U. S. Taxes on Worldwide Income

[Exon123]

OK, Now I get it. Tom Daschle, Timothy Geithner, Al Franken, Leona Helmsley, Exon123 -- the reason Democrats don't care whether taxes go up is because they don't intend to pay them anyway.

My taxs are paid on time every quarter.

Exon

[Tiny12]

OK, Now I get it. Tom Daschle, Timothy Geithner, Al Franken, Leona Helmsley, Exon123 -- the reason Democrats don't care whether taxes go up is because they don't intend to pay them anyway.

[Facundo]

Then I'd spend the entire amount on "Hoe's" and booze, the rest I'd just waste.

Exon

Exon, just a little credit to one of our predecessors:

"I spent all my money on booze, broads and fast cars. The rest I just pissed away."

George Raft's response to an IRS agent.

[Jackson]

The tax's are taken out before they give you the check, this topic is moot.

Exon

Exon, you've once again again shown your wordsmithing abilities.

What an excellent pun, given that taxes are possessive.

Ha, ha.

Jackson

[Moore]

You guys could spend a million dollars on ho's and booze?

[Daddy Rulz]

Then I'd spend the entire amount on "Hoe's" and booze, the rest I'd just waste.

Exon

Me too fuck Uncle Sam

[Exon123]

As mentioned, assume that the income is not taxable in Argentina, where it is paid.

Then I'd spend the entire amount on "Hoe's" and booze, the rest I'd just waste.

Exon

[Moore]

The tax's are taken out before they give you the check, this topic is moot.

As mentioned, assume that the income is not taxable in Argentina, where it is paid.

[Exon123]

Some of you guys have been discussing high U. S. Tax rates on the American Politics thread. As we all know, such taxes are generally applicable to your worldwide income.

So here's a hypothetical question for tax / financial gurus.

Let's say you won the national lottery of Argentina for the equivalent of USD 1 million and that lottery winnings are not taxable by Argentina.

The USA is going to tax that at around 40% depending on your state, chopping your 1 million down to around 600k.

So what would you do - transfer the money to Switzerland or the Caymans? Buy some apartments in Buenos Aires? Transfer all the funds to the USA and pay the IRS 400 grand? Other?

Are there any reasonable loopholes for such a scenario?

The tax's are taken out before they give you the check, this topic is moot.

Exon

[Tiny12]

Some of you guys have been discussing high U. S. Tax rates on the American Politics thread. As we all know, such taxes are generally applicable to your worldwide income.

So here's a hypothetical question for tax / financial gurus.

Let's say you won the national lottery of Argentina for the equivalent of USD 1 million and that lottery winnings are not taxable by Argentina.

The USA is going to tax that at around 40% depending on your state, chopping your 1 million down to around 600k.

So what would you do - transfer the money to Switzerland or the Caymans? Buy some apartments in Buenos Aires? Transfer all the funds to the USA and pay the IRS 400 grand?

Are there any reasonable loopholes for such a scenario?

There are no loopholes. You pay the tax or you break the law. The Cayman Islands and Switzerland now share information with the IRS. You can leave the money in Argentina or create dummy foreign companies with dummy directors and try and hide the money, but that's still illegal, and not worth the risk or the expense IMHO.

[Moore]

Some of you guys have been discussing high U.S. tax rates on the American Politics thread. As we all know, such taxes are generally applicable to your worldwide income.

So here's a hypothetical question for tax / financial gurus.

Let's say you won the national lottery of Argentina for the equivalent of USD 1 million and that lottery winnings are not taxable by Argentina.

The USA is going to tax that at around 40% depending on your state, chopping your 1 million down to around 600k.

So what would you do - transfer the money to Switzerland or the Caymans? Buy some apartments in Buenos Aires? Transfer all the funds to the USA and pay the IRS 400 grand? Other?

Are there any reasonable loopholes for such a scenario?