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What's Taxes Got To Do With It?

Discussion in 'Sports and News' started by Bob Cook, Jan 25, 2013.

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  1. LanceyHoward

    LanceyHoward Well-Known Member

    We are of course assumming that it is all about taxes.

    I know that in some countries you need to be a citizen to get social security benefits.

    And the Swiss may be sticklers about dual citizenships. Most countries who enforce a prohibition against dual citizenships. So Turner has to renouce to get a Swiss citizenship.
     
    LanceyHoward, Jan 28, 2013
    #49
  2. Amy

    Amy Well-Known Member

    It is not quite correct that US double taxes foreign income. There are a couple of mechanisms in the tax code to avoide double taxation - there is a foreign earned income exclusion that reduces taxable income; there is the foreign tax credit that reduces US tax by the tax paid to foreign jurisdictions. A territorial system may make more sense from a policy and compliance perspective, but the Internal Revenue Code does address double taxation.
     
    Amy, Jan 28, 2013
    #50
  3. The Big Ragu

    The Big Ragu Moderator Staff Member

    The Umich paper is about corporations, not individuals.

    The U.S. is the only developed country that double taxes expats on income earned elsewhere--what is a citizenship tax. No, no other country I know of does that... at least none of the major European countries I am familiar with or Japan.

    http://blogs.wSportsJournalists.com/washwire/2012/05/18/tax-history-why-u-s-pursues-citizens-overseas/

    As to my other points about how we have come up with onerous rules that encourage expats to renounce their citizenship, because on top of double taxation, we make banking and filing paperwork into a hell:

    http://online.wSportsJournalists.com/article/SB10001424052970203550304577136953208336574.html
     
    The Big Ragu, Jan 28, 2013
    #51
  4. The Big Ragu

    The Big Ragu Moderator Staff Member

    Amy, Tina Turner has paid the U.S. millions in taxes during the time she lived in Switzerland, in addition to what she owwd the Swiss on that same income. If she was a citizen of any other Western country, she would not have paid even a penny to her home country. Just because we have pages of rules regarding our double taxation, doesn't mean we don't have double taxation. No other country that I am aware of expects a kickback on income earned elswhere -- with or without mechanisms that might allow you to claim some deductiona.
     
    The Big Ragu, Jan 28, 2013
    #52
  5. Captain Obvious

    Captain Obvious Guest

    It discussed both.

     
    Captain Obvious, Jan 28, 2013
    #53
  6. The Big Ragu

    The Big Ragu Moderator Staff Member

    Forget that paper and name the industrialized nations that tax their overseas citizens, subjecting them to taxation in both their country of citizenship and country of residence -- other than the U.S. Oh, and Eritria, if it still does it. I can tell you France doesn't do it. Japan doesn't do it. Germany doesn't. Denmark doesn't. Finland doesn't. You don't even have to file a return of any sort for France, for example, let alone pay a penny if you didn't earn it while in France.

    What are the countries that collect income taxes on top of the taxes owed the country you are residing in -- again, other than the U.S.? I am not aware of any. Maybe you can specify the countries?
     
    The Big Ragu, Jan 28, 2013
    #54
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