Discover and read the best of Twitter Threads about #optoutincometax

Most recents (1)

1) 26 USC Sec. 1 imposes tax on “taxable income”.
“Taxable income” is gross income minus deductions.

26 CFR Sec. 1.61-1 says “gross income” means all income...UNLESS EXCLUDED BY LAW.
🤔

Current Regs use various terms to describe income “excluded by law” from “gross income”:
2) 26 CFR 1.265-1 uses the phrase “class of exempt income” & say this means any class of income which is:

i) Wholly excluded from gross income under any provision of Subtitle A OR

ii) Wholly excluded from the taxes imposed by Subtitle A under provisions of ANY OTHER LAW 🤔
3) 26 CFR 1.312-6 uses the phrase “income not taxable by the Federal Governent under the Constitution...”

Wait! Doesn’t the 16th Amendment authorize taxation of ALL income? Apparently not!
Read 13 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!