111–120 of 164 posts
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It's only as mobile as laws will allow it to be. Sure, it's a leaky bucket, but you don't need to patch all the leaks.
Capital is fully mobile because people are fully mobile.
Another attempt to close the loop holes in the US's byzantine corporate tax system doomed to failure. The Treasury Department says as much in the article. A flat corporate rate on income earned, in the US, minus income lost, in the US, equals taxable income, done and fair. If a corporation can't compete in the US without support of its international shell games, then it probably wasn't competitive enough to matter an…
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Also, the US has one of the highest corporate tax rates in the world. If you can go to Ireland and pay something close to 10%, its a no brainier. The tax rates are pretty crazy in the US if you think about it. A single person small business just getting started still has to pay 33% of their profit even if their profit is $1,000 for the entire year.
I'm not a tax expert but this statement is true if you only look at the statutory corporate tax rate before deductions and tax credits are taken into account. Once those are done and you used a weighted average based on country size, then the US is not that much higher ( http://www.forbes.com/sites/taxanalysts/2015/03/25/the-truth... ). I don't disagree that tax reform is necessary but taxes help pay for the infrastr…
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Capital is fully mobile because people are fully mobile.
Ever try to take twenty thousand in cash through airport security? Here's a secret: Those millimeter wave body scanners are only incidentally for drugs and weapons.
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(IANATA) If you get tax credits, wouldn't you pay us_tax-foreign_tax if us_tax>foreign_tax ?
Yes, that's my understanding as well (IANATA)! And it's still not double-taxation: if us_tax>foreign_tax, then you pay foreign_tax + us_tax-foreign_tax == us_tax. (Or foreign_tax, if it's greater.) The citizenship taxation system means you can't move away and legally pay LESS taxes than if you'd stayed in the US. But you're welcome to pay more and not have to remit anything extra to the US. ;)
About time the greedy corporations pay their fair share. #FeelTheBern
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And the US double taxes their citizens living abroad the same way. As an American making the same money as your non-american co-worker you are left with a lot less just for having a US passport. It is even possible you have never set foot in the US yet are required to pay uncle sam's taxes. Wanna get rid of your US passport? Not before you pay 10 years projected taxes and pay an abhorrent fee. You will also be listed…
> And the US double taxes their citizens living abroad the same way. The tax code has provisions to avoid "double taxes" on foreign income. You file Form 1116 to claim credit for taxes you paid to a foreign country as an offset against your U.S. tax liability.[1] That tax credit is separate from the income exclusion, which excludes the first ~$100k of foreign income from U.S. taxation. Generally, your total tax liabi…
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And the US double taxes their citizens living abroad the same way. As an American making the same money as your non-american co-worker you are left with a lot less just for having a US passport. It is even possible you have never set foot in the US yet are required to pay uncle sam's taxes. Wanna get rid of your US passport? Not before you pay 10 years projected taxes and pay an abhorrent fee. You will also be listed…
"And the US double taxes their citizens living abroad the same way." Except they don't. You have an exemption for foreign income. "It is even possible you have never set foot in the US yet are required to pay uncle sam's taxes." I don't believe this for a second. You would be a US Citizen, therefore you would have stepped foot in US territory.
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Yes, that's my understanding as well (IANATA)! And it's still not double-taxation: if us_tax>foreign_tax, then you pay foreign_tax + us_tax-foreign_tax == us_tax. (Or foreign_tax, if it's greater.) The citizenship taxation system means you can't move away and legally pay LESS taxes than if you'd stayed in the US. But you're welcome to pay more and not have to remit anything extra to the US. ;)
If you pay two taxes instead of one, as everyone else, then it IS double taxation.
Specifically, double-taxation is when you pay taxes twice on the SAME earnings. Take the example of a US citizen living abroad in a country with lower income taxes. They will have to pay foreign as well as US income taxes: two like, you point out, rather than one. But the IRS agrees that double-taxation is mean, so they give you a foreign tax credit for the tax you've already paid. You pay an amount to the IRS to make up the difference in income tax. If it were double-taxation you would have to pay the full US income tax on the money you earned, after already having paid the full foreign income tax on it as well.
(Note I've been talking about plain-vanilla income, it's a whole new ball-game if you think about other investment income.)
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"And the US double taxes their citizens living abroad the same way." Except they don't. You have an exemption for foreign income. "It is even possible you have never set foot in the US yet are required to pay uncle sam's taxes." I don't believe this for a second. You would be a US Citizen, therefore you would have stepped foot in US territory.
Just count taxes and countries: a) you pay taxes to one country only - normal taxation; b) you pay same taxes to the country BUT you are also paying additional taxes to US - double taxation.