There are 759 billionaires in the USA. How much do you think each of them should pay? Give us a NUMBER in dollars, or a percentage of total income earned, or whatever type of number you prefer.
Ooh, ooh, I’ll answer! Nothing, nothing at all. These billionaires earned every penny and owe nothing to government. They obviously never were the recipient of any government services. And, of course, they are the most successful among us and should be honored and idolized.
Pete
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How about 32 Trillion dollars! They discuss amongst themselves who pays what?
JimA
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Thank you for the FBAR link. From that link they give some examples of exclusions from need to file FBAR, including: " But, you don’t need to report foreign financial accounts that are:
- Held in an individual retirement account (IRA) of which you’re an owner or beneficiary"
This implies that one can hold their IRA overseas, which sounds strange to me. Is that actually possible? UBS or some such perhaps?
IP
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Mentioning UBS is interesting since it is a multi-national company that recently also bought Credit Suisse. While some of those banks outside Switzerland are LLCs (US) and most are holding companies, to what extent could you make deposits, transfers, withdrawals locally in the US v. opening an actual Swiss bank account through overseas intermediaries?
Pete
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I’ve taken that to mean I didn’t need to report the Personal Pension I had with a UK insurance company from back when I worked over there. IOW, they’re using “individual retirement account (IRA)” in a generic sense.
I doubt that a foreign bank could/would host your US IRA.
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I hold Canadian RRSPs which are the equivalent to IRAs. I still have to file an FBAR every year.
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Can you show us the math? First step is how do they come up with 32 trillion dollars … if you add up ALL their wealth it doesn’t come anywhere close to 32 trillion. Second problem is that almost all their wealth comprises shares of large and medium US corporations. Third, if they were to hand over all their wealth to the treasury, then the treasury becomes the owner of all those shares of large and medium US corporations. Is that a good thing overall for the US economy?
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The foundation of “prosperity theology”: that the richest are the best among us, as God has made them rich, as a reward. The head of the new Christian protection department is a Florida (where else?) pastor that pushes prosperity theology.
Steve
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There are lots of reasons Joe lost. But I have said for a very long time that Joe going after the rich like he did was the number one cause of that. Making corporations and rich pay their fair share really made some very powerful people angry, and those people were able to manipulate public opinion as a result. Rebuilding an economy from the bottom up and the middle out is not something the very top want to hear. The middle class was hammered on purpose, for a reason decades ago. Attempts to rebuild it will not be tolerated. Current administration included.
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As a pension, it doesn’t require an FBAR since there is no account.
But the income needs to be reported and taxed if it has not been taxed in the UK. Even if it has been taxed, the tax needs to be reported as well and possibly some portion credited.
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And report the income when you begin distributions.
There is a tax treaty with Canada that allows the RRSPs to be treated as an IRA.
Of course, due to FATCA the Canadian banks have restrictions on what investments can be made within it for a US person.
You asked ‘how much’ and I said what they should pay; I don’t have to figure out how they pay; they’re the geniuses and superior beings! I’m willing to accept installment payments.
JimA
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Ok, let’s say we triple what the billionaires pay, from ~25% to ~75%, in income taxes.
Earlier you said -
So how much money do you think a 75% tax on them will bring in? Do you REALLY think it can “stop it”. I’m assuming that “it” here is the $1.8T extra debt we are piling on each year recently that will eventually lead us to oblivion.
ChatGPT says that a 75% income tax on US billionaires will bring in about $94 billion a year. That’s about $63B more than they pay today (~25%). Are you really claiming that an extra $63B will “stop it”?
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Seriously if we want an asset taxes on billionaires it is called the corporate tax. Plus we build more factories in the US for the day TI is gone.
Meanwhile TI will lower corporate taxes. DA
I took the UK ‘pension’ last year as a lump sum. Was able to claim the tax back in the UK (40%+ emergency tax) and pay tax on it in the USA (24%). Took a good deal of paperwork but was worth it.
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Eliminate all corporate taxes. Corporations are “people”, all the same sex, so NO MARRIAGE or any other way to shelter income. All income deemed to be “earned” by the owners, so the income is all taxable at personal tax rates–including Social Security (has an income cap) AND Medicare (no income cap). Problem solved.
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AI that Jerryai2
ai ai ai its off on vacation we go! hi ho hi ho
Now look at the cost of the unfunded Bush Trump tax cuts:
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