:
“I’ve never paid a dime...”
No dimes!
And if he means no money, then, still, he wasn’t the one paying.
“I’ve never asked anybody to pay...”
They volunteered! Gee, it would sure help me out and help make you the predidential chief of staff if this little problem went away...
“never been told that any money’s been paid”
Was he told it was going to be paid? Did he know it was paid? Did he know it was going to be paid? He doesn’t answer any of these questions.
That was a classic literal answer designed to get people to report something he didn’t say.
I can’t understand your worldview?
Yup, my thoughts exactly...
The one giving the gift is responsible for declaring and paying the taxes... And it’s a pretty hefty tax as well, IIRC the gift tax is 55%, but I could be wrong. I also believe that there’s a $1,000,000 exemption option as well, but I could also have that wrong too.
The tax code is NOT my forte.
Mark
follow the money...
He could gift $12k to 100 people who in turn gifted her $12k each she would have $1.2 million tax free and unreportable.
I’m sure these statements by Edwards could be technically true. If he never asked that money be paid, but his bag man made arrangements without telling Edwards, it could be technically true. But I’m sure there were understandings of what was supposed to happen. It could well be that Edwards and his bagman discussed the situation without Edwards specifically giving the orders to pay her off.
And it could well be that Edwards told the money man he didn’t want to know any details of what he did.
I think this is called “plausible deniability”? Edwards possibly can truthfully say that he never asked that money be paid, and it may be truthful that nobody ever told Edwards that the deed was done.
But, somewhere, somehow, a signal was sent that Edwards wanted this done.
That statement sounds like Clinton’s “I never told any person to lie, not ever”.
she is in on the whole scam. By refusing to allow the paternity test she is saying to all the world that Edwards IS the father. If he wasn’t she would be the first to should the negative results.
She’s getting $15,000 a month and gets to live in a $3,000,000 home to keep quiet. If anything happens to her payola, she’ll be the first one in court demanding payment.
Once a LIAR, always a LIAR. Nough said!!!
Wouldn't doubt that she signed something saying she would not ask for a paternity test as long as she keeps getting her money!
He covered his A$$ in case this ever came out in public!
if the taxes are paid on money when it's made, the govt can tax it a second time if you give it away???
Don't forget FDR who was running around even though he couldn't walk. Like NY's Gov. Paterson who was seeing other women even though he couldn't see.
Strange how they refer to her as his “ex.” Before the National Enquirer story broke, he was still seeing her...not hardly an “ex.”
So his campaign manager was sending money to them, regularly, but didn’t know why he was doing it, and Edwards never told him to do it??????
Darn shame that Qui Tam doesn’t apply for tax cases.
I will be eagerly watching for the Enquirer to break this story:
“Breck Girl Edwards’ Backside Sore from Prison Cellmate Rump Bump”
"If you gave any one person gifts in 2007 that are valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value."
"Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift."
[snip]
If the Campaign finance guy was sending $$$$ to the mistress and to the Andrew Young guy - why isn’t the FEC looking into arresting the campaign guy and/or John Edwards?
I believe that is an illegal use of campaign money.
As always - FOLLOW THE MONEY.
And, as always - the DEMS ARE THIEVES, LIARS, AND CHEATS.
May this particular lying Dem who has been caught also pay for his crimes - most likely using money given him for his campaign to instead pay hush money to his mistress!
you can give up to the annual exclusion amount ($12,000 in 2007 and 2008) to any number of people, every year, without facing any gift taxes, and without the recipient owing an income tax on the gifts.
And you can give up to $1,000,000 in gifts that exceed the annual limit, total, in your lifetime, before you start owing the gift tax.
If you give $15,000 each to ten people in one year, for example, you’d use up $30,000 of your $1 million lifetime tax-free limit—ten times the $3,000 by which your $15,000 gifts exceeds the $12,000 per-person annual gift free amount.
The one giving the gift is responsible for declaring and paying the taxes... And it’s a pretty hefty tax as well, IIRC the gift tax is 55%, but I could be wrong. I also believe that there’s a $1,000,000 exemption option as well, but I could also have that wrong too.
There is a $12,000 a year exclusion per gift receiver, as well as a $1,000,000 lifetime exclusion for the giver. Meaning if I have 5 friends that I want to give gifts to, I wouldn't have to pay any taxes on those gifts (and neither would those who receive them) as long as I kept those gifts below $12,000 a year per person. So I could give away $60,000 in this example without any tax liability... And I could continue to do so every year, until I hit that $1,000,000 lifetime exclusion. Once my total gifts given hits $1,000,000, from that point on, I'd have to pay the gift tax on every dollar I gave away.
And I was also wrong about the rate: It's 45%, not 55%.
Mark
The one giving the gift is responsible for declaring and paying the taxes... And it’s a pretty hefty tax as well, IIRC the gift tax is 55%, but I could be wrong. I also believe that there’s a $1,000,000 exemption option as well, but I could also have that wrong too.
There is a $12,000 a year exclusion per gift receiver, as well as a $1,000,000 lifetime exclusion for the giver. Meaning if I have 5 friends that I want to give gifts to, I wouldn't have to pay any taxes on those gifts (and neither would those who receive them) as long as I kept those gifts below $12,000 a year per person. So I could give away $60,000 in this example without any tax liability... And I could continue to do so every year, until I hit that $1,000,000 lifetime exclusion. Once my total gifts given hits $1,000,000, from that point on, I'd have to pay the gift tax on every dollar I gave away.
And I was also wrong about the rate: It's 45%, not 55%.
Actually, I got the entire $1,000,000 lifetime exemption wrong as well. It kicks in as soon as you exceed the yearly single individual exemption, if you wish. So, tecnhically, I COULD give one person a $1,000,000 gift without having to pay any gift tax on it, using that lifetime exemption: The only thing is that it DOES count against your estate tax exemption...
Mark
Yes, unfortunately. The gift tax is designed to prevent people from gifting large sums of money to people (most likely heirs) in order to avoid estate taxes. It is rare to see strangers gifting young women large sums of money, as most of the situations with gifts are to children in anticipation of death. Still, the gift taxes apply, even for hush money.
thx...
Is an investigation being done now, or will the IRS look the other way until this dies down?
If John Edwards and everyone involved doesn’t get a visit from the IRS, then there should be a revolution in this country to shut the IRS down.
John Edwards, Reille Hunter, Andrew Young, and the lawyer writing the checks have all committed Tax Fraud and/or Campaign Finance Fraud.
His finance chair was sending the money? He was the bag-man?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.