This article will look at the legal,ethical and moral aspects of cash gifting programs like the Overnight Cash System. If cash gifting programs are really legal is a very hotly debated point. The ones who are in the programs will tell you it is all totally legal. This is taken from the The Overnight Cash System website:
By definition, Cash Gifting is the act of privately or publicly giving another person or entity a declared sum of cash (strictly as a gift) and giving it freely without coercion or consideration. Cash Gifting is not a loan or a payment for goods or services. Its called a cash gift because thats exactly what it is...a gift of cash.
Over the years, there have been many opinions and thoughts as to the legitimacy of Cash Gifting as a viable and honest means of generating cash. But at the heart of Cash Gifting is a fundamental principle that is often overlooked and convoluted with greed and the love of money..
This principle is quite simple: to help your fellow man (or woman) through giving, and in return be recognized and rewarded for your participation in the giving process.
Here is another opinion: If you checked the IRS code (such as the oft-cited Publication 950) you would discover that, if you get something or somethings in return for your gift, FROM ANYONE AT ALL, exceeding the value of the gift, your gift ceases to be a gift under the law. As the FTC warns people, gifting statements are an attempt to make an illegal transaction look legal to the laymans eye. They do not fool the professionals nearly as well.
As far as the ethical question: You are sending large sums of cash to a stranger and you are signing a gifting statement that you dont expect anything in return. You are doing it because you want other people to send you cash gifts. That is the truth. That is not expecting nothing in return.Your motivation is not giving: it is wanting to receive.
Is it right to be in a activity that gives you large amounts of cash for doing nothing at all? Did you give anything of value for the money you are receiving. Our whole system of money is based on giving some product or service in exchange for money. This is something very different where you are giving money to a stranger
with the hopes that others will give you money.
I personally was very close to joining The Overnight Cash System but something just didnt feel right about it. Do you really want to send a total stranger a large sum of cash and get nothing in return? Do you feel good about inviting others to do the same? If you are considering joining a cash gifting program I recommend that you be sure you feel it is right for you.
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