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Montanalonewolf 
Group: Members
Posts: 4791
Joined: Mar. 2010
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Posted on: Nov. 11 2012, 8:44 am |
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It's not bad enough it's being done here, the IRS is targeting foreign-owned businesses.
QUOTE Under a new rule that is part of the Foreign Account Tax Compliance Act, or FATCA, all foreign financial institutions must report any accounts that have an American co-signer. Information required includes accounts used for personal and business reasons, and banks will face a hefty fine if they don't comply. American citizens abroad will also now be required to disclose certain types of assets.
And what's with this? Money earned outside the US is subject to US taxes and taxed twice?
QUOTE To truly leave the U.S., one must clear several hurdles with the IRS, including paying a huge exit tax and ensuring a current status on the last five years of taxes. The U.S. is one of the only countries in the world that uses a citizenship-based tax law, which means many Americans living overseas pay local taxes in addition to American taxes.
http://www.huffingtonpost.com/2012....59.html
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Ignorance is curable with education. Stupidity is refusing to be educated.
Those who don't read have no advantage over those who can't.
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| Post Number: 2
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Land Rover
Group: Members
Posts: 6529
Joined: Sep. 2006
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Posted on: Nov. 11 2012, 8:51 am |
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You've lost me? What's your point here?
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| Post Number: 3
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Ecocentric
Group: Members
Posts: 3817
Joined: Jun. 2009
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Posted on: Nov. 11 2012, 9:26 am |
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Despite indicators to the contrary, Montana is not a foreign country. 
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"Travel suggestions from strangers are like dancing lessons from God." -Kurt Vonnegut Jr.
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| Post Number: 4
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HighGravity
Group: Members
Posts: 2322
Joined: Oct. 2009
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Posted on: Nov. 11 2012, 9:39 am |
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His point is that traitors should be given special consideration.
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| Post Number: 5
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SW Mtn backpacker
Born to hike, forced to work ...
Group: Members
Posts: 6712
Joined: Jul. 2006
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Posted on: Nov. 11 2012, 11:06 am |
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Yeah but the vast majority giving up citizen are long term residents of other countries mostly married to "foreign" spouses, ... not really rich "ex-pat" couples on the run. The IRS will be allowed to get into joint/spousal account and (iirc) the business affairs of the taxpayer and foreign spouse to presumably try to find anything hidden from US taxes (plus white collar crime/narco-/terror-action). Naturally the spouses and regular employers are like wtf?
The first almost $100K of foreign income is exempt from US taxes btw, but the US "double-taxes" the rest on the assumption that our special forces/navy will try freeing a US citizen if kidnapped.
I've been researching this while looking at Canadian employment and asked a judge here, who said a US citizen must claim foreign residency if working continuously in another country (unless military or diplomatic agreement). The whole domicile thingy we (via the Founding Fathers infatuation with all things Roman) got from Rome (where you live, work, and have most of your stuff is where you reside). So it's likely Constitutional.
I'm more worried about this whole cheese curd thingy on fries vs. ketchup myself.
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Usually Southwest and then some.
In wildness is the preservation of the world. - Henry Thoreau
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| Post Number: 6
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ol-zeke
me in the Tetons
Group: Members
Posts: 10781
Joined: Sep. 2002
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Posted on: Nov. 11 2012, 11:16 am |
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So, you object to the IRS doing their job and investigating banks to find tax cheats? If most of what they find is legit, all of this will blow away, like a fart in the breeze. Much ado about nothing.
Seems to me this is a great place to insert "if you have nothing to hide, why be concerned?" As much as I appreciate search and seizure laws in this country, I find most acts of the IRS well within reason.
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Everything I know, I learned by doing it wrong at least twice.
The easiest way to ruin a Friday is to realize it is only Tuesday.
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| Post Number: 7
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double cabin
Group: Members
Posts: 15405
Joined: Nov. 2005
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Posted on: Nov. 11 2012, 6:57 pm |
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You know this probably wouldn't be much of an issue if more wealthier Americans just accepted the progressive tax rates our country thrived under with Eisenhower and Clinton. To suggest it will kill jobs is a complete denial of the historical record.
I agree with "if you don't have anything to hide..."
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We have nothing to fear but an industry of fear...and man skirts.
http://www.facebook.com/media/albums/?id=129511480442251
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| Post Number: 8
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Bateauxdriver
Group: Members
Posts: 1741
Joined: Jun. 2005
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Posted on: Nov. 11 2012, 8:42 pm |
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The rich really are pissed Romney lost. Romney wouldn't reveal his tax records to us the voters. I hope the IRS nails the bastard.
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| Post Number: 9
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| Post Number: 11
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| Post Number: 12
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ol-zeke
me in the Tetons
Group: Members
Posts: 10781
Joined: Sep. 2002
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Posted on: Nov. 11 2012, 11:05 pm |
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If you read the tax laws at all, you might learn that only the first $100K earned overseas is tax free income in the US, and only then if you stay out of country for 12 months. After that, it is taxable for US citizens.
Yes, if you live in one state and work in another, state taxes are owed for all $ earned in each state. Look up professional sports players and figure out their state income tax obligations.
Looking over a business record is the only way top find out which employee was paid how much. Still have no idea why you are bothered by this, other than your general refusal to pay your taxes as defined by the current laws.
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Everything I know, I learned by doing it wrong at least twice.
The easiest way to ruin a Friday is to realize it is only Tuesday.
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| Post Number: 13
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Montanalonewolf
Group: Members
Posts: 4791
Joined: Mar. 2010
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Posted on: Nov. 11 2012, 11:32 pm |
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QUOTE state taxes are owed for all $ earned in each state.
Right. Under the new law, if it applied to the US, you'd owe taxes on ALL income in BOTH places for the year.
QUOTE other than your general refusal to pay your taxes as defined by the current laws.
Quote anywhere I've ever said or implied that I refuse to pay taxes.
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Ignorance is curable with education. Stupidity is refusing to be educated.
Those who don't read have no advantage over those who can't.
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| Post Number: 14
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ol-zeke
me in the Tetons
Group: Members
Posts: 10781
Joined: Sep. 2002
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Posted on: Nov. 11 2012, 11:41 pm |
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OK, so I took your whine about the IRS as more strict than you carry out the action, but you do proclaim loudly how much you dislike sending your hard earned cash to D.C. Tax laws apply both ways. Take advantage of what is there, and pay what is owed.
Those expats only owe taxes here if they earn more than $100K overseas, so it isn't like they have to pay taxes on all they earn elsewhere. I still think you are making this a lot bigger than it is. It isn't like there are hordes of expats making enough $ overseas that this comes into play often. Most of the ones I know moved to places where their $ stretch further than they would here at home.
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Everything I know, I learned by doing it wrong at least twice.
The easiest way to ruin a Friday is to realize it is only Tuesday.
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| Post Number: 15
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Montanalonewolf
Group: Members
Posts: 4791
Joined: Mar. 2010
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Posted on: Nov. 12 2012, 8:24 am |
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You're right as far as I dislike the way taxes are levied and collected but I've never said I shouldn't or wouldn't pay taxes.
You're also right in that there aren't many ex-pats affected. How many isn't the point.
The amount before taxes is also beside the point. It's that many/most will be double-taxed on the same money.
The gripe is this is another interference by the US in other countries' affairs.
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Ignorance is curable with education. Stupidity is refusing to be educated.
Those who don't read have no advantage over those who can't.
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| Post Number: 16
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buddero
Group: Members
Posts: 777
Joined: Jan. 2009
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Posted on: Nov. 12 2012, 9:37 am |
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This thread makes me want to go back a week or so in time to the election or something a little more engaging. Though I know quite a few expats (from traveling in SE Asia), it's just a huge YAWN. And so, I'm off to the gym this brisk morning in Texas. Hail Rick! A little later maybe we can discuss Karl Rove or Mitt Romney or Rush or some a them guys (snicker).
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Reach out your hand, if your cup be empty
If your cup is full, may it be again
Journal and links to refugees, backpacking, travel in Asia, photos, honky-tonk angels, other beautiful things...
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| Post Number: 17
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Bateauxdriver
Group: Members
Posts: 1741
Joined: Jun. 2005
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Posted on: Nov. 12 2012, 9:50 am |
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If you want to expatriate go for it. Once you settle up with the IRS, you are done with US taxes. Don't let the screen door hit ya.
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| Post Number: 18
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Bateauxdriver
Group: Members
Posts: 1741
Joined: Jun. 2005
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Posted on: Nov. 12 2012, 9:56 am |
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Procedure to Relinquish the US Citizenship or Residence
Basically, you need to undertake the following:
Get a second citizenship in another country.
Leave the US.
Appear before the US Consul in that country to renounce your US citizenship.
File the form 8854, Expatriation Information Statement.
Pay the due exit tax.
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Survival Skills 101 • Eat Better
