I'm sorry, but you don't know what you're talking about. The gift tax exemption is not $10k, that's the point you have to fill out a form telling the IRS about the gift.

You have a lifetime gift exemption of $12.06 million. The first twelve million dollars you give away is tax-free. Recipients (almost) never pay tax on what they get, it's a tax on the gifter.

Estate tax is also a cool $12.06 million dollars. No working person is ever hitting either of these limits. Conservative news goes on and on about the death and gift taxes because they want working people to be mad about taxes that will only ever hit the extraordinarily wealthy.

>It also abolishes income tax (take home what you make), payroll tax, estate tax and any gift taxes like the ones we pay after gifting 10k or more. Guarantees high taxes on extravagant purchases, cars, boats, houses etc. Don't see how that's a bad thing at all.

This is an idiotic, regressive tax plan supported only by dumb assholes and the super rich, it would only benefit the wealthy, and that's why Republicans support it. Guess you got tricked.

E: The gift tax isn't reportable by the donor until he or she gifts a lifetime total of $12,920,00, and that only includes gifts per donee beyond the annual exclusion, which this year is $17,000.00.

So unless you have gifted over $12.92 million in your whole life, not including the first $17k you gift each person per year, you will never pay one penny in federal gift tax and neither will anyone to whom you've given money.

CT excludes $16k annually and $9.1 million lifetime.