Bartholomew Bigbucks and the Generosity Tax | Gemini Storybook
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Bartholomew Bigbucks and the Generosity Tax – Page 1
"Bartholomew "Barty" Bigbucks wasn't just generous; he was extravagantly, absurdly, "here's-a-solid-gold-unicycle-for-passing-your-driving-test" generous. His motto was, "If it's worth giving, it's worth over-giving!""
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Bartholomew Bigbucks and the Generosity Tax – Page 2
"But one day, a woman appeared in a puff of beige smoke. "Mr. Bigbucks," she sighed, adjusting her sensible glasses. "I'm Agent Penelope Pincher from the IRS. We need to talk about your... 'generosity'.""
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Bartholomew Bigbucks and the Generosity Tax – Page 3
""You see, Barty," Penny explained, "when you give someone a gift, Uncle Sam sometimes wants a little piece of that gift. It's called the Gift Tax. Think of it as a 'thanks for sharing' fee.""
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Bartholomew Bigbucks and the Generosity Tax – Page 4
"Barty gasped. "A tax on kindness?" Penny gave a small smile. "Not exactly. There are loopholes! Or, as we call them, 'exclusions.' For 2025, you can give up to $18,000 to as many people as you want, every single year, and I don't get to say a thing about it.""
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Bartholomew Bigbucks and the Generosity Tax – Page 5
""So this solid-gold yacht for my mailman...?" Barty asked hopefully. Penny shook her head. "That, my friend, is what we call a 'taxable gift.' It's the part of the gift that's over your $18,000 freebie.""
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Bartholomew Bigbucks and the Generosity Tax – Page 6
""But don't panic!" Penny said, unrolling a scroll that stretched across the room. "You also have a massive 'Lifetime Exemption.' It's a huge pot of money you can give away tax-free above the annual limit over your entire life. Every taxable gift just nibbles a little bit away from this giant pot.""
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Bartholomew Bigbucks and the Generosity Tax – Page 7
""What about when I'm... you know... gifting from the great beyond?" Barty whispered. "Ah, the Estate Tax," Penny said grimly. "That's when we look at everything you own when you're gone.""
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Bartholomew Bigbucks and the Generosity Tax – Page 8
""But here's the magic trick," Penny announced. "Your Lifetime Exemption and your Estate Exemption are linked! It's all part of one big 'Unified Credit.' Whatever you don't use up on lifetime gifts can be used to shield your estate from taxes after you're gone.""
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Bartholomew Bigbucks and the Generosity Tax – Page 9
"A lightbulb appeared over Barty's head. He could still be generous, just... strategically generous! He started giving gifts of exactly $18,000. He also became very fond of giving very specific, non-binding IOUs."
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Bartholomew Bigbucks and the Generosity Tax – Page 10
"So Barty learned his lesson. You can be generous, but it pays to be smart. Remember: Give up to $18,000 a year for free. Use your big lifetime bucket for the really huge stuff. And whatever is left in the bucket helps protect your stuff when you're gone. Now, who wants a reasonably priced scone?"
