$2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL • Hacker News Board

Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL

#171

Post by rbg246 » Tue, Jan 03, 2017, 7:15 AM UTC

victorhooi wrote: post #164

rbg246 wrote: post #123

Earlier quoted context omitted.

They most certainly do chase property investors who do claim incorrect primary residence. Remember primary place of residence is only while you live there so if you change it one month before selling it only offsets one month of profits and what if you have multiple properties you can't hide it all with that. However the bigger problem remains that capital is taxed at half the rate of labour and this matched with tax…

Are you sure about that part about only while you live there? I have friends who tell me they "need" (well, want to) live in their investment property for 6 months every few years, in order to get a refresh on their tax breaks?

Actually you could be right with your friends.

Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL

#172

Post by non_repro_blue » Tue, Jan 03, 2017, 10:00 AM UTC

ac29 wrote: post #118

non_repro_blue wrote: post #28

That's a big number, way too large for anyone to take personally in an emotional sense. But it's definitely big enough for a purge. Jailing, disappearances and more. This is a pretty large economic tide. Almost twice the size of California's economy, all at once. Ranking it The Fifth Largest Economy, worldwide, if it's worth thinking in those terms. Given that an approximate number of participating Chinese nationals…

>This is a pretty large economic tide. Almost twice the size of California's economy, all at once. Well, not all at once, that number (USD 1.5T, the 2T number is CAD) is cumulative from 1995-2013, per the article.

You're right. I skimmed the numbers too fast.

Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL

#173

Post by kspaans » Wed, Jan 04, 2017, 1:37 AM UTC

And in a similar vein: https://news.ycombinator.com/item?id=13314967

Re: $2T in Proceeds of Corruption Removed from China and Taken to US, AUS, CAN, NL

#174

Post by tehlike » Thu, Jan 05, 2017, 2:40 PM UTC

Hondor wrote: post #134

tehlike wrote: post #63

I wonder what ways US could prevent Chinese money buying real estate in the US? 1. Do what Vancouver did, add tax for foreign property ownership. 2. Tighten the checks on origin of money? How exactly, especially when it's coming as all cash? Maybe forcing it to go through a bank, where more thorough check is mandatory per IRS? But then again, banks are not the most trustworthy in this country. 3. Other ideas?

Why ban Chinese money, not local money or money from other countries? What's your actual goal? To keep rich people concentrated in the places they came from? Transferring money internationally is already a pain in the ass. You want to make it even harder? To outlaw bitcoin too? China itself is already restricting its people from taking money out of the country. It's nearly impossible for normal people to invest overs…

Thry can probably invest in housing through indirect ways. When the houses chinese bought do not result in increased housing, thats when things are wrong.