Wealthy Americans Targeted by U.S. in Panama Tax-Fraud Probe • Hacker News Board

Re: Wealthy Americans Targeted by U.S. in Panama Tax-Fraud Probe

#61

Post by vmception » Tue, Aug 03, 2021, 1:45 PM UTC

pembrook wrote: post #46

vmception wrote: post #26

We all assume they're avoiding taxes but the funny thing about this is that you can treat this stuff like Roth IRAs, just pay your taxes one year and then just use the post-tax money to create entities offshore and hold assets indefinitely. The IRS doesn't care what you do with post-tax money! There is no prohibition on doing stuff outside the country, there are no capital controls for US citizens. The main differenc…

> The IRS doesn't care what you do with post-tax money! There is no prohibition on doing stuff outside the country No, the IRS absolutely does care what you do with your money abroad. If you create a foreign bank account (anywhere) they literally require said foreign bank to send a report every year of your assets. And the bank always complies, because the US treasury can restrict its ability to transact in US dollar…

Yes, foreign passive and controlled accounts can have punitive taxes on them in some circumstances

Yes, a report is sent by the bank

No, that has nothing to do with there being a problem or any liability for you. A report goes out to the IRS, so what. Was your main point to say "and therefore the IRS cares?" okay. It means nothing to them if there is no tax event.

Re: Wealthy Americans Targeted by U.S. in Panama Tax-Fraud Probe

#62

Post by [deleted] » Tue, Aug 03, 2021, 2:11 PM UTC

Blankenface wrote: post #35

glup wrote: post #3

This was originally reported by Bloomberg and then the Boston Globe, https://www.bostonglobe.com/2021/07/29/business/wealthy-amer... To my knowledge, Bermuda Post is not a real journalistic organization in Bermuda (the major paper is the Royal Gazette). Instead, checking their about page reveals: 'BermudaPost is a non-profit, private and self-funded, commonly-created News and info-sharing platform that enables everyb…

I've noticed that HN has a bizarre preference for really strange news outlets and blogs over more credible and reputable outlets. Like..there will be some major news even in tech or science and HN is like "link to a major site? Naaaaah, Joenews.com!"

[deleted]

Re: Wealthy Americans Targeted by U.S. in Panama Tax-Fraud Probe

#63

Post by paul7986 » Tue, Aug 03, 2021, 3:17 PM UTC

approxim8ion wrote: post #44

paul7986 wrote: post #14

Earlier quoted context omitted.

I think DDG's site scoring is based on how many invasive trackers and advertising it has and not if a site's information is reputable. Though someone please correct me if I'm wrong?

That is correct.

Be interesting if they started to also add reputable content info to their site ranking .... like utilize one of those non-profit fact checking sites and score them based on how many of their articles over a period (3 to 6 months) or long periods of time (a year) was not factual .. truth bent ... etc.

If it was done well and became popular it might cut down on clickbait and the tons of trash that is pushed out as truth but isn't.

Re: Wealthy Americans Targeted by U.S. in Panama Tax-Fraud Probe

#64

Post by seventytwo » Wed, Aug 04, 2021, 4:27 AM UTC

stjohnswarts wrote: post #23

seventytwo wrote: post #10

Earlier quoted context omitted.

Looking at Drudge Report was your first mistake

It's good to see what the other team is doing sometimes. I've seen stuff on DR that other places didn't host but was still interesting. It's not in the same OMGWTF category as newsmax or OAN despite what some HN people will tell you.

Fair…

Re: Wealthy Americans Targeted by U.S. in Panama Tax-Fraud Probe

#65

Post by seventytwo » Wed, Aug 04, 2021, 4:29 AM UTC

Blankenface wrote: post #29

stjohnswarts wrote: post #23

Earlier quoted context omitted.

It's good to see what the other team is doing sometimes. I've seen stuff on DR that other places didn't host but was still interesting. It's not in the same OMGWTF category as newsmax or OAN despite what some HN people will tell you.

Lately I've seen HN people linking to sites like Newswars (which is infowars rebranded, it seems) and whatnot. > It's not in the same OMGWTF category as newsmax or OAN despite what some HN people will tell you. Drudge has a history chock full of conspiracy theories, retractions and dirty-deletes. All of which center around attacking liberal politicians or causes to "own" or "gotcha" them. Seriously, read the list tha…

Agreed.

Re: Wealthy Americans Targeted by U.S. in Panama Tax-Fraud Probe

#66

Post by vmception » Wed, Aug 04, 2021, 4:40 AM UTC

randomopining wrote: post #54

pyronik19 wrote: post #27

Earlier quoted context omitted.

As we move more and more towards collectivism... it was never your money... its the governments money.... they just let you use some of it for a time... if you have the right politics and you don't piss off the wrong people. The China model.

So how did these people use economies of scale AND also have a legal and physical protection against other people stealing it? In the old days, the rich would have to hire their own small defense/army just to protect their riches from being stolen. And we're not even talking about the public road/education/health/communications system that allows their products to be made and delivered to customers that pay the money…

You might be surprised how little of the US’ (or any country’s) infrastructure is used to generate money.

You also might be surprised how little of the US’ tax revenue is used to support that infrastructure.

This is why it would never constitute treason, while remaining a potential criminal charge.

Re: Wealthy Americans Targeted by U.S. in Panama Tax-Fraud Probe

#67

Post by randomopining » Thu, Aug 05, 2021, 4:51 PM UTC

vmception wrote: post #66

randomopining wrote: post #54

Earlier quoted context omitted.

So how did these people use economies of scale AND also have a legal and physical protection against other people stealing it? In the old days, the rich would have to hire their own small defense/army just to protect their riches from being stolen. And we're not even talking about the public road/education/health/communications system that allows their products to be made and delivered to customers that pay the money…

You might be surprised how little of the US’ (or any country’s) infrastructure is used to generate money. You also might be surprised how little of the US’ tax revenue is used to support that infrastructure. This is why it would never constitute treason, while remaining a potential criminal charge.

So how exactly do people get educated and products make it to market etc? There's a lot of "soft" infrastructure that you're forgetting too. That was part of Biden's point. There's hard infrastructure that everybody understands, and then there's the soft infrastructure like a well-educated workforce that can quickly adapt to the new market demands.

An efficient (not wasteful, which is tough to make happen) investment in either would help the US in every way, publically and privately.