My guess is this is of interest to us because it sounds an awful lot like UBI. But, I think the key difference is that the money is connected to parents, who presumably have a standard for how it's spent. If E.J. ended up spending it on drugs or other perceived vices, there's a chance the money might be cut off. The point of UBI is that it is 100% no-strings-attached, which has a different dynamic. That dynamic is one that concerns the anti-UBI people.
My Parents Give Me $28k a Year
11–20 of 333 posts
Re: My Parents Give Me $28k a Year
#12> I get an annual gift of $28,000, distributed, in my case, in monthly checks mailed to my house for $2000 and $334 (to make it easier to deposit remotely), completely tax free. Why would this be necessary? The IRS knows this money is being distributed. What difference does it make if it comes as an annual lump sum?
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Re: My Parents Give Me $28k a Year
#13My guess is this is of interest to us because it sounds an awful lot like UBI. But, I think the key difference is that the money is connected to parents, who presumably have a standard for how it's spent. If E.J. ended up spending it on drugs or other perceived vices, there's a chance the money might be cut off. The point of UBI is that it is 100% no-strings-attached, which has a different dynamic. That dynamic is on…
The point is that the average person doesn't get $28000 a year. A landlord won't raise the rent of the author just because he has more money.
Re: My Parents Give Me $28k a Year
#14My guess is this is of interest to us because it sounds an awful lot like UBI. But, I think the key difference is that the money is connected to parents, who presumably have a standard for how it's spent. If E.J. ended up spending it on drugs or other perceived vices, there's a chance the money might be cut off. The point of UBI is that it is 100% no-strings-attached, which has a different dynamic. That dynamic is on…
I think it's of interest to us because wealthy people so rarely speak so candidly about their wealth and the advantages it gives them.
Re: My Parents Give Me $28k a Year
#15> I get an annual gift of $28,000, distributed, in my case, in monthly checks mailed to my house for $2000 and $334 (to make it easier to deposit remotely), completely tax free. Why would this be necessary? The IRS knows this money is being distributed. What difference does it make if it comes as an annual lump sum?
Strange that people who have so much money to throw around waste their time on paper checks. Maybe it's intentional, in hopes that the child will feel a consequence of losing a check?
Re: My Parents Give Me $28k a Year
#16Internal server error (HN hug of death?). Anyone got an alternate link in the meantime?
Perhaps some of that 28,000 could pay for some upgraded hosting.
Re: My Parents Give Me $28k a Year
#17> I get an annual gift of $28,000, distributed, in my case, in monthly checks mailed to my house for $2000 and $334 (to make it easier to deposit remotely), completely tax free. Why would this be necessary? The IRS knows this money is being distributed. What difference does it make if it comes as an annual lump sum?
The article made it seem like it was for living expenses at one point which are typically monthly things? Perhaps they just got lazy and kept the same mechanism going. It doesn't matter if it's lump sum or monthly to the IRS, as you indicate.
Other potential reasons: - Banks do this for free via their web apps and it's easy to set up. Other services charge for larger one-time fees / wire transfers - SWIFT tracking if that's a factor? - A 28K one-time check would require branch access. Typically anything at a smaller dollar level is OK and under the monthly limit / single-check limit. If you don't live near a branch this is helpful (though one-time exemptions are relatively "easy" to negotiate. - Returns / payouts on capital might generate this cash on a monthly basis?
Re: My Parents Give Me $28k a Year
#18> I get an annual gift of $28,000, distributed, in my case, in monthly checks mailed to my house for $2000 and $334 (to make it easier to deposit remotely), completely tax free. Why would this be necessary? The IRS knows this money is being distributed. What difference does it make if it comes as an annual lump sum?
Strange that people who have so much money to throw around waste their time on paper checks. Maybe it's intentional, in hopes that the child will feel a consequence of losing a check?
It's so she doesn't get the 28k at once and spend it one something stupid, like a new car or a designer handbag.
Her parents might also be getting her bank statement monthly and check what is going on.
Re: My Parents Give Me $28k a Year
#19> That’s a $22.4 million of unearned income for the children of the rich, whereas the working class get taxed on their first dollar earned. A person could at least argue that my parents earned the capital they live off of. But me? I didn’t actually earn it.
At least she is self aware. Most people have a blind spot when they are the receiving end. For example, "This was my Grandpa's watch." is more often said than "I bought this apartment with my Grandpa's $500,000". The original ownership of physical items is flaunted, the original ownership of money is quickly hidden.
Re: My Parents Give Me $28k a Year
#20My guess is this is of interest to us because it sounds an awful lot like UBI. But, I think the key difference is that the money is connected to parents, who presumably have a standard for how it's spent. If E.J. ended up spending it on drugs or other perceived vices, there's a chance the money might be cut off. The point of UBI is that it is 100% no-strings-attached, which has a different dynamic. That dynamic is on…
People treat drug users as if this was something that they chose to do. In fact, most drug addicts are in this situation because they suffer from a tendency to drug abuse. Many of them had good jobs and lost them because of this condition. Holding up on the UBI program for everyone else because of the behavior of a few that need treatment is absurd.