Looking for a new country to move to

[strongvis]

Here's the brackets for 2002 in case you were wondering...

Joint return Single taxpayer Rate
$0–$12,000 $0–$6,000 10.0%
12,000–46,700 6,000–27,950 15.0
46,700–112,850 27,950–67,700 27.0
112,850–171,950 67,700–141,250 30.0
171,950–307,050 141,250–307,050 35.0
307,050 and up 307,050 and up 38.6


SO if you work at McDonalds and skim by with your under 30k salary your taxes are pretty reasonable BUT WAKE UP BIDAWINNER. Most of American is in the 27%+ range

 

[ctn]

i here its hard to do,but you can denounce your us citizenship but can keep your american citizenship,i have also seen articles about how it works along time ago but don't know the truths to it anymore,i know the goverment don't like it,but i heard one time,when your born in america at birth your given a ss number but it doesn't activate until you use it,once you use it for whatever,jobs etc. etc. and its in the system it activates,your born an american and given us citizenship,there are lawyers that will help you,but most of them will fight you on the argument,because lawyers and judges are part of the us system
its very complex,and serious,so its best to do endless amounts of reasearch on it

 

[bidawinner]

Originally posted by strongvis
Here's the brackets for 2002 in case you were wondering...

Joint return Single taxpayer Rate
$0–$12,000 $0–$6,000 10.0%
12,000–46,700 6,000–27,950 15.0
46,700–112,850 27,950–67,700 27.0
112,850–171,950 67,700–141,250 30.0
171,950–307,050 141,250–307,050 35.0
307,050 and up 307,050 and up 38.6


SO if you work at McDonalds and skim by with your under 30k salary your taxes are pretty reasonable BUT WAKE UP BIDAWINNER. Most of American is in the 27%+ range

Excue me ..still no where's near 560 Chad is complaining about...

lame arguemnet anyways.. I dont mind paying my fair sghare either..my beef is it is spent like crap.. just wasted not even counting the fraiud.. but please dont come crying around here because you are in the very top bracket.. when you ought to nbe THANKFUL that thats' your positionin life..thats my point...
you dont like it..gio F yourself

 

[bidawinner]

You want to denounce your citizenship ? I consider you a traitor ..

Pathetci little rich pricks whinning..Pleaaaaaseeeee

Am i clear on how I feel ?

 

[strongvis]

Bidawinner are you telling me to F'myself. Your classic!
You obviously are ranting and raving or are stupid (or both) since your posts are poorly worded and filled with typos.

Add these numbers up for me and see what # you can get.
38.6% + 7.75% + 15.3% for social security
What's the # you get???

Go back to the drive-through and remember to ask if they want to up-size it.

 

[Chad]

>>Excue me ..still no where's near 560 Chad is complaining about...

Lets see. 38.6% in fed taxes + 7.75% state taxes = about 46%

And on first 87,000 earnings add 15.3% self employment tax. Then about 2.5% thereafter.

Add that up.

Then add the sales tax you have to pay when you spend the money.

>>Am i clear on how I feel ?

LMAO

 

[bidawinner]

My point is simply show a little freaking understanding and appraciation for your lot in life..the lot that you were born an American with the freedoms and opportunities that enable you to reach some financial status.. you could have been born in an african jungle or , under an Id Amins rule, under a totally socialist rule..

like hbillions of people arounfd the rule..

Nope ..you have to whine because you ahve reached alevel of finanical indepenced and with that means maybe you pay more than most in taxes..what a heavy burden this is to care? How can you possibly carry such a weight..

bring out the freaking violins...

 

[bidawinner]

Originally posted by strongvis
Bidawinner are you telling me to F'myself. Your classic!
You obviously are ranting and raving or are stupid (or both) since your posts are poorly worded and filled with typos.

Add these numbers up for me and see what # you can get.
38.6% + 7.75% + 15.3% for social security
What's the # you get???

Go back to the drive-through and remember to ask if they want to up-size it.

I pay in the 25% bracket..and the social security and I dont know how many city "bonding" projects etc..

I get the drift..

Oh My God..I think I'll denounce my citizship..or maybe I'll HIDE from paying my taxes so others can pick up the slack etc..

Oh , better yet lets all set up oversea's accounts and hide our money in other country's banks ..

So lets see fromdown right criminal discussion to lets just be traitors.. yeah that tends to p-iss me off..

It equally pisses mre off that our taxes are wasted , stolen and support political pet projetcs..

You could say I am not in the best of moods today.. my apologies.. but you want to play traitor.. I 'd have no problem pulling the switch to the electric chair.. ..excuse me ..I have to go spit know..

 

[Chad]

>>yeah that tends to p-iss me off..

Who cares if your pist off. This is a thread I started looking for some info.

Fine, your pist off. So be it. Now move on.

Your being pist off doesnt save me one red cent in taxes so find another thread to express your patriotism for the United States.

And until you get bumped up out of your 25% tax bracket you'll never understand what Im talking about anyways.

 

[parwold]

try afghanistan, I hear propertys cheap there.

 

[GeorgeK]

Chad: if you have a corporation, and pay out all your earnings as dividends, would you save on taxes due to the proposed elimination of taxes on dividends? That might be a big benefit.

 

[bidawinner]

Originally posted by Chad
>>yeah that tends to p-iss me off..

Who cares if your pist off. This is a thread I started looking for some info.

Fine, your pist off. So be it. Now move on.

Your being pist off doesnt save me one red cent in taxes so find another thread to express your patriotism for the United States.

And until you get bumped up out of your 25% tax bracket you'll never understand what Im talking about anyways.

Typical... snob BS..you dont pay that kind of taxes anyways.. if you do you're an indiot..ever heard of the word DEDUCTION.

You're a freaking joke..Oh, I'll never understand what your freaking pain or is it your freaking greed?

Which is it Chad..

 

[bidawinner]

Let me know when you find a new country to live in.. I'll make sure you catch your flight..

 

[Sheva]

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

I don't know if the situation its the same but when I was in US with a working visa (just 1 year and half ago) an immigration Lawyer told me that because of an international law you should pay the tax in the country where you live for 183 days per year, thats just 1 day more then the half of a year.

Now again maybe the situation its not the same and was for me that I was Italian Citizen having a company in US but I think that an immigration Lawyer can solve you the situation.

Mike

Mike

 

[Chad]

George,

>>proposed elimination of taxes on dividends?

Theres no elimination on taxes on dividends. As a S corp you are not subject to "double taxation" meaning that when the corp makes money only the shareholder pays taxes on the profit.

On a regular C corp the corp would pay taxes on the money it made then when the money was given to the shareholders, employees, etc it would be taxed again.

Thats the benefit of a S corp. If your only a 1 man gang you wouldnt want a regular C corp for this reason above.

To be a valid corp you have to pay your self a "reasonable" salary. This is subject to federal, state, and self employment tax.

You can take the rest of the profits out as dividends. Those are subject to federal and state taxes but not self empolyment taxes.

 

[Anthony Ng]

Originally posted by 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 .... : (

... AND unlike China, Singapore imprisons "communists" without charges.

But then, I still like their Singapore-style fried vermicelli!

 

[Gail]

I started to post a reply about moving to a new country after Drewbert's post about renouncing citizenship to avoid being taxed by the US on your worldwide income but I thought...blah, blah, blah...too boring.

This thread took an interesting turn since then.

Y'all got the basics down, and Chad you are well versed in tax law, but I just have to toss out that you can't bandy tax rates around as if they were the be-all and end-all. Yes, you pay 15.3% on your SE earnings (if you aren't using an S Corp to minimize that) but you also get a deduction for half of that, just as you get a deduction for your state income taxes, mortgage interest, etc. BUT, if your income is too high, those itemized deductions start getting phased out at 3% of the excess of your income over the threshold. And let's not EVEN get into Alternative Minimum Tax which is hitting more and more middle income earners (especially California AMT).

Having spent the past 15 years helping rich people keep their money I have to say that I am more in tune with bidawinner (without the demagoguery and denigration). How fortunate not to be poor in Ethiopia, or a child laborer in Columbia or China or wherever people are exploited or starving.

But we all live in the reality of our circumstances, and the fact is that you can only do so much to reduce your tax liability. It is particularly galling when you see corporations paying $0 and using accounting sleight-of-hand to earn billions at the same time.

But the fact is that you will pay tax wherever you go, if not to the US then to somewhere else. And the only was to get out of paying US Tax is to renounce your citizenship - and mean it. The IRS is hip to the "fake renunciation" for tax purposes.

Now the rule of thumb for tax advice is "don't let the tax "tail" wag the dog" - so you have to ask yourself, what is the monetary worth of living essentially in exile in a foreign country? How much would someone have to pay you, or how much would you have to save in taxes to make that comfortable? When you have figured that out then you will have a better idea of which countries you might be willing to consider.

blah, blah, blah...toldja...taxes are boring.

Gail

 

[Chad]

>>BUT, if your income is too high

Thats the prob. After you make a certain amount those deductions dont do much.

Gail, Your type of post is the type I was looking for. Im looking for info, tips, ideas, etc.

Im not looking to denounce my US citizenship. I might if I had to and found a way to get out of taxes by doing it. But it sounds difficult and brings a little too much drama for me.

After talking to a few people I see theres ways to set up shop elsewhere and drastically reduce taxes without even leaving the US.

 

[DomainPairs]

Just say you've been persecuted and had to leave your country and come to England. You get free housing and medical care, a car and home furnishing and an income, you don't even have to work for it or bother to learn English. Just as well you don't have to work because Margaret Thatcher destroyed most of our industry anyway.

 

[Drewbert]

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

Citizen yes. Residency is a lot easier I believe.

I don't think Belize would be a good choice for residency - their tax breaks are only for non-residents. Plus their Internet connectivity sucks still a Cable & Wireless monopoly granted by the UK Govt (as are many Caribbean Islands). But their diplomatic passports can come in very handy, if you can afford them. :^)

Caymans has good connectivity due to the huge International financial industry presence. Same with Bahamas and Antigua.

I'm no tax expert (or a US citizen), but I reckon the best way to a US based domain owner to get away from the horrendous taxation would be to sell their domain names (at cost?) to an offshore trust that they are NOT a beneficiary of, and have that trust pay the person a management fee for continued management of the assets (web site management, affiliate earnings management).

That trust would probably end up investing in property in a number of locations, and I'd guess that the person would get to stay at those locations free of charge whenever he was visiting that location on a tax-deductible business trip.

This may also affect the person's liability (or lack of) in any ACPA action. That's especially useful if any potentially actionable domains are held by a different trust than the high-value generic ones.

The trick is to find trustees that are trustworthy.