the illegal accounts belonged to, who... and $16MM? really?? only $16MM??? pikers
Posted on 03/15/2021 1:23:12 PM PDT by ransomnote
Is this the same bank that Vince “The Bagman” Foster used to travel to from DC, before his untimely demise?
I believe the Swiss have to abide by the same accords the US does in terms of money laundering and tax evasion.
I know they can turn a blind eye to a lot of stuff—but Switzerland is not the haven it was in the last century.
In other news, water is wet and... wait... yes, we're hearing unconfirmed reports that The Pope is Catholic.
Bet 95% of all deposits come from the DC area.
We’ll never hear who important did it. Unless it’s
Anyone. Trump.
And since the accounts are all held by powerful Democrats, I suspect there will be a couple of “suicide by several shots to the back of the head while driving over a cliff while on fire” type incidents in the IRS and DOJ soon ...
Suppose a very rich Asian Businessman left Hong Kong 10 years ago because he had the foresight to see what was going to happen there today with the Communist take over.
Suppose he made all of his wealth from HK and then in 2009 MOVED a significant portion of his wealth to this particular Swiss Bank.
He then immigrated to the USA LEGALLY and moved the rest of his wealth to the USA and in 2020, became a US Citizen.
Does the IRS have claim to all the money he has in that Swiss Bank account seeing that the money was NEVER MADE in the USA?
How many members of Congre$$? Probably the same number as the one who have substantial $$$$ investments in China.
I, for one, am thankful that Switzerland maintains it’s independence and freedom of operation beyond the reach of the criminal and rapacious illegitimate, tyrannical junta in DC. A Swiss bank account may be the only way we now have to try to save our assets from the thieves in our own country. I have had an email account with ProtonMail based in Switzerland for years to provide secure communications outside the control of the political crooks in DC and the high-tech crooks in Silicon Valley.
And GOPee Delenda Est!
Good for them. the IRS is too intrusive as it is.
This reminds me of the Panama Papers incident from a few years ago. Big, Big news for a few days, then nothing.
No. The IRS taxes income, not previously and legally acquired capital.
Going to be a lot of congress persons taking flights this week got to keep the accounts moving when the heat gets to high.
the illegal accounts belonged to, who... and $16MM? really?? only $16MM??? pikers
RE: The IRS taxes income, not previously and legally acquired capital.
So, the interest earned from the Swiss bank account deposited BEFORE the individual became a US Citizen is taxable by the IRS?
I don’t believe so, unless he is a US resident. Say, with a Green Card, but not yet a citizen.
OK, Let’s make it more detailed ( but it is NOT theoretical because I know of such people ).
Mr. Wong is worth $20 million.
He deposited $10 Million of that in a Swiss Bank Account in 2010.
He applies for a Green card to the USA and was accepted after a few years.
He brings the remaining $10 Million to the USA in 2015 after migrating to the US as a permanent resident.
He becomes a US Citizen in 2020.
Between 2010 and 2020, His Swiss Deposits earns hundreds of thousands in interest, after 2020, his Swiss Bank account also earns interest.
Question: Are the interest from his Swiss Bank account during the time he became a US Permanent resident in 2015 ( money he made before he came to the US and never brought to the USA ), TAXABLE by the IRS?
I believe so, but I’m not certain. If the US considers you to be under it’s jurisdiction, I think it taxes worldwide income. Bit, if that interest was declared and taxed by a different authority, then the US would recognize the other country’s claim, and credit tax paid to the other country as an offset.
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