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detonate
Joined: 16 Dec 2011
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 Posted: Thu Nov 08, 2012 8:14 am Post subject: |
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Higher taxes is the way to go right?? To keep the economy growing? So the government can spend more money??? Obama's idea of having a Sec. of Business is a great idea right??? Omg if the government doesn't tell me what to do I am so screwed.  |
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SpiralStaircase
Joined: 14 Feb 2008
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| Posted: Thu Nov 08, 2012 1:50 pm Post subject: |
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What is your solution to the debt problem? And please answer knowing that taxing the heck out of the rich will cover but a sliver of the budget, and cutting the military also a small amount.
Anyone serious about reducing the debt must go after entitlements, not to mention the growing foodstamp problem.
I have yet to see someone such as yourself put forth a working option. They just make childish names like tea-bagger and giggle like children. But trust me.... when h bottom falls out, the lazy poor are gonna get spanked. |
Your OM has very little to do with debt or solutions and everything to do with spreading misinformation. You may be able to get away with it in America, but any right minded (irony?) individual can see right through it.
In reality, there is no quick fix. Regardless of politics, presidents, food stamps, PBS, military spending... America is in for some tough times ahead. Suggesting Romney will do anything but expedite/magnify this problem is flat out lunacy. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Thu Nov 08, 2012 2:59 pm Post subject: |
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| What is your solution to the debt problem? And please answer knowing that taxing the heck out of the rich will cover but a sliver of the budget, and cutting the military also a small amount. |
The 2012 deficit is $1.1 trillion.
If you cut military spending by 43% next year, 683.7 billion to 389.7 billion, that's $294 billion saved.
If you raised taxes on those making over $250,000, that's another $80-$95 billion earned. We are at $381 billion saved/earned.
Here's my radical suggestion. The Federal Reserve stops printing $40 billion a MONTH to buy MBSs (i.e. to prop up the ailing banks), and instead prints $20 billion a month to pay off the debt. That's another $240 billion, for a total of $620 billion saved/earned.
Now, abolish all deductions, such as the mortgage-interest deduction, the charitable deduction, and the state tax deduction, leaving only the EITC and the child tax credit. That's $1.1 trillion saved/earned, for a total of $1.720 billion saved/earned.
Yes, that's right, we now have $620 billion earned each year to pay down the deficit. I didn't touch entitlements. But kiss your precious deductions goodbye. |
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SpiralStaircase
Joined: 14 Feb 2008
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| Posted: Thu Nov 08, 2012 3:16 pm Post subject: |
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The 2012 deficit is $1.1 trillion.
If you cut military spending by 43% next year, 683.7 billion to 389.7 billion, that's $294 billion saved.
If you raised taxes on those making over $250,000, that's another $80-$95 billion earned. We are at $381 billion saved/earned.
Here's my radical suggestion. The Federal Reserve stops printing $40 billion a MONTH to buy MBSs (i.e. to prop up the ailing banks), and instead prints $20 billion a month to pay off the debt. That's another $240 billion, for a total of $620 billion saved/earned.
Now, abolish all deductions, such as the mortgage-interest deduction, the charitable deduction, and the state tax deduction, leaving only the EITC and the child tax credit. That's $1.1 trillion saved/earned, for a total of $1.720 billion saved/earned.
Yes, that's right, we now have $620 billion earned each year to pay down the deficit. I didn't touch entitlements. But kiss your precious deductions goodbye. |
[/quote]
A good start perhaps.
This tells the whole story.
http://www.sovereignman.com/expat/i-apologize-for-what-youre-about-to-read-9397/ |
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swashbuckler
Joined: 20 Nov 2010
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| Posted: Thu Nov 08, 2012 5:31 pm Post subject: |
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| Swampfox10mm wrote: |
| swashbuckler wrote: |
more right-wing purely speculative garbage from the OP.
Bitter again cause yur guy got his ass handed to him? |
I posted this before the election, and it is a serious issue.
Stupid people treating elections like a football game and not paying attention to fiscal responsibility is what will sink us.
You might not like what is to come, but there will be a day when no more money can be printed or borrowed, and you can bet your hind that the govt will search every nook and cranny to find more.
And at that time, I shall dig up this thread and remind you of what you said. |
You won't need to, because in the off chance they DO begin taxing foreign income for ESL teachers (they never will), I will either be dead or long-since retired. |
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swashbuckler
Joined: 20 Nov 2010
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| Posted: Thu Nov 08, 2012 5:33 pm Post subject: |
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| Died By Bear wrote: |
| everything-is-everything wrote: |
...snip...
These kind of people need to sit down and zip it while others clean up the mess. Conservatives (who supported Bush) really have no authority here.... |
Santa claus won the election, you can't fight santa claus! |
Jon Stewart has already addressed this idiotic "santa-clause-welfare-queen" argument on his show, a lot more articulately than I ever could, or would care to bother to.
http://www.thedailyshow.com/watch/wed-november-7-2012/post-democalypse-2012---america-takes-a-shower---karl-rove-s-math
It starts at 3:50. |
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cincynate
Joined: 07 Jul 2009
Location: Jeju-do, South Korea
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| Posted: Mon Nov 12, 2012 11:56 pm Post subject: |
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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. |
YTMD, you are incorrect!
An expatriate (in abbreviated form, expat) is a person temporarily or permanently residing in a country and culture other than that of the person's upbringing. The word comes from the Latin terms ex ("out of") and patria ("country, fatherland"). |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Wed Nov 14, 2012 4:54 pm Post subject: |
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| cincynate wrote: |
| An expatriate (in abbreviated form, expat) is a person temporarily or permanently residing in a country and culture other than that of the person's upbringing. The word comes from the Latin terms ex ("out of") and patria ("country, fatherland"). |
Yes and some of us expatriates are paying bucketloads of taxes.
I need to pay the KR government and then I need to pay the US as well. The KR side isn't bad, simple, straight-forward, done. The US side is complex beyond comprehension (even for my accountant).
It's absurd why I should be paying all this to the US, what do they do for me? I don't use their roads, I won't get their unemployment insurance if I get laid off, yet I am required to send these huge checks back the motherland. What other civilized country behaves this way? Just leave us alone. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Wed Nov 14, 2012 5:10 pm Post subject: |
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I skimmed the article and it seemed solid, thank you for the link.
As a finance guy I've been talking about this topic for ages. People just don't get it. There was a time when you could turn the numbers around but that time has past. You want to look at NPV (net present value of all future cash flows) instead of current year deficit. NPV of US Govt expected cash flows is something like NEGATIVE $80T right now. You can't get yourself out of that hole, not with increased income, not with decreased expenses, not with anything. You'd have to turn off the entire government or send GPD growth to 30% or some unrealistic scenario.
The only options are default or hyperinflation, which aren�t necessarily all that different.
Why do you guys think I'm in Asia?  |
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young_clinton
Joined: 09 Sep 2009
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| Posted: Thu Nov 15, 2012 6:37 am Post subject: |
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| Contrary to my previous posts maybe the salary should be taxed a little bit. There could look at future considerations as far as what the taxee will need and defence for the taxee to have something to come back to. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Nov 15, 2012 5:40 pm Post subject: |
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| Swampfox10mm wrote: |
| ttompatz wrote: |
| Swampfox10mm wrote: |
| Malislamusrex wrote: |
| The American government have as much right to tax Korean income as the Korean government have to legally marry a cat and dog in the US. |
So you think the idea of taxing overseas citizens is absurd? You feel the USA would have no right to do so?
Ask the filipino people if their gov't does not feel it has the right to tax their overseas income as they do.
You should ask about what they pay.... and it is not just the rich who pay it.
www.punongbayan-araullo.com/pnawebsite/pnahome.nsf/section_docs/CH207H_16-8-06 |
Now that was intended (by you) to be misleading....
Pinoys who are EXPATS working as OFWs for NON Filipino firms are NOT taxed on their off-shore income by the Philippine government (just like foreign English teachers in Korea don't pay income tax at home on their off-shore earnings).
Filipinos who are RESIDENT in the Philippines are taxed on their global income (why people like Manny P are charged with tax evasion on the money earned in the US; they are not resident there, they simply fly in, work for a short time (less than 183 days per year) and then fly home with their millions of dollars) .
Just as Americans who are RESIDENT in the USA working for US firms ARE taxable by the IRS but those who are RESIDENT abroad, working for foreign firms are NOT taxable until they hit fairly high ceilings ($100k/anum) and even then there is no way, unless you try to repatriate LARGE amounts of money, that Uncle Sam will even know about it.
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Ahh... but what you are missing is that OFW have to provide proof of how their income was earned in order to qualify for the tax exemption. They start transferring money home while no legal job is on the books, and they must pay or face possible consequences. I don't know how many filipinos you know, but a great many of them I've met in Korea aren't exactly making money above board. How are they going to prove what they're making and sending home, thus providing paperwork and qualifying for the tax exemption?
:
http://ofwheroes.blogspot.kr/2012/10/bir-will-tax-earnings-from-undocumented.html
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Should an OFW fail to faithfully comply with the regulation's requirements, he may not be allowed to enjoy the tax perks available to him under the basic principle that tax exemption is strictissimi juris against the taxpayer.
The new RR imposing stricter monitoring will help enhance the BIR's compliance check and help ensure that only legitimate OFWs receive the tax exemption privilege granted to OFWs. This is clearly aligned with the stepping up efforts of the BIR to increase tax collections. |
I stand by what I am saying, and for a great many of us, the noose is tightening here, as we will also be required to provide more proof of income, or be taxed. That is where I see this all going one day.
The USA is already requiring us "little fish" to provide the names of our banks, along with account numbers. To merely brush actions like these off and say, "Oh, they're only concerned about the rich" is very short-sighted.
Likewise, how will teachers working here in Korea be able to prove transferring home income from privates, untaxed 2nd jobs, etc? One day, with the noose tightening, this very well could become an issue (and I know few teachers who stay here and do no side work).
Again, to brush this all off as impossible is very short-sighted. |
Under the Comprehensive Tax Reform Program of 1997, income earned abroad by Filipinos from 1998 are no longer taxable. Hence, all Filipinos abroad, including those who have reacquired their Philippine citizenship, have been exempted by the Philippine Government from paying Philippine income tax on income earned abroad.
Income earned in the Philippines, however, will still be subject to Philippine income tax.
Republic Act 8424, The Tax Reform Act of 1997
AND...
I have 30 Filipinos in my direct employ ...
I have personal knowledge of and worked with several thousand Pinoys who work offshore (volunteer at the migrant workers center in Seoul and you will meet lots too).
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Sun Nov 18, 2012 5:17 pm Post subject: |
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| KimchiNinja wrote: |
[
It's absurd why I should be paying all this to the US, what do they do for me? I don't use their roads, I won't get their unemployment insurance if I get laid off, yet I am required to send these huge checks back the motherland. What other civilized country behaves this way? Just leave us alone. |
You could always renounce U.S citizenship... |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Sun Nov 18, 2012 11:05 pm Post subject: |
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| TheUrbanMyth wrote: |
| KimchiNinja wrote: |
[
It's absurd why I should be paying all this to the US, what do they do for me? I don't use their roads, I won't get their unemployment insurance if I get laid off, yet I am required to send these huge checks back the motherland. What other civilized country behaves this way? Just leave us alone. |
You could always renounce U.S citizenship... |
I've thought about it. It is still useful at the moment. But that does not make the taxes okay.
Also it is taxation without representation. Nobody here has a say in anything, the country is run by the corporations. Maybe they should be paying all the tax. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Nov 19, 2012 12:44 am Post subject: |
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You must be raking in the coin if you are paying US taxes on your foreign earned income (seeing as how the tax exemption this year is about US$100k in foreign earned income).
If you are paying bucket loads of tax on your US based income.. such is life. you got to make it to pay it and that is the price of your pretty blue passport.
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