Revise Kiddie Tax
- By: Matt Sells
- Target: President Obama, Vice President Joe Biden
Kiddie tax is a tax designed to keep parents from hiding money in their child's account so they won't have to pay taxes on it. A child is taxed if they're under 19 years old and have greater than $1800 in their bank account. The two major problems are that money saved for a child's college can be affected and also if a child receives an inheritance from a deceased parent, grandparent, etc. that totals more than $1,800, they will be heavily taxed.
I strongly urge you to revise kiddie tax. Your administration urges kids to attend college, but money is usually an issue. If parents save money there child's account for college, they will be heavily taxed. Also, if a child inherits greater then $1,800 from a deceases parent or grandparent, etc., they will also be heavily taxed. I propose that government takes the time to see where the child's money is coming from before taxing them.