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Go Fund Me Tax-Free: A Discussion of the Federal Tax Treatment of Funds Generated on Personal Crowdfunding Platforms such as GoFundMe from an Individual Tax Perspective
May 18, 2020Authors . Blog News . Certified Review . Feature . Feature Img . Issue Spotters . Policy/Contributor Blogs . Recent Stories . Student Blogs Article(Source) In 1913, Congress passed the Sixteenth Amendment to the United States Constitution which subjected all individuals to federal income taxation. According to the Center on Budget and Policy Priorities, income tax comprised 51% of all tax revenue in 2018 whereas payroll tax and corporate income tax comprised only 35% and 6% respectively. Because an