Fantastic! Now I can escape the tax liability on my paycheck by having my employer pay my debts rather than directly paying me a salary. Or, rather than contribute to MIRI and have some of this money go to salaries which are taxed I could instead payoff some of the debt of MIRI employees.
Sorry for the sarcasm, but for someone who has studied a bit of U.S. tax law it’s obvious that the IRS can’t allow Person A to payoff the debt of Person B without there being any tax consequences. Doing so would just create too massive a loophole for tax avoidance.
I think Rolling Jubilee has a better case for forgiving debt as an “exempt purpose” than you’re giving them credit for. In any event, EY noted recently (on Facebook, possibly?) that the legal system is made of people, not words. An obvious cheat won’t cut it.
(I can hardly complain about the sarcasm, having dished some snark of my own. It’s all good.)
Fantastic! Now I can escape the tax liability on my paycheck by having my employer pay my debts rather than directly paying me a salary. Or, rather than contribute to MIRI and have some of this money go to salaries which are taxed I could instead payoff some of the debt of MIRI employees.
Sorry for the sarcasm, but for someone who has studied a bit of U.S. tax law it’s obvious that the IRS can’t allow Person A to payoff the debt of Person B without there being any tax consequences. Doing so would just create too massive a loophole for tax avoidance.
I think Rolling Jubilee has a better case for forgiving debt as an “exempt purpose” than you’re giving them credit for. In any event, EY noted recently (on Facebook, possibly?) that the legal system is made of people, not words. An obvious cheat won’t cut it.
(I can hardly complain about the sarcasm, having dished some snark of my own. It’s all good.)