5 ms·

What about the Government taxes, 1 Billon no matter that will pay a jucy tax slice.

by gutino 6y ago

tialaramex 6y ago
Where are you that has a transaction tax on account transfers? Not the US certainly, and not anywhere in the EU.
- pjc50 6y ago
  There's a proposal (not implemented yet) for a 0.1% "Tobin tax" in the EU: https://www.europarl.europa.eu/legislative-train/theme-deeper-and-fairer-internal-market-with-a-strengthened-industrial-base-taxation/file-financial-transaction-tax https://www.europarl.europa.eu/legislative-train/theme-deepe...
  - vageli 6y ago
    Total aside but I love the train theme to indicate status of the proposal, and showing who is currently "holding up" the bill.
  - tialaramex 6y ago
    Sure, which is why I said on account transfers. A Tobin tax wouldn't impact those, the one the EU wanted was for financial instruments. e.g. if you buy and sell a new financial product on average fifty times per day to take advantage of some weird quirk - because you can make 0.001% per trade this way, the Tobin tax makes that money losing and you stop doing it. Is that a good idea? I'm not sure, and apparently enough EU states weren't sure that this never got past Council. But even if it's a great idea and gets implemented it doesn't care about moving money from one account to another itself which is all we're talking about here.
- toss1 6y ago
  depends on the nature of the transaction & the parties - 'transfer/transaction taxes aren't the only issue Sales or gift taxes could apply. So could import /export taxes depending on the endpoints. Could it appear as income/gains to one party or another? etc... of course it can often be structured to avoid such taxes, but it requires forethought. I wouldn't even think of making a $multi-million move without first consulting a very high end attorney in the appropriate field.
  - sukilot 6y ago
    $Million is pretty simple. That's an everyday real estate purchase is a major US city. Tens to hundreds of millions is different. But even tens could be handled by any attorney in the field. That's estate planning level.
    - toss1 6y ago
      As long as you have clean money with an obvious & documented provenance (i.e., how it was earned), and an obvious above-board purpose such as buying a house, sure, transferring a few million is likely to be straightforward. But that is off-topic - the topic is anonymous transfer for unspecified reasons. Even transferring between two accounts of different businesses you own can generate SARs (Suspicious Activity Reports) at $5K level. Even multiple deposits of a few $thousand in cash will draw attention & be subject to confiscation if you don't have a solid & documented explanation, such as running a big & legitimate cash business.
- gutino 6y ago
  Who give away a 1Billon? Tipically a 1 Billon transaction is raised as a red flag into the tax system, and trigger an investigation with the label "i do not believe this is a gift, must be a comercial transaction, why it is not paying taxes?"
DangerousPie 6y ago
I'm not aware of any government that taxes money transfers. At least in any country I have lived in you can move around your money as much as you like without any taxes. Now if you're trying to avoid income tax or something like that that's a different question, but then using Bitcoin doesn't magically make that disappear either.
- soared 6y ago
  In the us you would get taxed https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes#1 https://www.irs.gov/businesses/small-businesses-self-employe...
  - thebean11 6y ago
    You're assuming the Bitcoin changed hands though. Transaction doesn't necessarily imply that.
  - selectodude 6y ago
    That’s if you give it to somebody else. If you’re transferring your own money there’s no fee.
  - DangerousPie 6y ago
    You get taxed for the gift, not for the transaction. You'd have to pay the same taxes if you used BTC.

What about the Government taxes, 1 Billon no matter that will pay a jucy tax slice.

by gutino 6y ago

What about the Government taxes, 1 Billon no matter that will pay a jucy tax slice.

tialaramex 6y ago

Where are you that has a transaction tax on account transfers? Not the US certainly, and not anywhere in the EU.

pjc50 6y ago
There's a proposal (not implemented yet) for a 0.1% "Tobin tax" in the EU: https://www.europarl.europa.eu/legislative-train/theme-deeper-and-fairer-internal-market-with-a-strengthened-industrial-base-taxation/file-financial-transaction-tax https://www.europarl.europa.eu/legislative-train/theme-deepe...
- vageli 6y ago
  Total aside but I love the train theme to indicate status of the proposal, and showing who is currently "holding up" the bill.
- tialaramex 6y ago
  Sure, which is why I said on account transfers. A Tobin tax wouldn't impact those, the one the EU wanted was for financial instruments. e.g. if you buy and sell a new financial product on average fifty times per day to take advantage of some weird quirk - because you can make 0.001% per trade this way, the Tobin tax makes that money losing and you stop doing it. Is that a good idea? I'm not sure, and apparently enough EU states weren't sure that this never got past Council. But even if it's a great idea and gets implemented it doesn't care about moving money from one account to another itself which is all we're talking about here.
toss1 6y ago
depends on the nature of the transaction & the parties - 'transfer/transaction taxes aren't the only issue Sales or gift taxes could apply. So could import /export taxes depending on the endpoints. Could it appear as income/gains to one party or another? etc... of course it can often be structured to avoid such taxes, but it requires forethought. I wouldn't even think of making a $multi-million move without first consulting a very high end attorney in the appropriate field.
- sukilot 6y ago
  $Million is pretty simple. That's an everyday real estate purchase is a major US city. Tens to hundreds of millions is different. But even tens could be handled by any attorney in the field. That's estate planning level.
  - toss1 6y ago
    As long as you have clean money with an obvious & documented provenance (i.e., how it was earned), and an obvious above-board purpose such as buying a house, sure, transferring a few million is likely to be straightforward. But that is off-topic - the topic is anonymous transfer for unspecified reasons. Even transferring between two accounts of different businesses you own can generate SARs (Suspicious Activity Reports) at $5K level. Even multiple deposits of a few $thousand in cash will draw attention & be subject to confiscation if you don't have a solid & documented explanation, such as running a big & legitimate cash business.
gutino 6y ago
Who give away a 1Billon? Tipically a 1 Billon transaction is raised as a red flag into the tax system, and trigger an investigation with the label "i do not believe this is a gift, must be a comercial transaction, why it is not paying taxes?"

DangerousPie 6y ago

I'm not aware of any government that taxes money transfers. At least in any country I have lived in you can move around your money as much as you like without any taxes. Now if you're trying to avoid income tax or something like that that's a different question, but then using Bitcoin doesn't magically make that disappear either.

soared 6y ago
In the us you would get taxed https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes#1 https://www.irs.gov/businesses/small-businesses-self-employe...
- thebean11 6y ago
  You're assuming the Bitcoin changed hands though. Transaction doesn't necessarily imply that.
- selectodude 6y ago
  That’s if you give it to somebody else. If you’re transferring your own money there’s no fee.
- DangerousPie 6y ago
  You get taxed for the gift, not for the transaction. You'd have to pay the same taxes if you used BTC.