fncceo
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The new GOP tax bill proposes a 5% tax on international money transfers sent by non-citizens from the US.
- Thread starter 1srelluc
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/—-/ More dopey opinion.
rightwinger
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You are welcome to prove it wrong
/----/ Sure thing, Spanky. I'm always happy to educate you, Libtards, about business.
Lessons from the Biggest Business Tax Cut in US History | Becker Friedman Institute
In 2017, the United States passed the biggest business tax cut in its history, the Tax Cuts and Jobs Act (TCJA). Prior research shows that the law—which cut the top statutory tax rate on corporate income from 35 to 21 percent, allowed firms to write off equipment purchases immediately (rather...
bfi.uchicago.edu
rightwinger
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That’s it?/----/ Sure thing, Spanky. I'm always happy to educate you, Libtards, about business.
View attachment 1121953Lessons from the Biggest Business Tax Cut in US History | Becker Friedman Institute
In 2017, the United States passed the biggest business tax cut in its history, the Tax Cuts and Jobs Act (TCJA). Prior research shows that the law—which cut the top statutory tax rate on corporate income from 35 to 21 percent, allowed firms to write off equipment purchases immediately (rather...
Other than intellectual property, tax revenue remained stable after rising for five years
You failed to show more jobs, higher pay, more investment in facilities like was promised from the tax cuts
/----/ Some did, some didn't hire more or lower prices. It's their money to spend as they choose. I know you libtards want to micromanage everyone, but they are free to do as they please.
rightwinger
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Yes it is their money
And rather than share it with employees and consumers
They just kept it
WorldWatcher
Platinum Member
/—-/ So? How do you spend your tax cuts?
WorldWatcher
Platinum Member
Paying increased state taxes because while I got a small tax decrease for federal, in my state you are not allowed to claim Standard Deduction on Federal and then itemize the State Return. You have to use the same status for both. Losing the itemized deduction for State cause those taxes to increase.
So most of any federal tax cut resulted more state taxes. (And no, I'm not in a State where I was impacted by the SALT limit.)
WW
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/---/ Did you vote for the politicians that passed that law?
WorldWatcher
Platinum Member
President? No.
Senate? Yes
House? Yes
Had I known they would actually pass tax cuts going mostly to high income earners that would increase the debt? Probably would have been "no" across the board.
WW
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By law, you'd have to report those transfers, thus I am not sure how you or your clients would avoid that tax. . . .
. . . unless you intend to be a black-marketeer?
In which case there are probably better ways to an income by breaking federal law, eh?
/—-/ Stop listening to MSM. Everyone who pays taxes gets a cut. Tax cuts increase economic activity and helps reduce the debt.
rightwinger
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$9,999
WorldWatcher
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Why would you assume I wouldn’t report the transfers as required?
As I citizen I can make the transfers and report them and not be subject to the tax.
WW
/—-/ That is call structuring by the IRS. It’s a red flag.
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Hmmm. . . this is not my area, so I don't know the legal ramifications of what you propose. However, it seems to me, that since the details of a report are made to the IRS, and these are the same folks that will be imposing the 5% tax, what on Earth makes you think they won't notice you doing transfers for non-citizens who are going through you for the express purpose of avoiding the tax?
Why would you think they would not then audit both you and the non-citizen making/doing the money transfers to avoid taxes?
Form 8300 and reporting cash payments of over $10,000 | Internal Revenue Service
Generally, if you're in a trade or business and receive more than $10,000 in cash in a single transaction or in related transactions, you must file Form 8300.
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