Taxing Money Transfers???

[NEEDBE]

Is there a tax on money transfers that are going out of the country??. I can't believe there wouldn't be one if there isn't already and if there isn't one THEN WHY THE HELL NOT??

[Havocstarter]

There are no fees except those imposed by the money remitters like western union money service companies are regulated by the government under the federal currency reporting guidelines
this oversight is meant to prevent money laundering among other things

[Just Wondering]

In other words...the government observes...but does not tax these transactions?

[Havocstarter]

Why would they tax it? It's money which hopefully was already taxed. Are u concerned with the movement of money out of the country? Why do you think it would be taxed?

[Long time resident]

Havocstarter: So their money has already been taxed ??? I don't think sooooooo ... A lot of it is most probably under-the-table money...Furthermore, any savings account, CD, IRA, etc etc is taxed -- guess what -- on money that has already been taxed !! Social security is another one, taxed before, taxed again ...

[Havocstarter]

long time resident answer this....their Money who is they? I get where your going cash money under the table untaxed wages How many contractors Have u run into that accepts cash only or part cash reporting only half of their earnings, lots.
really every discussion on this forum turns ugly and racist. Can't a decent discussion go on without pointing fingers

[donice]

When did someone say something racist? If people are not paying taxes and there is a way of getting them to pay taxes, is that a racist idea? Some countries do not allow money to be taken out of the country at all.

[Havocstarter]

I give up read between the line it's there and it always is. I'm done.

[NEEDBE]

donice wrote:

When did someone say something racist? If people are not paying taxes and there is a way of getting them to pay taxes, is that a racist idea? Some countries do not allow money to be taken out of the country at all.

I think money transfers should be required to be taxed. A great deal of the money is NOT being taxed before it's being sent out of the country, it's already TAX FREE. I pay taxes on just about EVERYTHING, why would the goverment choose NOT to tax out of country money transfers?

[720 days]

You get a call from your 18 yr old daughter who is on spring break in Cancun. She lost her money and travelers checks. She is now asking for you to transfer her some money so she can eat for the next 4 days. Should you have to pay tax on that money?

[Needbe]

720 days wrote:

You get a call from your 18 yr old daughter who is on spring break in Cancun. She lost her money and travelers checks. She is now asking for you to transfer her some money so she can eat for the next 4 days. Should you have to pay tax on that money?

Since all forms of money are taxed (many times twice) there should be a tax on money leaving the country, In a perfect world we shouldn't assume money transfers do not come from "under the table tax free money" leaving the US,most of us know the reality IT IS. We all have to pay the price even your 18 yr. old daughter losing her money in Cancun. I dont exactly relish the thought on paying taxes on ALL the things I have to pay taxes on but it makes NO sense NOT to tax money leaving the country, our government isn't smart enough to impose a tax there? I just don't know why.

[_Levi_]

You mean I can't launder my money through my Swiss bank account anymore?

[donice]

Does anyone know what the fees are for the money transfer agent ? Do they get a fee at each end of the transaction ? Who pays the fee? The sender?

[needbe]

_Levi_ wrote:

You mean I can't launder my money through my Swiss bank account anymore?

I'd rethink a swiss acct. these days.

[_Levi_]

needbe wrote:

<quoted text>
I'd rethink a swiss acct. these days.

I hope you know it was a joke :-)

[needbe]

_Levi_ wrote:

<quoted text> I hope you know it was a joke :-)

YES, I definately knew it was a joke, so was my reply. ;-$

[Question]

Swiss government has been cooperating with the US Government regarding US citizens with Swiss accounts. The reason given was the rise in terrorism this century. Possibly....apparantly....terr orists have been using the Swiss banking system. Historical note: Natz's were big users of the Secret Swiss Banking System.