On: Rich Families Are Legally Separating from Their Kids to Pay Less for College

[bcheung]

I'm supportive of this. Children should not be held accountable for "the sins of their parents". My parents started charging me rent when I was 18 and told me I had to pay for college entirely by myself. I don't see why their income should be held against me.

[dmoy → bcheung]

From reading the article, I think the point is that these kids aren't actually supporting themselves, they're just made to seem that way on paper.

[martin8412 → dmoy]

Surely their income from their parents is taxable at normal income tax level then?

[ohyeshedid → martin8412]

Only if they give/receive more than 11.1 million over the course of their lifetime.

[dmoy → ohyeshedid]

And that, only the amount over $30k/yr for a couple gifting their child.

[jkdufair → martin8412]

Alas there are some pretty generous tax breaks on gifts.

[cdmcmahon → bcheung]

Yeah, that's not what's happening with the people in this story...