justin_o_guy2 wrote on 01/04/13 at 14:00:19:Okay, yea, Straight Income,.,
The French dude? He was getting ROBBED.. Dont think for a moment our citizens & busineses wont run away if taxes get too weird.
REmember how Texas economy improved compared to many others AND our population grew? OUr taxes, our taxes, our taxes,,
Oh yea being a shipping center, an oil center and a wind power center as well as a tech center has nothing to do with that huh ...
Citizens cant run, or they can, but they still get taxed, income anywhere else doesn't matter, US stil collects taxes.
Corporations can run, however they already have ... Google paid under 3% in taxes, they are in a nice little thing called a "double irish with a dutch sandwich" - changing tax laws gonna do nothing for that. Cutting off loop holes may, but you see without physically being in the US, google will never have grown into the behemoth it is - so we cut off the loophole that lets them physically sit in the US but incorporate in the bahamas etc ... we can easily collect more taxes and not hurt them otherwise.
There is a 1000 other ways the govt has been shafted in the last 15 years.
You buy a house ... you pay taxes on the purchase ... guess what, the owner of record in that purchase from the old owner to you - ... the owner of record, is the system called I think "RESPA" - it never changes, and they dont pass on your taxes to the govt. The local govts have been sueing respa and other banks to get that $.
Tax evasion needs to be stopped. The rich do it a lot more than the rest of us. Its not worth it to incoorporate yourself in the bahamas to save 30 bucks a year on your taxes. Google however saves like 30 billion. makes it worth it.
Anyway you can move all you want, except a small handful of countries, singapore and equador being the 2 I know of, will send you a statement saying they are reporting your income in their country to the US.
If you were to receive $ from the US, as pensions etc, they get that same statement from the US, so they can collect taxes on that $. That's the incentive for them to do that.
Cool.
Srinath.