Isn't there some kind of statue of limitations in us tax law? That's stuff from 11 years ago.
Early Bitcoin Investor Roger Ver Charged with Tax Fraud
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Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud
#42Earlier quoted context omitted.
As a Dutch citizen, I can leave the Netherlands to live elsewhere and no longer have to file Dutch taxes. US citizens have an IRS filing requirement even when living abroad. What other countries behave like the US in this regard?
Even Germany which is an EU member has an exit tax when moving to another EU country. This is theoretically against the EU's principle of free movement of capital. According to EU law, any restrictions on the movement of capital or payments—either within the EU or between EU and non-EU countries—are generally prohibited. However, somehow Germany gets away with it.
It's not only Germany but also Austria and France (until 2004?). The Germany Wegzugsbesteuerung is meant to prevent cases where Germans leave the country for more than seven (or twelve upon request) years, e.g. to Switzerland, sell their Germany company stock and profit from paying a much lower tax or none like in Switzerland. Steuerflucht, tax evasion is prevented with this and there are certainly many who'd other move abroad, sell without taxation and move back again. There a plenty of exceptions though with countries Germany has a Doppelbesteuerungsabkommen (double taxation treaty) with to prevent cases where the individual would have to pay taxes in both countries.
Personally I never heard of this tax before, despite being a German living in Austria, but then: The tax targets wealthy individuals with company holdings trying to evade taxation. https://de.wikipedia.org/wiki/Wegzugsbesteuerung
Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud
#43Look, if you owe lots of tax its because you made lots of money. Pay the tax, be happy. I just don't get why some people are so obsessed with not paying tax. You don't have to pay tax when you didn't earn money so stop being so stingy. I know lots of people who go to extraordinary lengths to reduce the amount of tax they will pay even if it means they end up with less money in their pocket . It's crazy. Needing to pa…
I hate taxes because US tax code is pretty slanted against income earners. It just doesn't feel great to take home proportionally less and less as you work harder. We don't treat corporations or capital holders the same way, and that makes me bitter.
100% agree. Taking a paycheck is the worst way to make money in America. That said, it makes me even more sympathetic to the post you replied to. Basically no one working a 9-5 is making enough to owe the IRS $48 million, including this guy. If you make $240 million, pay your damn tax and be happy.
Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud
#44More and more countries are implementing an "exit tax" when wealthy people try to give up their citizenship. Also, the US authorities make it increasingly hard to do so. I wouldn't recommend anyone to become a US citizen. Once you are in, it is very costly to get out again.
Why not just maintain dual citizenship instead of needlessly renouncing?
Because US citizens have an IRS filing requirement even when living abroad. It is a very uncommon requirement among countries.
Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud
#45I remember getting the cisco compatible switch optics from Memory dealers. Heaps cheaper than Cisco- $5 an optic compared to $1000.
Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud
#46More and more countries are implementing an "exit tax" when wealthy people try to give up their citizenship. Also, the US authorities make it increasingly hard to do so. I wouldn't recommend anyone to become a US citizen. Once you are in, it is very costly to get out again.
Would it be really silly to just get rid of US citizenship as soon as possible?
You can live and work in US without citizenship, right?
Which citizenship would be good to get instead of US?
Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud
#47Earlier quoted context omitted.
As a Dutch citizen, I can leave the Netherlands to live elsewhere and no longer have to file Dutch taxes. US citizens have an IRS filing requirement even when living abroad. What other countries behave like the US in this regard?
Even Germany which is an EU member has an exit tax when moving to another EU country. This is theoretically against the EU's principle of free movement of capital. According to EU law, any restrictions on the movement of capital or payments—either within the EU or between EU and non-EU countries—are generally prohibited. However, somehow Germany gets away with it.
It is a bit different though, because the German exit tax applies to companies and people holding more than a 1% share in a company. So no exit tax if you hold bitcoins as part of your private assets...
Agreed that there is some tension with EU principles, but it is difficult to get it right. Building a company in country A for 20 years, then moving to country B for 184 days to sell it completely without paying taxes also does not seem like a fair system.
Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud
#48Earlier quoted context omitted.
As a Dutch citizen, I can leave the Netherlands to live elsewhere and no longer have to file Dutch taxes. US citizens have an IRS filing requirement even when living abroad. What other countries behave like the US in this regard?
If you're born in the Netherlands and retire to South Korea, will the Netherlands continue to pay you a base income and provide healthcare?
Does US do that?
Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud
#49Isn't there some kind of statue of limitations in us tax law? That's stuff from 11 years ago.
Not for fraudulent returns
Re: Early Bitcoin Investor Roger Ver Charged with Tax Fraud
#50Look, if you owe lots of tax its because you made lots of money. Pay the tax, be happy. I just don't get why some people are so obsessed with not paying tax. You don't have to pay tax when you didn't earn money so stop being so stingy. I know lots of people who go to extraordinary lengths to reduce the amount of tax they will pay even if it means they end up with less money in their pocket . It's crazy. Needing to pa…
It's challenging when dealing with millions of dollars. $5 million is a substantial amount, and a 37% capital gains tax would reduce it to approximately $3 million. Essentially, you would lose $2 million to taxes.
$5m is life changing.
Having said that it is stupid to commit tax fraud and live a life of perpetual fear.