Questions for the financial gurus

[JLGatsby]

Originally posted by: uberman
You did not specify so I assume I get this money wherever. I'd keep it outside of the US. Why would I want to pay taxes on it?

You're living in the past. You cannot keep money offshore without getting caught these days. If you are suspected of tax fraud, they will report you to your home country, even in countries like Switzerland or Caribbean countries. This has become even MORE true since 9/11 as the US is trying to track down terrorist money.

 

[uberman]

Originally posted by: JLGatsby

Originally posted by: uberman
You did not specify so I assume I get this money wherever. I'd keep it outside of the US. Why would I want to pay taxes on it?

You're living in the past. You cannot keep money offshore without getting caught these days. If you are suspected of tax fraud, they will report you to your home country, even in countries like Switzerland or Caribbean countries. This has become even MORE true since 9/11 as the US is trying to track down terrorist money.

Ok, so if the amount of the money was so great, not a million, but more, I'd become an ex-pat and leave the USA. There is no finer country as this and I've been to many. I am a patriot; however, if the interest I earn is all I spend I can't justify handing it over to a government as a tax.

 

[JLGatsby]

Originally posted by: uberman
Ok, so if the amount of the money was so great, not a million, but more, I'd become an ex-pat and leave the USA. There is no finer country as this and I've been to many. I am a patriot; however, if the interest I earn is all I spend I can't justify handing it over to a government as a tax.

You lose again. A few years ago Democrats, who are anti-wealth, added a law to a bill that made anyone who has earned $600,000+ combined in the last 5 years, OR, has a total net worth of atleast $2,000,000 unable to give up with citizenship and leave without paying further taxes.

Basically, if you have made that much, they have made it so you must pay taxes up to 10 years AFTER you renounced citizenship (even though you're not a citizen). Yes you read that right, you give up citizenship, and you're rich, you still pay US taxes for 10 years after.

So much for "land of the free."