Calm down professor. The US is one of the only countries in the world to tax worldwide income, even if they are a nonresident of the US. That is NOT how it works in every country.
Here’s a pretty good article about it from the WSJ if you want to educate yourself on the subject: https://www.wsj.com/articles/BL-WB-34630
It’s somewhat accurate to say “every penny they make is taxABLE to Uncle Sam” which is different from saying 100% tax rate. Americans living outside the US still need to file a tax return and report all their income, and pay tax on it to the US, even if it is from a foreign source. That said they could claim the foreign tax credit if they paid tax to a foreign regime on that income already, or the foreign income exclusion under some circumstances which would reduce their taxable income to the US.
Well thank god we don’t have any Death Panels from Obamacare though!
Fuck her, fuck RBG, fuck McConnell, fuck Biden, fuck Trump, fuck every single one of these dinosaurs who will be dead long before they see the result of their actions.
The complex structures and tax issues present in large partnerships require a focused approach to best identify the highest risk issues and apply resources accordingly. In 2021, the IRS launched the first stage of its Large Partnership Compliance (LPC) program with examinations of some of the largest and most complex partnership returns in the filing population. The IRS is now expanding the LPC program to additional large partnerships…By the end of the month, the IRS will open examinations of 75 of the largest partnerships in the U.S. that represent a cross section of industries including hedge funds, real estate investment partnerships, publicly traded partnerships, large law firms and other industries. On average, these partnerships each have more than $10 billion in assets.
Believe me when I tell you a partnership with $10b assets is insane. Auditing that is extremely labor intensive and requires a ton of highly specialized skills and that all requires resources.
There’s really nothing left to argue here so please just take this at face value and move on.
Well the market disagrees with you. And as long as people are forking over $1 million for a starter home and all other equities and commodities are at all time highs, prices won’t budge.
That’s what I was paying in a small college town about twenty years ago. I doubt if we’ll ever see that again. I just checked and that building isn’t even there anymore. Looks like they tore it down and put in some luxury student housing (!) for around $1600/month. Wtf.
Yeah aka market correction to reach equilibrium. Nothing to see here, move along, move along.
Right, well, anyway, the IRS budget just got a huge increase under the Biden administration new budget. They’re finally hiring a ton of new agents and updating their ancient tech etc. The R party fought tooth and nail against this and there’s an active smear campaign to make the average person afraid they’re coming after you. R’s managed to reduce the budget increase which is going to reduce the IRS ability to go after the whales, as you were griping about in your original post.
Yeah this is completely normal and not at all anything to flip out about. Honestly I’m surprised the reporting threshold was ever $20k to begin with. The 1099 reporting threshold for contractors has been $600 for over a decade now so I would’ve assumed the same for scalpers.
It’s super easy to implement, comply, and enforce this. Like almost automated levels of easy. It’s significantly more complex and requires tons of resources and expertise to go after the whales as you say. Resources they just don’t have. Resources that might be wasted if/when it turns out the taxpayer is fully compliant within reason.
It’s not about double standards, it’s purely logistics and resources - at least on the IRS side. Congress is responsible for their funding, or lack thereof, and it doesn’t take long to figure out who’s responsible for the lack of it. So I’d encourage you to focus your ire on the response political party, not the IRS itself.
All that happened here is they lowered the reporting threshold to cast a wider net and force people to reported income they otherwise could have just not mentioned. It’s not quite like flipping a switch but it’s relatively easy to comply with, and relatively easy to enforce. “Fixing taxes” is significantly more complicated, to say the least.
He’s one of the GOATs, how could they possibly hate him?
Pi can be rounded. It’s infamously difficult to compute externalities in any meaningful sense. Even more difficult to implement a fair and actionable policy for it. You can google “accounting for externalities” and read a bunch f articles and academic papers on the subject, which has been debated for decades.
Beyond fines for dumping chemicals in rivers, and carbon taxes, etc, stronger EPA, etc, I don’t really have any good ideas for codifying a real actual plan into law. Probably easier to raise corporate tax rates up a few points from 21% to whatever and use it to fund green energy and cleanup projects etc, rather than change accounting methods to try and capture the costs that way.
Come back when you can codify your point into something that can actually be recorded on a balance sheet and P&L. Until then it’s not even wrong, it’s just…word salad…
That rant is unhinged, you’re not playing with a full deck. Not gonna engage with you if you can’t have a reasonable conversation in good faith.
Regarding commuting specifically I meant how do you determine the cost of each extra pound of co2 in the atmosphere. It’s inherently incalculable because the effects of climate change are insanely complex. That’s my point about externalities. How do you price the value of standing in an open meadow at dusk?
You’re hardcore. I just can’t do that though. I’m in good shape but I sweat a LOT and can’t show up at the office drenched. It would ruin my day.
You mean Wayne Knight right?
You’re a very unpleasant person.