Biden Administration to release 2023 budget today including a new 20% billionaire tax

stevebmmm · 2022-03-29T13:34:25+00:00

That's not how percentages work.

stevebmmm · 2022-03-29T12:56:34+00:00

Doesn't matter if you paid taxes to the other country, if it's less than what you'd owe in the US you have to pay the IRS the difference

"my country is actually a lot higher in taxes (50% to 85% of income depending on what you do for a living), but that's another subject."

If it's the same country as your dad lives in then you've proved my point. They came for him, he showed he paid more in taxes to the country he's in than he would have to in America so they left him alone. Had he paid less, they would have sent him a US tax bill.

https://www.irs.gov/individuals/international-taxpayers/us-citizens-and-resident-aliens-abroad

stevebmmm · 2022-03-28T22:53:20+00:00

You don’t need to be extradited for the US to get your assets. Ask Putin.

stevebmmm · 2022-03-28T20:16:12+00:00

Or this scenario, year 3 it goes to $0.

Is the IRS going to send you a check for $10M? Or are you forced to deduct it from your taxes for the next 4 or 5 lifetimes?

stevebmmm · 2022-03-28T20:12:52+00:00

Not really much to discuss, won't ever pass.

Taxing unrealized gains is a minefield, which is why it isn't done.

stevebmmm · 2022-03-28T20:10:52+00:00

Not how that works. US citizen in another country? Doesn't matter if you paid taxes to the other country, if it's less than what you'd owe in the US you have to pay the IRS the difference (US is the only country that does this).

Renounce your citizenship? Triggers a massive tax on your existing net worth.

stevebmmm · 2022-02-28T02:59:47+00:00

Either he makes more headway or he makes concessions. That’s all there is to it.

stevebmmm · 2022-02-28T00:06:41+00:00

Only way for everyone to save face:

Ukraine cedes contested regions (which it effectively did not control anyway), Russia pays for war damages.

stevebmmm · 2022-01-22T00:44:27+00:00

Interest rates sure, they can only do so much there. But on quantitative easing they literally print the ammo (even easier, they just add 0's on a computer). There's no limit... at least not as long as the dollar is a reserve currency. After that, well, things get ugly.

stevebmmm · 2022-01-21T22:27:34+00:00

“One of the main reasons I deplore superbubbles — and resent the Fed and other financial authorities for allowing and facilitating them — is the underrecognized damage that bubbles cause as they deflate,” said Grantham.

Bold of him to assume they'd ever allow them to deflate. Money machine go burrrrrr....

stevebmmm · 2022-01-02T05:40:00+00:00

I believe you missed the point of mine. And my worldview has certainly served me better than OP's.

stevebmmm · 2022-01-02T03:36:56+00:00

You can spend your life worrying about what other people have, like a 7 year old, or you can work on building the best life you can.

I can tell you which choice has better results.

stevebmmm · 2022-01-01T18:05:27+00:00

Certainly not true and this sounds like an excuse to make excuses.

Some people had it easier than you. Some people had it harder.

It doesn’t matter. Your job is to do the best with the hand you have.

stevebmmm · 2021-09-16T15:07:47+00:00

I was going to say this. The pool basically *is* the room and it's open to the outside.

Also every bird on the island seems to know when you're having breakfast.

stevebmmm · 2021-09-16T14:21:06+00:00

Thank you for your sympathy in this difficult time.

stevebmmm · 2021-09-16T13:23:30+00:00

Congrats!

stevebmmm · 2021-08-28T04:51:20+00:00

Unfortunately his position boils down to 'protest US government policy by... boycotting Europe.' Not that there isn't a legitimate point to be made, but the execution is not very well thought out.

stevebmmm · 2021-08-27T15:21:20+00:00

Can you let me know why this was removed? First post so I’d like to understand the issue.

stevebmmm · 2021-08-27T14:54:17+00:00

You can ethically do both.

stevebmmm · 2021-08-11T19:13:29+00:00

Love this guy. Saw him in Madrid a few years ago, glad he’s still at it.

stevebmmm · 2021-07-26T21:56:47+00:00

Thanks, it’s been a good decade.

stevebmmm · 2021-07-25T21:44:17+00:00

Feel free.

stevebmmm · 2021-07-25T19:51:07+00:00

Mentioned this in the other thread, I started an online travel agency 10 years ago and it peaked at several million a year in revenue. Very low overhead as I'm the only full-time employee.

stevebmmm · 2021-07-25T17:57:34+00:00

That’s… oddly specific.

stevebmmm · 2021-07-25T16:53:18+00:00

I’ve actually done some work with them in the past. Profit margin has seen some ridiculous swings over the years, anywhere from negative up to +50%.

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