It’s not fair to say the amount hasn’t been taxed. It may or may not have been taxed when earned.
If a legal alien earns $50,000 and pay all his taxes on that amount, it’s up to him what to do with the amount the government didn’t take. If he wants to send $10,000 after tax to his mom in Mexico, that’s his business.
HOWEVER, if I want to send more than $10,000 to Canada for an investment, the bank (at the prodding of the Federal Government) will make me either attest or in some cases prove that I obtained that money legally (for example by selling another investment). This to prevent money laundering.
Also if a U.S. company pays a dividend to a foreign investor, the IRS forces the company to withhold federal taxes and pay them to the IRS, which the investor can treat as a credit against any taxes he owes (on that income and other income) when and if he files his US taxes showing the income.
Here’s a simple and quite reasonable suggestion:
Whenever someone sends any money as a personal money transfer overseas, the bank should withhold taxes at the personal income tax rate (maybe assume 30%) which it delivers to the IRS. Then let the individual who sent the money use that withheld amount as a credit when and if they file their U.S. taxes.
That way, if they earned the money legally and paid taxes on it, they’ll get the money back as a refund and their net tax amount won’t change. If they don’t file or they didn’t pay tax on the money when they earned it, this is the way the government can make sure it collects taxes on the income before it leaves the system.
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Here’s a simple and quite reasonable suggestion:
Whenever someone sends any money as a personal money transfer overseas, the bank should withhold taxes at the personal income tax rate (maybe assume 30%) which it delivers to the IRS. Then let the individual who sent the money use that withheld amount as a credit when and if they file their U.S. taxes.
That way, if they earned the money legally and paid taxes on it, they’ll get the money back as a refund and their net tax amount won’t change. If they don’t file or they didn’t pay tax on the money when they earned it, this is the way the government can make sure it collects taxes on the income before it leaves the system.
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R-I-G-H-T. ‘Cuz $21T= in debt & $140T+ in “unfunded liabilities” shows just how well GOVT handles the People’s $$.
In you scenario, you ROB the owner (presuming all is on the up & up)...no you RAPE them. “Retention” by the IRS (asset forfeiture in all but name)\Takings, guilty until proven innocent, LOSS of possible growth via investment a/o loss of Freedom of choice (to do what one will w/ their OWN property).
“Quite reasonable”?? The Left could have thought of no greater trampling of the Constitution and our Rights. *SMH*