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The end of tax heavens
- Thread starter Bob111
- Start date
Quote from TraderZones:
*sigh" I will break it down for you:
"As for offshore money," talking about deposits held outside of the country
I still don't get it: why deposits held outside of the country qualify a person as a tax evader. Why the US citizens have to deposit their earned money exclusively with the US banks or they will be looked at as tax evaders?
Quote from gkishot:
I still don't get it: why deposits held outside of the country qualify a person as a tax evader. Why the US citizens have to deposit their earned money exclusively with the US banks or they will be looked at as tax evaders?
Because you know as well as I do those deposits are often not reported to the tax authorities. Disagree? Just look at the business of offshore tax shelters for proof positive.
If you read the tax code(s) as I have it clearly says you can deposit money outside the US as long as your report it to the IRS and pay taxes on gains.
There is no more grey an area than taxes. Its your responsibility to pay as well as your right to legally reduce your taxable burden.
Flat tax based on consumption please, please!
Quote from dandxg:
Because you know as well as I do those deposits are often not reported to the tax authorities. Disagree? Just look at the business of offshore tax shelters for proof positive.
If you read the tax code(s) as I have it clearly says you can deposit money outside the US as long as your report it to the IRS and pay taxes on gains.
There is no more grey an area than taxes. Its your responsibility to pay as well as your right to legally reduce your taxable burden.
Flat tax based on consumption please, please!
Technically, that's true. However, you need to ask yourself why the government has a right to keep tabs on where private individuals keep their money unless there is a reason for them to be suspicious of tax evasion in a particular case. Why are Americans so naive about this?
Secondly, I happen to know (although, thank God, not first hand) that when you DO reveal a foreign account, they interrogate you mercilessly and you invite audits. Basically, people who reveal foreign bank accounts - regardless of the perfectly legitimate reasons they have them - the U.S. launches an investigation on you.
The question is why Americans put up with this.
Quote from dandxg:
Because you know as well as I do those deposits are often not reported to the tax authorities. Disagree? Just look at the business of offshore tax shelters for proof positive.
If you read the tax code(s) as I have it clearly says you can deposit money outside the US as long as your report it to the IRS and pay taxes on gains.
There is no more grey an area than taxes. Its your responsibility to pay as well as your right to legally reduce your taxable burden.
Flat tax based on consumption please, please!
The interest earned in offshore accounts should not be taxed. This tax is simply unfair. The law is wrong not the depositors.
Quote from gkishot:
The interest earned in offshore accounts should not be taxed. This tax is simply unfair. The law is wrong not the depositors.
I agree with you. Last time I checked only Australia and the US tax citizens on worldwide income, which is BS! Yes I am aware of the approx. 160k per couple exclusion, but BS the same.
Quote from Mom0/pH0x:
i didn't know that australia taxed on worldwide income... i knew about north korea....
In case you are curious http://www.google.com/search?hl=en&...alia+tax+citizens+on+worldwide+income&spell=1
Quote from Mom0/pH0x:
yeah thanks... i'd like a list of all nations who tax worldwide income... angrycat has claimed that it's unique to the usa and north korea, but australia also does it, and i've heard canada does as well...
I don't know that a list exists exactly.
You'll find a lot of countries collect taxes on worldwide income officially, but they have various arrangements where you pay a either a nominal tax or none at all if you meet residency and work requirements - i.e. live abroad for most of the year.
Tax laws are not simple in most countries.
BTW, the U.S. used to tax your income earned abroad only if you also lived in the U.S. for six months and a day.
Quote from rubibond007:
...
What the US should do is the opposite, the us should become a tax haven.
It already is!
http://www.lectlaw.com/filesh/bbg33.htm
Quote from Mom0/pH0x:
yeah thanks... i'd like a list of all nations who tax worldwide income... angrycat has claimed that it's unique to the usa and north korea, but australia also does it, and i've heard canada does as well...
The US is only one of two countries in the world that taxes on the basis of CITIZENSHIP. The other country being Eritrea charges a 2% tax for non-resident citizens.
http://www.aca.ch/joomla/images/pdfs/comsense.pdf
Many countries (including Australia, Canada, Germany) around the world however subject their RESIDENTS to global taxation. Some of them also have resident exit taxes.
http://www.house.gov/jct/x-14-95.pdf(this document is a bit dated)