21 to 32 trillion

[CanceledB]

The more they take, the fewer people who can be paid. You can't make them pay for it out of their money, it's their option to hire people, and if it comes down to their money versus how many they hire, they will hire less. You can't tell them they can't, or they won't hire at all.

I do have a considerable fortune in a German account, as well as some other international holdings I don't need to disclose here. But I can tell you, the reason I don't "bring my money home" is because of the US tax code. I've already paid "income tax" on the money, why should it be taxed again when I bring it here? I don't mind paying income tax, but double income tax is excessive. People who have foreign wealth, have many motives, but not loving America isn't one...else we'd just go where our money is, right?

Wow, so, like, your *fortune* is in Germany because the tax rate is lower there? How does that work, exactly?

 

[Cancel 2018. 3]

The rich only like the USA for what they can get out of it.

the article isn't just about those in the US

 

[evince]

I am going to have to disagree with you here. The government can create a job. What capitalism/free markets can create that government can't is wealth and prosperity. Semantics I know, but the gobblement can create a job

there are a whole lot of cops, firefighters, soldiers and contractors who would disagree with you

 

[Dixie - In Memoriam]

I am going to have to disagree with you here. The government can create a job. What capitalism/free markets can create that government can't is wealth and prosperity. Semantics I know, but the gobblement can create a job

I never said the government couldn't create a job, I said capitalism creates jobs. How does a government pay for a job they create, if not for capitalism? Doesn't some capitalism have to happen, in order to make profits or sales to which tax is derived, to which goes to pay for the government job? They funding for ANY job is capitalism, there is no other possibility.

 

[Phantasmal]

He's lying. Germans pay a higher tax rate.

http://www.taxrates.cc/html/germany-tax-rates.html

Poor Dicksee. Pwned by a mo.



See above. If Dicksee wanted to avoid taxes he would do the same as Romney. But that's hard to do on $400 a month.

I forgot, Dixie has you on ignore.

Dixie, I bumped this for you.

 

[Dixie - In Memoriam]

What do you think we have today?

Corporations & the rich basically own the gov't. You have your head buried in the sand on that one.

No, that's a meme, and you are expected to buy it.

The problem is, you see the salvation in the form of Government with a Superman cape, and they are going to somehow right this injustice. Currently, we have a capitalist system regulated by government, and you want a government system regulated by government. When you ultimately get what you want, then we will no longer be free to prosper and obtain wealth or status, we are effectively proles to the government, who control both politics and wealth. There is STILL a 1%, only they become the Government, whom you've sacrificed all your freedom to, who have no interest in satisfying the consumer or changing your condition.

 

[CanceledB]

I forgot, Dixie has you on ignore.

Dixie, I bumped this for you.

I am really curious as to why an off-shore account with a higher tax rate would be advantageous. Why isn't Romney keeping his money in Germany, too?

What does the rube know that Mittens doesn't???

 

[Dixie - In Memoriam]

I forgot, Dixie has you on ignore.

Dixie, I bumped this for you.

He's claiming I have lied about something I haven't ever said. That's why he is on ignore.

Germans do pay more income tax. I don't earn income with my wealth there. When I earned the income, I paid a fairly significant income tax to Germany, it was better than the income tax rate I would have paid here, and I would have still had to pay the income tax there. That's where the problem came in, I couldn't see paying income tax twice. Even though my income tax has been paid on this money, I still can't bring it here, unless I want to pay income tax on it again. I don't.

 

[Howey]

I don't earn income with my wealth there. When I earned the income, I paid a fairly significant income tax to Germany, it was better than the income tax rate I would have paid here, and I would have still had to pay the income tax there.

lol...busted!

Whether income, corporate, corporate gains, whatever, all taxes are waaaay higher in Germany.

Dicksee trying to weasel his way out of this = Priceless!

 

[CanceledB]

lol...busted!

Whether income, corporate, corporate gains, whatever, all taxes are waaaay higher in Germany.

Dicksee trying to weasel his way out of this = Priceless!

Sucks to be him.

 

[Howey]

He's claiming I have lied about something I haven't ever said.

I do have a considerable fortune in a German account

lol...

 

[Howey]

Sucks to be him.

This is even better than Yurt's meltdown yesterday...

 

[CanceledB]

This is even better than Yurt's meltdown yesterday...

Good thing you and I are on the rube's 'ignore' list. Otherwise we'd be getting lotsa razor-blade comments.....LOL

 

[Dixie - In Memoriam]

lol...busted!

Whether income, corporate, corporate gains, whatever, all taxes are waaaay higher in Germany.

Dicksee trying to weasel his way out of this = Priceless!

I don't know what you think you "busted" me on, or what I am supposedly "weaseling out of" but you have obviously misunderstood something, or you are just plain LYING as usual.

I have wealth in Germany.

I earned that wealth back in 1989 as income. I paid income tax to Germany in 1990.

I pay a small amount of tax each year on the gains made from my money sitting there.

I no longer earn income in Germany, and I have no idea what their current income tax rate is.

In 1990, the rate was about the same there as here, but that wasn't the reason for keeping the wealth there.

US Tax code says that I must claim the money as "capital gains" if I bring it here, and pay additional tax. I decline.

Now where am I weaseling or backpedaling, or where have you "busted" me on anything???

 

[CanceledB]

Oops! Guess this was grounds for taking you off 'ignore', Howey!

 

[Lowaicue]

Oh, okay... so what is your plan? Do we form a world coalition to go steal this wealth?

I have no plan. If I was THAT clever I would be your king. You live in a very black and white world, Dixie. Is that because it hurts you to think? Everything has to be either this or that.

 

[Howey]

I don't know what you think you "busted" me on, or what I am supposedly "weaseling out of" but you have obviously misunderstood something, or you are just plain LYING as usual.

I have wealth in Germany.

I earned that wealth back in 1989 as income. I paid income tax to Germany in 1990.

I pay a small amount of tax each year on the gains made from my money sitting there.

I no longer earn income in Germany, and I have no idea what their current income tax rate is.

In 1990, the rate was about the same there as here, but that wasn't the reason for keeping the wealth there.

US Tax code says that I must claim the money as "capital gains" if I bring it here, and pay additional tax. I decline.

Now where am I weaseling or backpedaling, or where have you "busted" me on anything???

Explain:

a. You have a certain amount banked in Germany. How much is your fortune?

b. Are you paying capital gains tax on it? What level?

c. Is the money invested in a US bank or military credit union within Germany?


Oh. Fuck it.

You don't have to pay taxes twice on the money. YOU'RE LYING.

US Tax code says that I must claim the money as "capital gains" if I bring it here, and pay additional tax. I decline.

http://www.pinkernell.de/dbausa1989.htm

1. The existing taxes to which this Convention shall apply are:
a) In the United States:
aa) the federal income taxes imposed by the Internal Revenue Code (but excluding the accumulated earnings tax, the personal holding company tax, and social security taxes); and
bb) the excise tax imposed on insurance premiums paid to foreign insurers
(hereinafter referred to as "United States tax").
This Convention shall, however, apply to the excise tax imposed on insurance premiums paid to foreign insurers only to the extent that the risks covered by such premiums are not reinsured with a person not entitled to the benefits of this or any other convention that provides exemption from such tax.
b) In the Federal Republic of Germany:
aa) the income tax (Einkommensteuer);
bb) the corporation tax (Koerperschaftsteuer);
cc) the trade tax (Gewerbesteuer); and
dd) the capital tax (Vermoegensteuer)
(hereinafter referred to as "German tax").

Fail.

 

[PostmodernProphet]

this is the estimated amount of money held by the super rich in offshore accounts...

and it's all the government's money......the cheap bastards.......

 

[PostmodernProphet]

mmmmmmmmmmmm that will take them how many lifetimes to spend?

and how many months would it take the government to spend it.....

 

[Dixie - In Memoriam]

Explain:a. You have a certain amount banked in Germany. How much is your fortune?

In Germany? Roughly $6 million. Although, it's not all in "a bank," most is invested through several brokerages.

b. Are you paying capital gains tax on it? What level?

Yes, not sure of current rate. (You realize capital gains are not assessed on the entire amount each year, rather on the interest earned in that year?)

Each year, I get a check in the mail. The amount is my annual dividend minus taxes from Germany. This is also reported on my US tax return for the next year, and I pay 15% cap gains tax on it..but just on the amount my annual income exceeds the tax threshold. If my annual income remains below a certain level, I don't pay any tax...that's what I strive for. I've honestly not looked at what Germany's 'cap gains' tax rates are, I think the amount I figured I had paid last year was around 15-20% but that may have also included administrative fees, which also have to be paid when dealing with this kind of money.

Several times over the years, I have elected to transfer a bulk sum from Germany to America... there is a 25% penalty tax paid in Germany, and a 15% cap gains tax here, plus an administrative fee. Also, if the sum puts me in a higher tax bracket, I have to pay extra taxes there as well.

c. Is the money invested in a US bank or military credit union within Germany?

No.

Oh. Fuck it. You don't have to pay taxes twice on the money.

Yes. You do. Income taxes were paid on the money when I earned it. I don't recall the rate, sorry... it was similar to the US rate at the time, I remember that much. If I take an amount out of the German account, and transfer it to an American account, I am subject to a 25% penalty tax in Germany, and a 15% capital gains tax in the US on that amount.