While I wish everyone concerned a long and healthy life, a French radio programme suggested that the Americain tax collectors were rubbing their hands. This is because as American citizens they must put on their tax returns not only income but also gifts/presents. Can anyone verify this?
Its complicated, and much depends on your income and tax bracket - There are yearly gift limits, lifetime gift limits, spousal gift limits and so forth - Tax law changes yearly, but most could prepare their yearly taxes on their own - There's federal tax, state tax and in certain areas other taxes - Certain cities charge taxes for working in certain counties and living in others - Taxes vary by state, too - Very confusing!
According to my sister who's lived in the US for decades, , the reason US tax is so complicated, is that it provides lots of very lucrative work for their squillions of tax lawyers. And of course plenty of handy loopholes for the rich.