3 ms·
To be clear, the money is not intended to transfer into a US bank account. So for all intents and purposes, it has remained outside the US and will continue to
by newman314 11y ago
To be clear, the money is not intended to transfer into a US bank account. So for all intents and purposes, it has remained outside the US and will continue to do so.
The point being that the US has no business trying to tax income generated from funds that has never entered the country. Residence based taxation (like the rest of the world) would address this immediately.
- spiralpolitik 11y agoAlmost all countries tax foreign income of residents. In your example you would be taxed on gains beyond the initial amount in all countries that aren't considered to be tax havens. (The non-domiciled rule in the UK being one notable exception) https://en.wikipedia.org/wiki/International_taxation https://en.wikipedia.org/wiki/International_taxation