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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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 Posted: Mon May 04, 2009 8:39 am Post subject: Americans, Obama wants to tax your earnings overseas! |
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http://www.foxbusiness.com/story/personal-finance/financial-planning/tax/obama-officials-seek-stricter-international-tax-laws/
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The Administration is proposing severe restrictions on certain international tax deductions, as well as seeking mechanisms to extract more information from foreign banks on their U.S. customers and the raising of reporting standards for overseas investments....
The Administration proposal would also require foreign banks dealing with American clients to sign agreements with the Internal Revenue Service to report as much information about their U.S. customers as domestic banks disclose. If not, new tax laws would presume the unwilling banks are facilitating tax avoidance and have taxes withheld on payments to their customers...
...To enforce laws already on the books, the president is requesting 800 more employees for the IRS to focus on international enforcement. |
Tell me now how angry you all were at Bush -- ranting about how he and his administration wanted to know too much about you, taking away your freedoms, etc..
Your buddy Obama is about to take a bite out of our wallet. It's coming. This is the first step to having your Korean income taxed! |
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alphakennyone
Joined: 01 Aug 2005
Location: city heights
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| Posted: Mon May 04, 2009 8:46 am Post subject: |
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Sounds like it's pointed more at millionaires living in America with their off-shore bank accounts, not low-middle income ESL teachers in Korea.
I'd hardly consider my checking account at Woori bank to be an "overseas investment."
Last edited by alphakennyone on Mon May 04, 2009 8:47 am; edited 1 time in total |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Mon May 04, 2009 8:47 am Post subject: |
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| alphakennyone wrote: |
Sounds like it's pointed more at millionaires living in America with their off-shore bank accounts, not low-middle income ESL teachers in Korea.
I'd hardly call my checking account at Woori bank to be an "overseas investment." |
"Sounds like..."
Yeah, we can only hope. Unfortunately, it "sounds like" they're looking to get money in any way possible.
Also "sounds like" overseas banks will be required to report your income and transactions to the US gov't directly. |
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cdninkorea
Joined: 27 Jan 2006
Location: Seoul
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| Posted: Mon May 04, 2009 8:56 am Post subject: |
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| Correct me if I'm wrong, but isn't the first $80,000 tax free vis-a-vis the IRS for Americans? Even if ESL/EFL teachers have to report their incomes to their home countries, so what? Most of us don't earn more than $80,000 per year anyway. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Mon May 04, 2009 8:57 am Post subject: |
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| cdninkorea wrote: |
| Correct me if I'm wrong, but isn't the first $80,000 tax free vis-a-vis the IRS for Americans? Even if ESL/EFL teachers have to report their incomes to their home countries, so what? Most of us don't earn more than $80,000 per year anyway. |
That's the current law. Obama is signaling he wants "change".
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michaelambling
Joined: 31 Dec 2008
Location: Paradise
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| Posted: Mon May 04, 2009 8:58 am Post subject: |
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| bassexpander wrote: |
| alphakennyone wrote: |
Sounds like it's pointed more at millionaires living in America with their off-shore bank accounts, not low-middle income ESL teachers in Korea.
I'd hardly call my checking account at Woori bank to be an "overseas investment." |
"Sounds like..."
Yeah, we can only hope. Unfortunately, it "sounds like" they're looking to get money in any way possible.
Also "sounds like" overseas banks will be required to report your income and transactions to the US gov't directly. |
Actually, it "sounds like" the administration wants "as much information ... as domestic banks disclose". They don't want more taxes, they want more information.
Sounds great to me. About time the filthy rich with their offshore bank accounts started paying their fair share. |
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Robot_Teacher
Joined: 18 Feb 2009
Location: Robotting Around the World
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| Posted: Mon May 04, 2009 9:24 am Post subject: |
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| Yes, he's addressing the issue of rich people off shoring their monies to evade taxes, but fact is, it'll most effect and hurt low income young professionals working overseas making much less than $80,000 per year while the rich find new loop holes to keep their money. Policy will still continue to hurt the little guys while the big guys get around it and have the time of their lives laughing to the bank. |
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michaelambling
Joined: 31 Dec 2008
Location: Paradise
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| Posted: Mon May 04, 2009 9:25 am Post subject: |
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| Robot_Teacher wrote: |
| Yes, he's addressing the issue of rich people off shoring their monies to evade taxes, but fact is, it'll most effect and hurt low income young professionals working overseas making much less than $80,000 per year while the rich find new loop holes to keep their money. Policy will still continue to hurt the little guys while the big guys get around it and have the time of their lives laughing to the bank. |
How? No one is talking about changing the 80k/year cap and it is 100% legal to not report earnings below 80k/year. Even if they find your 2.3 million won/month hagwon paycheck, it's below the threshold so they can't tax it anyway, and no one is suggesting that they should. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Mon May 04, 2009 9:29 am Post subject: |
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| If it's not about the little guys, then why do they want to know everyone's overseas banking information? They could just ask for larger accounts... but no... they want to know it all for future taxation purposes. |
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Scotticus
Joined: 18 Mar 2007
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| Posted: Mon May 04, 2009 9:50 am Post subject: |
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Nice. I came in here expecting to have to explain some things to the OP. Then I saw that a bunch of people had beaten me to it.
Sorry, bassexpander, you came in here with an agenda and it was so transparent that everyone has called you on it and no one has taken the bait. |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Mon May 04, 2009 11:16 am Post subject: |
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| They're just trying to find the terrrrrrrrrists and evildoers. If you're not a terrrrrrrrrist or evildoer and have nothing to hide, then you should be okay with Uncle Sam keeping track of all of your banking transactions and agents listening to you talk dirty on the phone with your girlfriends. Though you're outside US borders, you should still be patriotic and abide by the Patriot Act at all times. |
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semi-fly
Joined: 07 Apr 2008
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| Posted: Mon May 04, 2009 11:44 am Post subject: |
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| RJjr wrote: |
| They're just trying to find the terrrrrrrrrists and evildoers. If you're not a terrrrrrrrrist or evildoer and have nothing to hide, then you should be okay with Uncle Sam keeping track of all of your banking transactions and agents listening to you talk dirty on the phone with your girlfriends. Though you're outside US borders, you should still be patriotic and abide by the Patriot Act at all times. |
What the hell! We don't need to give the government any additional information nor do we need such an idiotic document as the Patriot Act which in many ways steal away our rights by claiming that the government is looking out for the good ol' US of A by invalidating much of the founding fathers ideals.
You want evildoers, look no further than your local political party or those fools in Washington D.C. |
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Mon May 04, 2009 12:00 pm Post subject: |
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| michaelambling wrote: |
| Sounds great to me. About time the filthy rich with their offshore bank accounts started paying their fair share. |
But have you paid your fair share to the New York bankers yet? Barney Frank wants to dip his hands in your pockets to feel around and see what he can find. |
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ms.catbc
Joined: 11 Jan 2008
Location: Ilsan
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| Posted: Mon May 04, 2009 1:35 pm Post subject: |
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| the title of this thread should be changed |
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Suwon23
Joined: 24 Jan 2008
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| Posted: Mon May 04, 2009 2:01 pm Post subject: |
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You know, for the time being we do still have a news media infrastructure. Five minutes on GoogleNews will provide you with more than enough knowledge to make a conclusion. Here is a nice article that goes into a little more detail. Obama has said diddly piss about personal income tax deductions, focusing his announcement on businesses outsourcing jobs and taking advantage of the deferral clause.
Short answer: calm down.
Long answer: do some research of your own before swallowing whatever you're told. |
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