Gift Tax And Short Term Cap Gain Tax The Same?
Is a "one-time gift tax" the same as a "short term capital gain tax?"
The U.S. military allows Do-it-Yourself moves, but takes 33% or so from the military member, calling it a one-time gift tax. They do it again in 3 months, and so on. Same with their bonuses, they love to keep taking 33%, with finance officials calling it a "one-time gift tax," since its not monthly income, but it sure does occur several times in one tax year.
Wish there was a law that only one gift tax in any category can be applied each tax year; the second gift/bonus etc. causes BOTH and subsequent gifts to be taxed as income.
Some persons work harder to get their bonuses; if it starts to be their income, it's their income.
Naturally military members find out late, after reading the sales pitch for their dangerous or dead-end career field--they find out when the get $700 less than promised.
Not a crucial question, just wondering.
Alan
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