tax sick

  • Thread starter Thread starter morganist
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Quote from maxpi:

The "workers of the world that united" in California [public sector retirees, union and non] have voted themselves so much largesse that California cannot pay for their retirements, let alone pay for all the services the state is providing.. a tape was leaked from a meeting where the head accounting guy for the state was explaining that... and he was distraught too...

We've gone from budget crisis to budget crisis. They passed a budget that took months to hammer out and a week later they announced that they had Billions in shortfall for the current fiscal year because they underestimated their current income.... now they are trying to figure out how to cover a $21 Billion shortfall for the next couple of years...

The Public Sector can be that stupid.. that is a major lesson in all this, they indeed can be incredibly stupid. We have the Democrats in California that want to expand government still, they tell us that government is the answer, in fact the state has been hiring more people all the time they were working to fix the budget... so the Public Sector is out of control and it is cannibalizing the Nation if California is any indicator of what the entire country is doing... get used to it folks, they aren't even thinking of stopping it... they want to destroy the economy and march in as the heroic leaders of the revolution and assume full power over our lives... they will front a leader that will talk the voters into giving up their constitutional rights in exchange for a stipend...
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I've lived in California most of my life and the business climate has never been worse. Companies like Telmar Networks, Terumo Medical, Creel Printing and Stasis Engineering have left the state for good. Hewlett Packard, JC Penny, the Automobile Club of Southern California and other large corporations are moving thousands of jobs to Nevada, Texas and Tennessee. Even the entertainment business is moving operations (production/filming) out of the state.

As if having the third highest taxes in the country weren't bad enough, we also have the highest regulatory costs in the country -- 3 times higher than the national average. Ten years ago, public employee pensions cost the state about $160M/year. Now they are $3B/year and and expected to reach $20B by 2030.

The only way out for California is to declare bankruptcy, throw out the public employee pension agreements and change the tax and regulatory laws to bring businesses back to the state.
 
You're an idiot. The same thing would be and has been happening under the watchful eye of both parties. To point fingers at one or another party is playing into their game. Government does not run this country. Big business does.
 
Quote from promagma:

Yeah, if you want to renounce your U.S. citizenship.
The $87,600 foreign income exemption can't be applied to trading income.
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I am not a US citizen, but if I was, I'd give back my passport today and put together a plan for moving my assets and most importantly my entire family offshore. I understand the process is difficult for US citizens, for a good reason: If it was easy anybody with half a brain and half a million would simply take off. Uncle Sam knows that.

I fear taxation over the next couple of decades (not only in the US, but in the entire Western world) will be horrendous. That means any jurisdiction can quickly change from a favorable tax treatment to a less favorable one. See the UK discussion on the non-dom tax regime. I am considering the UK as a residence, but I wouldn't be surprised to see the tax advantages revoked in a heartbeat once another budgetary crisis comes along. Same with many other tax havens. Zurich revoked the lump-sum taxation regime. The list goes on.
 
Quote from wutang:

You're an idiot. The same thing would be and has been happening under the watchful eye of both parties. To point fingers at one or another party is playing into their game. Government does not run this country. Big business does.
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So you're saying that big business has imposed massive taxes and regulatory costs on California businesses. Do I understand you correctly?
 
Quote from makloda:

I am not a US citizen, but if I was, I'd give back my passport today and put together a plan for moving my assets and most importantly my entire family offshore. I understand the process is difficult for US citizens, for a good reason: If it was easy anybody with half a brain and half a million would simply take off. Uncle Sam knows that.

I fear taxation over the next couple of decades (not only in the US, but in the entire Western world) will be horrendous. That means any jurisdiction can quickly change from a favorable tax treatment to a less favorable one. See the UK discussion on the non-dom tax regime. I am considering the UK as a residence, but I wouldn't be surprised to see the tax advantages revoked in a heartbeat once another budgetary crisis comes along. Same with many other tax havens. Zurich revoked the lump-sum taxation regime. The list goes on.
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i heard that if you are an american citizen you havae to pay american tax where ever you live in the world. so is that true.

where do you live makloda. i would not advise uk perhaps new zealand or singapore.
 
I own a small business in canada and the same thing is happening here. You really can't complain about it - because it's too convoluted to explain. And you really don't even know how much you are paying, because it's so confusing... We have a new"harmonized tax" coming. Plus a proposed"toronto service tax". WHich means 10% less revenue offset by nothing and we have no pricing power as consumers only look for deals.

We remit gst, pay gst
remit pst, pay pst
remit rst
remit hst soon
remit tst soon
remit cpp
remit ei
remit federal tax
remit provincial tax
remit wsib
the fire department takes money quarterly
we pay property tax
personal income tax
file corporate tax return
file personal tax return
remit t4's
pay employees holiday pay
pay employees for public holidays which become more frequent ecery year
visa, amex. mastercard mafia take 2-4% off the top
the agency my industry is regulated by gets a 500 cheque every few years
other

the paper burden alone is overwhelming, the rules change all the time and each of these cocksucking departments have a complaince department full of nasty 60k a year pricks whose sole role is to suck more money out of the organism they are parasitically hosting off of. They are all allowed to waive any of my civil rights and come in to my place of business, interfere, and crawl up my ass with a microscope.

For all the lip service the goverment and banks pay to supporting small business - I just don't see it. I can't recall a single instance when the government has done anything to help me or ease my burden...

eventually you just throw your hands up and it becomes a game of keep away....
 
Quote from tomdavis:

So you're saying that big business has imposed massive taxes and regulatory costs on California businesses. Do I understand you correctly?
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:D
 
Quote from morganist:

i heard that if you are an american citizen you havae to pay american tax where ever you live in the world. so is that true.
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Yes.

If you have wealth, difficult to renounce US citizenship and leave... government imposes "exit" tax of ~50% of assets. (You see, the government DOESN'T GIVE A CRAP ABOUT ITS CITIZENS... ONLY THEIR MONEY.)

If you are young and ambitious... and have no assets for US to tax upon "exit", suggest looking into leaving USA and renouncing citizenship... ala Jimmy Rogers. (He has assets of course, but also had the foresight to leave before "prohibitive exit legislation" was enacted.)

Consider teaching English in China...

THERE IS NO FUTURE FOR ANYONE IN THE USA... Boomers MIGHT skate with "only" having their standard of living degraded to near poverty... but anyone younger is FUCKED AND DOUBLE FUCKED!!
 
Yes, the US is one of the few countries that taxes based on citizenship, not on residence. You could live on the Moon and you'd still pay US taxes as long as you have the passport.

Why not the UK? I see real estate (quiet, rural areas) has come down quite a bit, English is spoken, good availability of products and services (unlike e.g. the Caribbean). Nom-Dom tax regime is basically tax-free for foreigners. Yes the weather sucks but I guess it's a list of pros and cons after all.

From what I understand New Zealand/Australia isn't a good tax regime for a trader. They treat capital gains as regular income, taxed at 40-50%. New Zealand has/had a 5 year tax exemption for foreigners though if you invest a sizable amount in NZD government bonds last time I looked (2008?).
 
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