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US will eventually begin taxing foreign income
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Swampfox10mm



Joined: 24 Mar 2011

PostPosted: Mon Nov 05, 2012 3:51 pm    Post subject: US will eventually begin taxing foreign income Reply with quote

Will US taxes one day make it worthless to work here?

I believe it will be inevitable that the USA will begin taxing our foreign income. Obama's current plan already calls for this, although he has not outlined specifically who this will hit. Be forewarned, however, that I don't see how this sort of taxation can be avoided under any candidate in the future, as US debt levels and dependency levels rise.

http://www.forbes.com/sites/beltway/2012/10/29/what-is-barack-obamas-tax-plan/

Quote:
Hed lower corporate tax rates but make it harder for multinationals to avoid U.S. tax on their foreign income.


It's no secret I voted for Romney, but I also make it no secret I see him as the lesser of two evils. Even still, I know that it will be easy for either party to tax us, when push comes to shove. It's just too easy and we have too little influence to cause waves if we do.
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newb



Joined: 27 Aug 2012
Location: Korea

PostPosted: Mon Nov 05, 2012 4:17 pm    Post subject: Re: US will eventually begin taxing foreign income Reply with quote

Swampfox10mm wrote:
Will US taxes one day make it worthless to work here?

I believe it will be inevitable that the USA will begin taxing our foreign income. Obama's current plan already calls for this, although he has not outlined specifically who this will hit. Be forewarned, however, that I don't see how this sort of taxation can be avoided under any candidate in the future, as US debt levels and dependency levels rise.

http://www.forbes.com/sites/beltway/2012/10/29/what-is-barack-obamas-tax-plan/

Quote:
Hed lower corporate tax rates but make it harder for multinationals to avoid U.S. tax on their foreign income.


It's no secret I voted for Romney, but I also make it no secret I see him as the lesser of two evils. Even still, I know that it will be easy for either party to tax us, when push comes to shove. It's just too easy and we have too little influence to cause waves if we do.


We're paying taxes here already. How's he gonna make us pay again?

I'm no Obama fan, but some people are just too extreme.
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Zyzyfer



Joined: 29 Jan 2003
Location: who, what, where, when, why, how?

PostPosted: Mon Nov 05, 2012 4:32 pm    Post subject: Re: US will eventually begin taxing foreign income Reply with quote

newb wrote:
We're paying taxes here already. How's he gonna make us pay again?


If you make enough you would have to pay twice. Granted the bar is really high.

That said, if something were to be passed that forced American expats to pay taxes no matter their income, I imagine some long-termers might start thinking long and hard about remaining a citizen if it can be helped.
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No_hite_pls



Joined: 05 Mar 2007
Location: Don't hate me because I'm right

PostPosted: Mon Nov 05, 2012 4:38 pm    Post subject: Re: US will eventually begin taxing foreign income Reply with quote

Swampfox10mm wrote:
Will US taxes one day make it worthless to work here?

I believe it will be inevitable that the USA will begin taxing our foreign income. Obama's current plan already calls for this, although he has not outlined specifically who this will hit. Be forewarned, however, that I don't see how this sort of taxation can be avoided under any candidate in the future, as US debt levels and dependency levels rise.

http://www.forbes.com/sites/beltway/2012/10/29/what-is-barack-obamas-tax-plan/

Quote:
Hed lower corporate tax rates but make it harder for multinationals to avoid U.S. tax on their foreign income.


It's no secret I voted for Romney, but I also make it no secret I see him as the lesser of two evils. Even still, I know that it will be easy for either party to tax us, when push comes to shove. It's just too easy and we have too little influence to cause waves if we do.


The amount that is tax free of foreign income has been increase under Obama's term as President. If he was going to do away with the exemption, why would have the tax exemption been increased during Obama's term? Idea Rolling Eyes

BTW We are not multinational corporations. Shocked
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Otherside



Joined: 06 Sep 2007

PostPosted: Mon Nov 05, 2012 6:05 pm    Post subject: Re: US will eventually begin taxing foreign income Reply with quote

Zyzyfer wrote:
newb wrote:
We're paying taxes here already. How's he gonna make us pay again?


If you make enough you would have to pay twice. Granted the bar is really high.

That said, if something were to be passed that forced American expats to pay taxes no matter their income, I imagine some long-termers might start thinking long and hard about remaining a citizen if it can be helped.


You don't have to pay twice. There's a double taxation treaty which counts the amount of taxes paid in Korea (or wherever) and your home country (in this case the US). If the tax rate is 10% in Korea, and 30% in the US, you would pay 10% in Korea, and 20% in the US. Obviously now you have an exemption which is pretty much out of reach for the average ESLer.

As an aside, I doubt either side is really planning on raising taxes on the guys earning ~$30K a year.
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Chaucer



Joined: 20 Oct 2009

PostPosted: Mon Nov 05, 2012 6:10 pm    Post subject: And the article Reply with quote

And the article only mentions the taxes on multinationals--the foreign earned income deduction is something like $100,000 this year. If you're over that, te salut, Don Corleone.
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SpiralStaircase



Joined: 14 Feb 2008

PostPosted: Mon Nov 05, 2012 8:10 pm    Post subject: Re: US will eventually begin taxing foreign income Reply with quote

Dearest Swampfox10mm

I came to Korea to escape the loons. This is not the place for fox caliber fear mongering.

Best of luck to you and your gobbledygook.

Swampfox10mm wrote:
Will US taxes one day make it worthless to work here?

I believe it will be inevitable that the USA will begin taxing our foreign income. Obama's current plan already calls for this, although he has not outlined specifically who this will hit. Be forewarned, however, that I don't see how this sort of taxation can be avoided under any candidate in the future, as US debt levels and dependency levels rise.

http://www.forbes.com/sites/beltway/2012/10/29/what-is-barack-obamas-tax-plan/

Quote:
Hed lower corporate tax rates but make it harder for multinationals to avoid U.S. tax on their foreign income.


It's no secret I voted for Romney, but I also make it no secret I see him as the lesser of two evils. Even still, I know that it will be easy for either party to tax us, when push comes to shove. It's just too easy and we have too little influence to cause waves if we do.
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YTMND



Joined: 16 Jan 2012
Location: You're the man now dog!!

PostPosted: Mon Nov 05, 2012 11:51 pm    Post subject: Reply with quote

Quote:
if something were to be passed that forced American expats to pay taxes no matter their income, I imagine some long-termers might start thinking long and hard about remaining a citizen if it can be helped.


That is the fallacy some of us succumb to.

Expat means EXPATRIATE.

It means you already removed the chains.

If you call yourself a hyped up preppy common label from hell "expat" as an abbreviation, then you are not really the expat you might think you would want to be labeled as.

However, you can still fit in as a conversation piece at Starbucks or while you drink your Evian water.

A real expat is already NOT a citizen.

A real expat doesn't vote for one rich person to be "president".

A real expat doesn't pay taxes.

I am for what I do.

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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Tue Nov 06, 2012 12:57 am    Post subject: Re: US will eventually begin taxing foreign income Reply with quote

Swampfox10mm wrote:
Will US taxes one day make it worthless to work here?

I believe it will be inevitable that the USA will begin taxing our foreign income. Obama's current plan already calls for this, although he has not outlined specifically who this will hit. Be forewarned, however, that I don't see how this sort of taxation can be avoided under any candidate in the future, as US debt levels and dependency levels rise.

http://www.forbes.com/sites/beltway/2012/10/29/what-is-barack-obamas-tax-plan/

Quote:
Hed lower corporate tax rates but make it harder for multinationals to avoid U.S. tax on their foreign income.


It's no secret I voted for Romney, but I also make it no secret I see him as the lesser of two evils. Even still, I know that it will be easy for either party to tax us, when push comes to shove. It's just too easy and we have too little influence to cause waves if we do.


Unless foreign governments and/or employers start issuing 1040s it ain't gonna happen unless to try to repatriate a lot of cash.

The day some US government tries to start taxing foreign earned income on foreign or multinational companies is simply the day they place their US subsidiaries at arm's length and reduce investment in the US.

As a market it is about one step removed from the likes of Greece or Spain and if they are not careful they will soon be relegated to 2nd class behind various trading blocks that have growing economies and populations that simply make the US less than relevant in a global context (1.2 billion in India, 1.3 billion in China, .66 billion in ASEAN (collectively 10x larger than the US market).

NOTHING is more portable than money and NOTHING will flee (in the case of multinationals) or drop out of sight (like foreign earned income by expats) faster than offshore money when taxation becomes an issue.

Not to mention that most of the stupidity and rhetoric that you hear prior to an election usually vaporizes the day after.

.
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Skippy



Joined: 18 Jan 2003
Location: Daejeon

PostPosted: Wed Nov 07, 2012 4:21 am    Post subject: Reply with quote

Actually the US government has raised an issue that could effect many expat American citizens. Plus increase possible fines.

I am not American, but this one is really going to mess up some people.

Here is a recent article about it. It is called FACTA.

http://www.iexpats.com/2012/11/fatca-critics-fears-arrest-by-us-authorities/
From wiki
https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act

I think for most American expats, not much will change, but for those that have good savings or investments, you may not be able to hide your money anymore.

Plus another possible added bonus of American expats, being refused bank accounts here in Korea. The regulation burden for foreign banks may be too much that many financial institutions, will drop US owned accounts. I think most big Korean banks will adapt, but many of the smaller ones, will not.
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swashbuckler



Joined: 20 Nov 2010

PostPosted: Wed Nov 07, 2012 6:39 am    Post subject: Reply with quote

more right-wing purely speculative garbage from the OP.

Bitter again cause yur guy got his ass handed to him?
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Zyzyfer



Joined: 29 Jan 2003
Location: who, what, where, when, why, how?

PostPosted: Wed Nov 07, 2012 9:18 am    Post subject: Reply with quote

It's FATCA but everything Skippy mentions is true. The US government is trying to extend that out into a worldwide thing, and Korea is no exception. A mild stink is being raised but Americans investing in Korea will probably not be able to wiggle out of it.
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young_clinton



Joined: 09 Sep 2009

PostPosted: Wed Nov 07, 2012 9:51 am    Post subject: Reply with quote

I can't even say how I feel about this on this forum. Not only do I have to pursue an over the seas job to have a decent life, they make it difficult to get one with the FBI CBC crap and other services. Now they want to tax my income when I don't use anything in my country overseas? There better be some pretty good incentives. I doubt there will be any.
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lithium



Joined: 18 Jun 2008

PostPosted: Wed Nov 07, 2012 11:42 am    Post subject: Reply with quote

swashbuckler wrote:
more right-wing purely speculative garbage from the OP.

Bitter again cause yur guy got his ass handed to him?


It's hard to beat Santa Clause. Romney gave a picture of working to earn better pay and Obama offered food stamps and welfare.
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newb



Joined: 27 Aug 2012
Location: Korea

PostPosted: Wed Nov 07, 2012 2:35 pm    Post subject: Reply with quote

lithium wrote:
swashbuckler wrote:
more right-wing purely speculative garbage from the OP.

Bitter again cause yur guy got his ass handed to him?


It's hard to beat Santa Clause. Romney gave a picture of working to earn better pay and Obama offered food stamps and welfare.


Majority of young'ens chose gov't freebies over jobs and better future.

Fiscal cliff at the end of this year will be interesting to watch and enjoy.
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