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Kuros
Joined: 27 Apr 2004
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 Posted: Mon Jul 21, 2008 4:42 am Post subject: America hates its Ex-Pats |
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Two years ago . . .
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The $69 billion tax cut signed into law May 17 raises taxes on Americans living overseas by $2.1 billion over the coming decade.
The legislation will more than triple the U.S. tax bill for Kristine Kraabel, a gift shop owner in Singapore, and her husband, a former marine who is now the regional human resources director for an American company there.Their tax adviser calculates that they will now owe $20,000 to $25,000 in U.S. taxes, up from $5,000, even as they continue to pay $20,000 in Singapore taxes.
The law may also encourage more tax evasion by Americans who work for foreign employers, especially those with no U.S. assets.Overseas employers do not pay taxes in the United States and thus may not file tax documents with the U.S. Internal Revenue Service.
"Either people will repatriate because it's too expensive to have people abroad, or people will go below the radar," said Nick de Boursac, executive director of the American Chamber of Commerce in Singapore.
The new legislation may also discourage American entrepreneurs who have been heading to Taiwan and elsewhere in East Asia to be close to high-technology manufacturers while inventing new companies based on Internet phone services, biotechnology advances and other innovations, said Philip Diller, the chairman and owner of Pristine Communications, a multilingual publishing company in Taipei that processes economic data and other information.
"The savings to the U.S. in revenues from reducing this tax exclusion may not justify or be equivalent to the corresponding loss from entrepreneurs not being here in this environment," he said. |
Now, this was done during a GOP administration, because ex-pats are traitors. But a Democratic administration is not going to change it, because rich people should fund their pork. |
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bobbyhanlon
Joined: 09 Nov 2003
Location: 서울
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| Posted: Mon Jul 21, 2008 4:57 am Post subject: |
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| interesting that there are massive tax breaks for american firms wanting to repatriate their earnings, but the ordinary folk who work for such companies' overseas offices get screwed twice over. |
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Kikomom
Joined: 24 Jun 2008
Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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| Posted: Mon Jul 21, 2008 5:29 am Post subject: |
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And who's reporting these earnings to the IRS? Has anyone had to use their SSN to register with Immigration or their employers anywhere?
I can't remember is it's requested on the visa application form for the consulate.
Edit: Nope, don't see it there... Visa App. PDF |
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Bibbitybop
Joined: 22 Feb 2006
Location: Seoul
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| Posted: Mon Jul 21, 2008 5:39 am Post subject: |
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| While it sucks for hard working Americans, as long as it only targets the rich it doesn't affect us lowly teachers. |
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greedy_bones
Joined: 01 Jul 2007
Location: not quite sure anymore
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| Posted: Mon Jul 21, 2008 5:42 am Post subject: |
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| I haven't payed a dime to the irs since being in Korea. As long as you're here for 11 months or longer, you're not required to pay American taxes. |
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nicholas_chiasson
Joined: 14 Jun 2007
Location: Samcheok
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| Posted: Mon Jul 21, 2008 6:39 am Post subject: |
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| expats get a $100,000 deduction on income tax and SS exemption. Anything above that gets taxed quite well, |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Mon Jul 21, 2008 2:05 pm Post subject: |
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| greedy_bones wrote: |
| I haven't payed a dime to the irs since being in Korea. As long as you're here for 11 months or longer, you're not required to pay American taxes. |
For now, we do. I have long been amazed that this has not been changed. People in gov't are always looking for new and innovative ways to fund pork legislation.
Every year our ability to live and work tax-free overseas goes unchanged, I consider it a blessing. |
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Bibbitybop
Joined: 22 Feb 2006
Location: Seoul
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| Posted: Mon Jul 21, 2008 4:01 pm Post subject: |
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| Just to nitpick, Americans are exempted if they are out of the USA for 330 days or more per year, you can be anywhere. If you qualify for this, the current deduction is income of about 85,000 per year. It changes a bit each year. |
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warren pease
Joined: 12 May 2008
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| Posted: Mon Jul 21, 2008 5:05 pm Post subject: |
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| As an American, I feel compelled to say that the New England Patriots is a fine organization and while there may be a strong sense of rivalry among the other teams, I find it impossible to believe that America, as a whole, or even in a noticeable part for that matter would hate any of its current, let alone, former players. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Mon Jul 21, 2008 5:15 pm Post subject: |
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| bassexpander wrote: |
| greedy_bones wrote: |
| I haven't payed a dime to the irs since being in Korea. As long as you're here for 11 months or longer, you're not required to pay American taxes. |
For now, we do. I have long been amazed that this has not been changed. People in gov't are always looking for new and innovative ways to fund pork legislation.
Every year our ability to live and work tax-free overseas goes unchanged, I consider it a blessing. |
Tax-free up to $82,400. After that, you'll be paying for services you do not use. |
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Unposter
Joined: 04 Jun 2006
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| Posted: Tue Jul 22, 2008 8:05 am Post subject: |
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Personally, I hate the Patriots. The last Superbowl had to be one of the best - to see their perfect season go down in flames at the last second was about as beautiful as it gets!
The Pats are a bunch of cheaters to boot!
So, I don't know about you buddy but I bet a lot of Americans hate the New England Patriots.
Oh wait! The OP is talking about ex-patriots. Well, that is another matter. Come on!?! Nobody wants to see people leave the country, better themselves and then lord it over others. Tax them all!!! |
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mikeyboy122
Joined: 28 Feb 2008
Location: namyang
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| Posted: Wed Jul 23, 2008 9:12 pm Post subject: |
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Uh, I'm from Saint Louis and I still have a problem with Superbowl 36(?) I swear it looked like they knew what we were going to do on every play. But hey, they won (un) fair and square. Or did they. Only they know and goodall just wants it all to go away. I'm just a whiner, but..............  |
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