5 Americans rejected at the border yesterday

[Traveler]

I saw a poll the other day where Yanquis listed their pastimes, here were the top three choices: (1) baseball (2) hating on immigrants and (3) looking for where to find the best rate to convert dollars to pesos which edged out "peanut butter acquisition strategies" from last year.

You seem to have too much free time on your hands.

 

[NeoWonk]

You seem to have too much free time on your hands.

Yes I think your right!

But regarding the poll, Canadians did have some similar responses with their Yanqui neighbors. Their top 3 pastimes were: (1) Hockey (2) learning the preferred pronouns and gender(s) of ones socios (3) looking for where to find the best rate to convert dollars to pesos which edged out "maple syrup acquisition strategies" from last year.

 

[Weyland]

You seem to have too much free time on your hands.

I think that applies to everyone who posts on this forum.

 

[Bajo_cero2]

I just was informed that all of them were allowed to re entry after the appeal before The AR Consul and the habeas corpus.
They didn’t want to grand this but this is how law works, they had to anyway.
Now they have the right to get precaria for appeal.

 

[Traveler]

I

I think that applies to everyone who posts on this forum.

I fully concur.

 

[toongeorges]

The exception would seem to be France, which does appear to have a wealth tax

France does not have a wealth tax anymore, it has been replaced with a tax on real estate only starting from values above 800000 euro at 0,5% and the highest tax rate of 1,5% only for real estate holdings above 10 million euro.

In Argentina, the max tax rate of 2,25% kicks in from only 300000 USD. The S&P 500 dividend gross dividend rate is currently 1,77%. For US companies, at least 15% of the dividends goes to the US government, so in the best case of a double taxation agreement with the US, you should get about 1,50% dividends for yourself from your US investments. From investments of 300000 USD, you would earn 375 USD per month, so someone with only 300000 USD is not rich at all. Yet again, Argentina manages to invent a tax rate that is higher than 100% of income. 2,25% is 150% of the 1,5% net dividend income you could expect. To pay this tax, you would be forced to sell part of your assets.

The law says that you can lower the 2,25% tax rate to 0,75% if you are willing to send per year at least 5% of your assets to an Argentinian bank account. Though I would advise against that, because anything that lands on an Argentinian bank account can at any time be taken away from you without any form of compensation.

Most countries in Europe do not have a wealth tax, they have other taxes like any combination of dividend taxes, inheritance taxes, real estate taxes or capital gains taxes. It is not clear to me whether Spain or Italy have a kind of wealth tax, though rates are not as high as Argentina. The Netherlands is the only country I know that definitely has a wealth tax, but it has none of the other taxes. The Dutch tax authority assumes that you get a 4% gain on your capital each year and asks a flat fee of 30% on this, so everyone (above a certain threshold) pays a wealth tax of 1,2% there without any other taxes on capital. This wealth tax is controversial, because many people who save their money earn less than 0,5% interest per year and therefore lose money.

 

[toongeorges]

I read the other day that only Spain, Belgium, Switzerland and Norway (according to this article in La Nacion) within Europe levy a wealth tax. Only Colombia, Uruguay and Argentina do that in South America. In Uruguay the max is .7% and in Colombia it's 1% on assets over 1.5 million US.

Belgium never ever had a wealth tax! Taxing wealth is very controversial here and has so far always been blocked. Having a wealth tax is a wet dream of the socialists, but liberals and conservatives are against it and have refused to form governments that wanted to introduce such a tax. That said, capital in Belgium is relatively highly taxed in other ways: 30% on dividends, each transaction on the stock market has a small tax, there is an inheritance tax and a tax on real estate.

You were probably confusing Belgium with the Netherlands, where they have a 1,2% wealth tax, but none of the other taxes on capital (except inheritance taxes).

 

[Iznogud]

A lifetime ago, in BrusseIs, remember a guy I believe he was in the Board of Directors at Shell or something big like that.

He was a belgian who used to frequent the Brussels diplomatic circles.
He had a single subject of conversation. How the government taxed the snot out of him and how he was paying huge amounts of money, up to 75% of his income while everybody around him (all diplomats) were exempted.

Any subject you tried to discuss around a table eventually turned to him whinning and complaining.
Eventually they stoped inviting him or only invited his wife when they could make sure he was on a trip somewhere.

Iz

 

[dilmah]

Having a wealth tax is a wet dream of the socialists, but liberals and conservatives are against it and have refused to form governments that wanted to introduce such a tax.

I disagree. What really is abomination is income tax. Income tax should be either repealed completely or kept below 10%.
Taxing income is taxing productive and effective people.

Inheritance and wealth tax are way to go.
This is tax on unproductive people.
If your wealth is working and invested efficiently then you will make far in excess of wealth tax and be golden.

 

[jeff1234]

Welll, well, well, no. Read the law.

A. When the law refers to assets abroad, it means to assets that were transferred from Argentina, not wealth you created abroad before coming to Argentina.

B. The law refers to domiciled persons in Argentina as tax payers. Here you are in a mistake: legal residence means domicile / address in Argentina.

C. Citizenship, instead, it is based in a politic relationship but not address. It means that once you have the citizenship, you make your DNI with an address abroad and that’s it. Then you are not a tax payer for this tax.

Can you tell

France does not have a wealth tax anymore, it has been replaced with a tax on real estate only starting from values above 800000 euro at 0,5% and the highest tax rate of 1,5% only for real estate holdings above 10 million euro.

In Argentina, the max tax rate of 2,25% kicks in from only 300000 USD. The S&P 500 dividend gross dividend rate is currently 1,77%. For US companies, at least 15% of the dividends goes to the US government, so in the best case of a double taxation agreement with the US, you should get about 1,50% dividends for yourself from your US investments. From investments of 300000 USD, you would earn 375 USD per month, so someone with only 300000 USD is not rich at all. Yet again, Argentina manages to invent a tax rate that is higher than 100% of income. 2,25% is 150% of the 1,5% net dividend income you could expect. To pay this tax, you would be forced to sell part of your assets.

The law says that you can lower the 2,25% tax rate to 0,75% if you are willing to send per year at least 5% of your assets to an Argentinian bank account. Though I would advise against that, because anything that lands on an Argentinian bank account can at any time be taken away from you without any form of compensation.

Most countries in Europe do not have a wealth tax, they have other taxes like any combination of dividend taxes, inheritance taxes, real estate taxes or capital gains taxes. It is not clear to me whether Spain or Italy have a kind of wealth tax, though rates are not as high as Argentina. The Netherlands is the only country I know that definitely has a wealth tax, but it has none of the other taxes. The Dutch tax authority assumes that you get a 4% gain on your capital each year and asks a flat fee of 30% on this, so everyone (above a certain threshold) pays a wealth tax of 1,2% there without any other taxes on capital. This wealth tax is controversial, because many people who save their money earn less than 0,5% interest per year and therefore lose money.

One reason that France doesn't have a wealth tax anymore is because it caused 12,000 of their wealthiest, most sucessful people to leave every year. France didn't want to lose their professional class.

In your example, you would not really earn $375 per month. Say the rate of inflation in the US is 2.5%, your $300k is worth $7500 less at the end of the year ($625 per month). So in reality you'd already be losing $250 per month before anyone taxed you.