Sandy Ingram
If the IQD were revalued to $0.25 to 1 Iraq dinar, based on 1 million IQD you would profit $250,000. Your tax liability just on the $250,000 would place you at a 35% tax rate... Your tax would be $83,188 [Single/No Dependents]...You would only receive $166,812...
Let's say the IQD readjusts to $0.80 to 1...That would be a profit of $800,000 minus the fees to exchange...You would be taxed at 37%...
This would be $284,901 owed in taxes.
You would only receive $515,000. This does not include your state taxes...This is not a game...No one said it was fair.
[I] do not want to hear about what a new president will do because if this happens within the next year a new president cannot help you. Congress has to vote on new tax laws
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