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Thread: U.S. Expats Balk at Tax Law[W:82]

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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by j-mac View Post
    I would agree with that, but I would also think that if this is what OC is asserting that is the norm in the type of thing happening by everyone that has a foreign bank account, then the onus is on him to prove that they are evading taxation....Innocent until proven guilty and all...
    Well, whatever loop holes in the law that exist which would allow that to take place should be taken care of as a preventative measure. We can't afford to lose any money to foreign countries.

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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by ChrisL View Post
    Well, whatever loop holes in the law that exist which would allow that to take place should be taken care of as a preventative measure. We can't afford to lose any money to foreign countries.
    I fully agree. All I am saying is that this whole thing seems to be just yet another way to demonize the wealthy, and go after their money. If they are doing something shady, then by all means go after them, but we have to prove that is the case first...That's all....And do we really trust giving the IRS more and more power today?
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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by j-mac View Post
    I fully agree. All I am saying is that this whole thing seems to be just yet another way to demonize the wealthy, and go after their money. If they are doing something shady, then by all means go after them, but we have to prove that is the case first...That's all....And do we really trust giving the IRS more and more power today?
    No, but I don't see it that way. I see it as closing a loop hole that shouldn't exist to begin with. No one should be able to do that IMO. I don't think closing loop holes that allow certain people to essentially cheat on their taxes is demonizing anyone.

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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by obvious Child View Post
    But that's not what the law is about.

    For instance, I sell you property A in the US. I tell you to deposit the payment in Account B in foreign country. I don't declare that sale or that account. I have evaded taxes. Should this be legal?

    The law in question seeks to prevent this by mandating disclosure of such accounts. If I must disclose the assets in that account, I'm far less likely to not pay taxes on it.

    Yeah, the law is a pain in the butt. But so is that $500 BILLION in unpaid taxes every year. We're all paying more taxes or having a higher deficit because people are evading taxation.
    Most countries don't tax foreign earned income.
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    Re: U.S. Expats Balk at Tax Law[W:82]

    A lot of expats aren't rich, but they are double taxed and taxed without representation.


    Quote Originally Posted by j-mac View Post
    And another truism coming to pass...When you unfairly try to go after the wealthy and tax their success they just leave because they can afford to do so...So who's next in the progressive push for so called "income justice"? Well, it would have to be the middle class....and they can't afford to run....Buckle up people.

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    Re: U.S. Expats Balk at Tax Law[W:82]

    Yeah, I think that that is a large part.

    Quote Originally Posted by PeteEU View Post
    Bet most of those have absolutely nothing to do with taxes. Not all countries allow dual citizenship and that could be a big part of the number.

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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by PirateMk1 View Post
    Most countries don't tax foreign earned income.
    Except that the profits were derived from the sale of a US based asset. Hence "I sell you property A in the US."
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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by ChrisL View Post
    Well, you do have a point there. Loop holes should be closed IMO.
    Indeed. This effective tax shelter has been in effect for quite some time. It's embarrassing that the IRS took this long to crack down. The whole UBS/Switzerland thing is pretty appalling considering that our deficit keeps rising partially due to increased tax evasion.

    This law is a pain, but I do not see how reasonable people (stress reasonable people) can be against closing a tax shelter that only the privileged few can get.
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    Re: U.S. Expats Balk at Tax Law[W:82]

    Quote Originally Posted by j-mac View Post
    I fully agree. All I am saying is that this whole thing seems to be just yet another way to demonize the wealthy, and go after their money. If they are doing something shady, then by all means go after them, but we have to prove that is the case first...That's all....And do we really trust giving the IRS more and more power today?
    No one is giving the IRS power. The law merely requires banks to report accts held by US citizens.
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    Re: U.S. Expats Balk at Tax Law

    Quote Originally Posted by Cephus View Post
    Only so long as anyone who is not a U.S. citizen is barred from doing any of that. Once they give up their citizenship, they are no different than any other foreign national.
    Which they should be as well.

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