The point is they won't have any US income. If you made your billions/millions overseas you keep making it overseas. You don't have a US income nor do you need one.
And if you don't already know, US citizens have to pay tax on their foreign earned income even if they don't live here. This is about giving billionaire migrants a tax haven.
Originally posted by: Mark
The point is they won't have any US income. If you made your billions/millions overseas you keep making it overseas. You don't have a US income nor do you need one.
And if you don't already know, US citizens have to pay tax on their foreign earned income even if they don't live here. This is about giving billionaire migrants a tax haven.
Stupid point.
You called it stupid because you know it's the truth. If you are a diamond tycoon from South Africa, you don't close your South African mines and start mining diamonds in the US. The profits you earn from your existing diamond mines are 100% tax free with the Trump Gold card.
It is a way for rich migrants to legally launder their money.
I think the idea is companies will pay for it. Foreign students going to school in the US might want to be recruited and sponcered by big tech companies (for example). The companies could pay the $5k to get that student a fast tracked Green (Gold) card so they can become citizens of the US and work here. So its basically a $5k corporate tax to go after talent.
Fine. I'm cool with it. You dont want India's geniuses to invent there when they can invent here. I might ask why do they have to pay the $5k? But its the companies. And we should be taxing them more anyway.
Originally posted by: PJ Stroh
I think the idea is companies will pay for it. Foreign students going to school in the US might want to be recruited and sponcered by big tech companies (for example). The companies could pay the $5k to get that student a fast tracked Green (Gold) card so they can become citizens of the US and work here. So its basically a $5k corporate tax to go after talent.
Fine. I'm cool with it. You dont want India's geniuses to invent there when they can invent here. I might ask why do they have to pay the $5k? But its the companies. And we should be taxing them more anyway.
It's not $5000, it's $5,000,000. I can't imagine any company being willing to pony that up for one individual to be able to enter the US.
Although...maybe you mean Trump gets $4,995,000 and the government gets $5,000? That would be right up there with Trump Bibles.
Yeah, it's not about brining young IT talent in. It is all about importing lawless oligarchs that are friendly to Trump.
It has a lot do with rich white South Africans and providing them the means to take the money their families made during apartheid with them to the United States. In other words, it's got Elon's fingerprints all over it.
Originally posted by: Mark
Yeah, it's not about brining young IT talent in it is all about importing lawlessness oligarchs that are friendly to Trump.
It has a lot do with rich white South Africans and providing them means to take the money their families made during apartheid with them to the United States. In other words it's got Elon's fingerprints all over it.
We'll see a lot of that sort of thing in the coming months. Why was USAID the first government agency Elon-hole targeted? Because they've historically helped blacks in South Africa. Elon was born as a member of an absolute ruling privileged white class and then had to watch as the black folks achieved equality. I'm sure that his family as well as he greatly resented that blacks were no longer chattel.
There's probably a cottage industry out there right now combing through Elon's personal history and trying to divine what his next revenge move might be. We no longer have government--we have revenge and "retribution " Thanks, MAGAholes!
Originally posted by: Mark
You called it stupid because you know it's the truth. If you are a diamond tycoon from South Africa, you don't close your South African mines and start mining diamonds in the US. The profits you earn from your existing diamond mines are 100% tax free with the Trump Gold card.
It is a way for rich migrants to legally launder their money.
How many Americans are taxed on offshore assets or income?
Originally posted by: Boilerman
How many Americans are taxed on offshore assets or income?
Which context are you referring to?
Taxed by the country they moved to or taxed by their home country?
American's get taxed by the United States government no matter where they live and no what country their income comes from.
For example, say I move to Thailand and spend six months and one day there. That means I am a Thai resident for tax purposes. The Thai government will tax my income just like they do with Thai citizens. So, I pay that because Thai prisons make ours look like playgrounds.
Then the US government taxes that same income. Because of treaties the US government credits what I paid to the Thai government. Meaning if my Thai taxes exceed my US taxes, I don't owe the US anything although I still have to file a US return and provide proof I paid those Thai taxes.
That wasn't what Mark was talking about, but the real question is, how many Americans can pay Trump $5 million (to his personal account!) and get a lifetime tax exemption?
They're lining up on the White House steps!
