Looking for a new country to move to

[Chad]

Im sick of the US tax system. Paying 50% in taxes isnt going to cut it for me.

I was thinking of moving to the Caymans but they sure are strict. Still looking into it.

Im wondering what the tax system is like in Canada and Mexico for now.

Can anyone recommend a country where they dont bend you over backwards and legally take all your money?

TIA

 

[Anthony Ng]

Hong Kong is your place! Almost negligible tax (15% at the most). The government (not democratically elected) is 100% pro-business. They don't even have minimum wage and maximum hours, not to say collective bargaining power; and unions are more recreation clubs. You'll like it.

Who want to guess how much they pay hourly at the McDonald's over there?

 

[jimr]

Originally posted by Chad
Im sick of the US tax system. Paying 50% in taxes isnt going to cut it for me.

I was thinking of moving to the Caymans but they sure are strict. Still looking into it.

Im wondering what the tax system is like in Canada and Mexico for now.

Can anyone recommend a country where they dont bend you over backwards and legally take all your money?

TIA

Russia would be good then. They have just increased the tax so it is 13% now. People think it is to much and try to cheat the system all the time.

Otherwise you are welcome to Sweden. We have a World record in high taxes and the VAT is only 25%...

/jr

 

[unclewilco]

i would say wales (thats in the UK, 53 or how many there are now states of USA)

but just been to see my accountant, and i have a large tax bill... so stay away, thanks tony..


not that iam bitter (more stout), they can't see paypal i hope until next year!!!!!!

note: the UK treasury and wilco do not condone wilcos action on a wed afternon.. after a few crys in the beer, he has had a large bill.. even though he could not afford a v large brandy..

breaking news::::::
so guys bring on those cheap names....

 

[hhunterjr]

Paying 50% in taxes is kind of steep. Will the tax cuts proposed by President Bush help your situation out?

Generally, I'm not in favor of tax cuts because I don't think that the last tax cut provided a stimulus to the US economy and I think that the US Government would have been better off just holding on to that money.

But it looks like the "powers that be" are going to push through permanent tax cuts in the US and this should help you out a little if you decide to stay in the USA.

 

[DeCal]

I would say England - Midlands. Nottingham / Lincolnshire!

PM if you need any help!

 

[unclewilco]

Originally posted by Chad

where they dont bend you over backwards and legally take all your money?

TIA

maybe namepopper can help???

 

[Whois-Search]

The 51st State England

 

[oneguy]

Ahemmm,

Could we add SINGAPORE to the list.

Low Crime, Nice Tax Structure, Great Food, Great Shopping, Nice Locals ..... only major problem :

CHEWING GUM is banned here .... : (

 

[unclewilco]

Originally posted by Whois-Search
The 51st State England

thanks i was being wossname...

 

[Drewbert]

You're a U.S. Citizen. Legally, you have to report income/pay tax to the IRS no matter where you live.

There are ways to reduce your tax liability.

The only way to get out of the system is to surrender your citizenship.

 

[GeorgeK]

Canadian taxes exceed those in the US.

The Bahamas or Bermuda might be worth investigating, in addition to The Caymans.

 

[Chad]

>>You're a U.S. Citizen. Legally, you have to report income/pay tax to the IRS no matter where you live.

Yeah, I just found this out. I would have to denounce my US citizenship. If I have to pay more than half my money for my freedom then screw the US.

>>Will the tax cuts proposed by President Bush help your situation out?

It wouldnt be much. Will still be paying 6 figures in taxes.

I pay about 50% in taxes then another 7.75% in sales tax when I spend the money.

Theres no state tax in Oregon/Nevada so I might consider moving there if I can not take getting screwed outta my money personal like I am now.

It is extremely difficult to become a citizen of the Caymans. I doubt I can even get in.

Im looking into Bahamas and Belize now. They seem pretty cool so far.

 

[bidawinner]

Originally posted by Chad
Im sick of the US tax system. Paying 50% in taxes isnt going to cut it for me.

I was thinking of moving to the Caymans but they sure are strict. Still looking into it.

Im wondering what the tax system is like in Canada and Mexico for now.

Can anyone recommend a country where they dont bend you over backwards and legally take all your money?

TIA

nearly 60% in taxes ? Umm if thats what you are paying..I'm not to upset by your finacial situation then.. that means you belong to the top 1% of the wealth according to the US tax brackets.. you're a millionair how many times over? ..

dont you have a club where you all go whine about your sad situation at ?

 

[RON2]

John Walker Lindh should be busy for awhile. Why don't you see if you could get his old job?

 

[GeorgeK]

Chad: If you incorporate, can you reduce your taxes that way? (although at some point, you'll need to pull the money out of your company)

 

[Chad]

Bid,

You must not live in the US. If you make a few hundred K you will fall into the 50% tax bracket give or take a few %. Especially in California with about 7.75% state tax.

 

[Chad]

>>If you incorporate, can you reduce your taxes that way?

I am an S Corp now. But dont save much. You do save on self employment tax but you are only taxed on that up to like 87,000 of your earnings anyways....Corp or no corp. Then after that amount you are still taxed a few percent for medicare still. So yo do save a bit in self employment tax (social security/medicare) but dont make too much of a difference.

A corp is mainly good for protecting your assets from lawsuits and the such.

 

[Chad]

BTW: In a S Corp the profits pass thru to the shareholder(s) and are still taxed. Whether or not you take the money out of the corp or not...you still have to pay taxes on those profits.

 

[strongvis]

Originally posted by bidawinner


nearly 60% in taxes ? Umm if thats what you are paying..I'm not to upset by your finacial situation then.. that means you belong to the top 1% of the wealth according to the US tax brackets.. you're a millionair how many times over? ..

dont you have a club where you all go whine about your sad situation at ?

You really seem to know your tax rates bidawinner. You must be an accountant.
I'm paying almost 40% and by far NO WHERE NEAR millionaire status. As a self-employed person in the US, you'll pay (just to the feds) 1/3 of your income (taxes + socialsecurity,etc) and then on top of that you can add on your given state taxes which tend to verge on the 40%-50% ranges.