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EVERY DOLLAR EARNED BY A US CITIZEN, REGARDLESS OF LOCALITY EARNED, IS REQUIRED TO REPORT IT ON THEIR TAXES, THERE IS NO DOUBLE TAXATION, UNLESS IT'S LESS THAN US TAX RATES (CAYMAN 5%, YOU OWE 34% US) GET IT DUMFUK?
NONSENSE! You don't know what the fuck you're talking about.
I made $5 million IN Germany... got it? I paid income taxes on it, TO Germany? Following me? The money is still IN Germany, in a German bank, collecting German interest. Each year, I have to pay Germany tax on the interest dividends. It is NOT US INCOME! It doesn't ever BECOME US income unless I bring it to the US and claim it as income. If I do that, I will be taxed AGAIN.
My plan is to eliminate double taxation. Repatriate that wealth and create new jobs with it.
Like I said, I can't think of a single example anywhere that fits your description.
Okay, well... Let me present you with an example.
I have an amazing idea for a new product that I believe will revolutionize the world. I'm not going to divulge what it is for obvious reasons. It requires production and assembly by hand, it can't be automated. It also requires a building, which I already own. I pay very little property tax on it... I have it, it's sitting there waiting and ready to go. To start up, I will need about 100 employees in various capacities. They will be paid accordingly but their total incomes for the year with benefits, will be around $5 million.
Now... I don't have $5 million here. I could borrow it but I don't want to. I actually have $5 million in a German bank account, which has been sitting there for decades. Under current US tax laws, I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it.
Under my plan, the 10-year tax moratorium... I could bring that $5 million back to the US without a tax penalty and use it to hire and pay my 100 employees for fiscal year 2016. I would LOVE to be able to do this because I think my idea would be well worth it. If I am correct, I might hire 100 more employees in 2017 and do the same thing. I have 10 years to fully implement my plans, I could even start out with 20 or 50 people. The point is, there is an incentive for me to implement my great idea! To create new jobs!
"I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it."
YOU ARE EITHER EVADING US TAXES OR YOUR PREMISE IS BS TO BEGIN WITH BECAUSE YOU PAID TAXES TO GERMANY, WROTE OFF THAT AMOUNT OFF YOUR US INCOME TAX BURDEN, AND PROB GOT A NET ZERO TAX BURDEN DUMMY!
No... I didn't claim it as taxable US income because it wasn't earned in the US or received as income in the US. I paid taxes to Germany from that money, not my US holdings or income. I didn't get to "write off" anything because it wasn't reported income, it wasn't subject to taxation in the US, I didn't earn the income in the US and didn't claim it as income in the US.
I don't really know what you think the tax laws are, but you can't tax money I make in another country just because I am a US citizen. You can only tax what I receive as earned income in the US. You have no tax jurisdiction elsewhere.
If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.
U.S. Citizens and Resident Aliens Abroad
MORON
BUT IF YOU WANT THE WORLDS LARGEST MARKET...
You'll have to pay the hefty tariffs.... See, we agree!
You're just stubbornly mired in some ignorance regarding tax laws. We can't tax companies which exist in other countries, it's not our jurisdiction to levy taxes on them. Do we need to get the UN or World Court involved in this? What makes you think the United States has the authority to levy taxes on foreign companies?
A TARIFF ISN'T AN INCOME TAX YOU DUMBFUK. It's paid REGARDLESS whether a comp is profitable or not. Gawd
Right... It's NOT an income or corporate tax... it's a fee you're paying to access US markets. If you want to produce your product in China... FINE... Go for it! Just know that when you try to slip it back in to the US to sell to the US market, you're going to pay a high tariff. Maybe it's still worth it? Or maybe some American capitalist figures out a way to do it here and save money?
What you want to do is try to force the capitalist to play by your rules and he doesn't have to. You are saying you want to levy higher taxation on him to discourage his outsourcing... but what stops him from simply relocating to Belize? You see... you've killed your cash cow. Now you don't have a corporation to tax anymore. They've gone... checked out!
...What now, brown cow?
US TAXES EQUAL INCOME MINUS TAXES PAID TO OTHER NATIONS (CREDIT) THEN YOU "OWE", BUT SINCE GERMANY HAS A HIGHER TAX RATE, YOU OWE ZERO TO THE US AND BRING IT IN WITHOUT THE HOLIDAY DUMBSHIT!
BUT IF YOU WANT THE WORLDS LARGEST MARKET...
You'll have to pay the hefty tariffs.... See, we agree!
You're just stubbornly mired in some ignorance regarding tax laws. We can't tax companies which exist in other countries, it's not our jurisdiction to levy taxes on them. Do we need to get the UN or World Court involved in this? What makes you think the United States has the authority to levy taxes on foreign companies?
A TARIFF ISN'T AN INCOME TAX YOU DUMBFUK. It's paid REGARDLESS whether a comp is profitable or not. Gawd
Right... It's NOT an income or corporate tax... it's a fee you're paying to access US markets. If you want to produce your product in China... FINE... Go for it! Just know that when you try to slip it back in to the US to sell to the US market, you're going to pay a high tariff. Maybe it's still worth it? Or maybe some American capitalist figures out a way to do it here and save money?
What you want to do is try to force the capitalist to play by your rules and he doesn't have to. You are saying you want to levy higher taxation on him to discourage his outsourcing... but what stops him from simply relocating to Belize? You see... you've killed your cash cow. Now you don't have a corporation to tax anymore. They've gone... checked out!
...What now, brown cow?
Sorry Bubba, you are dumber than a fukkn breadbox!
EVERY CORP SELLING IN THE US, REGARDLESS OF H/Q, OWES US TAXES ON THAT NET INCOME YOU DUMFUK!
Just like if a Corp is in China selling a product, it owes a Corp tax there ON PROFITS. Same as Germany,UK, etc IF EARNED IN THAT COUNTRY, TAXES ARE OWED IN THAT COUNTRY DUMMY! I
i
Like I said, I can't think of a single example anywhere that fits your description.
Okay, well... Let me present you with an example.
I have an amazing idea for a new product that I believe will revolutionize the world. I'm not going to divulge what it is for obvious reasons. It requires production and assembly by hand, it can't be automated. It also requires a building, which I already own. I pay very little property tax on it... I have it, it's sitting there waiting and ready to go. To start up, I will need about 100 employees in various capacities. They will be paid accordingly but their total incomes for the year with benefits, will be around $5 million.
Now... I don't have $5 million here. I could borrow it but I don't want to. I actually have $5 million in a German bank account, which has been sitting there for decades. Under current US tax laws, I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it.
Under my plan, the 10-year tax moratorium... I could bring that $5 million back to the US without a tax penalty and use it to hire and pay my 100 employees for fiscal year 2016. I would LOVE to be able to do this because I think my idea would be well worth it. If I am correct, I might hire 100 more employees in 2017 and do the same thing. I have 10 years to fully implement my plans, I could even start out with 20 or 50 people. The point is, there is an incentive for me to implement my great idea! To create new jobs!
"I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it."
YOU ARE EITHER EVADING US TAXES OR YOUR PREMISE IS BS TO BEGIN WITH BECAUSE YOU PAID TAXES TO GERMANY, WROTE OFF THAT AMOUNT OFF YOUR US INCOME TAX BURDEN, AND PROB GOT A NET ZERO TAX BURDEN DUMMY!
No... I didn't claim it as taxable US income because it wasn't earned in the US or received as income in the US. I paid taxes to Germany from that money, not my US holdings or income. I didn't get to "write off" anything because it wasn't reported income, it wasn't subject to taxation in the US, I didn't earn the income in the US and didn't claim it as income in the US.
I don't really know what you think the tax laws are, but you can't tax money I make in another country just because I am a US citizen. You can only tax what I receive as earned income in the US. You have no tax jurisdiction elsewhere.
If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.
U.S. Citizens and Resident Aliens Abroad
MORON
Your worldwide income (i.e.; your reported income earnings from abroad.)
If you do not claim them as income they are not earnings and not taxable.
US TAXES EQUAL INCOME MINUS TAXES PAID TO OTHER NATIONS (CREDIT) THEN YOU "OWE", BUT SINCE GERMANY HAS A HIGHER TAX RATE, YOU OWE ZERO TO THE US AND BRING IT IN WITHOUT THE HOLIDAY DUMBSHIT!
Sorry, my tax attorneys disagree with you. If I claim the wealth in the US, I am subject to US taxes. It does not matter how much tax I paid to Germany in 1988, or how much I have paid them on the dividends since that time. If I bring it to the US and claim it as income, it is taxed as earned income... there is no credit. And it is 28% and not 39%... I was incorrect on that, thought they had changed it when they eliminated the Bush tax cuts.
US TAXES EQUAL INCOME MINUS TAXES PAID TO OTHER NATIONS (CREDIT) THEN YOU "OWE", BUT SINCE GERMANY HAS A HIGHER TAX RATE, YOU OWE ZERO TO THE US AND BRING IT IN WITHOUT THE HOLIDAY DUMBSHIT!
Sorry, my tax attorneys disagree with you. If I claim the wealth in the US, I am subject to US taxes. It does not matter how much tax I paid to Germany in 1988, or how much I have paid them on the dividends since that time. If I bring it to the US and claim it as income, it is taxed as earned income... there is no credit. And it is 28% and not 39%... I was incorrect on that, thought they had changed it when they eliminated the Bush tax cuts.
BUT IF YOU WANT THE WORLDS LARGEST MARKET...
You'll have to pay the hefty tariffs.... See, we agree!
You're just stubbornly mired in some ignorance regarding tax laws. We can't tax companies which exist in other countries, it's not our jurisdiction to levy taxes on them. Do we need to get the UN or World Court involved in this? What makes you think the United States has the authority to levy taxes on foreign companies?
A TARIFF ISN'T AN INCOME TAX YOU DUMBFUK. It's paid REGARDLESS whether a comp is profitable or not. Gawd
Right... It's NOT an income or corporate tax... it's a fee you're paying to access US markets. If you want to produce your product in China... FINE... Go for it! Just know that when you try to slip it back in to the US to sell to the US market, you're going to pay a high tariff. Maybe it's still worth it? Or maybe some American capitalist figures out a way to do it here and save money?
What you want to do is try to force the capitalist to play by your rules and he doesn't have to. You are saying you want to levy higher taxation on him to discourage his outsourcing... but what stops him from simply relocating to Belize? You see... you've killed your cash cow. Now you don't have a corporation to tax anymore. They've gone... checked out!
...What now, brown cow?
Sorry Bubba, you are dumber than a fukkn breadbox!
EVERY CORP SELLING IN THE US, REGARDLESS OF H/Q, OWES US TAXES ON THAT NET INCOME YOU DUMFUK!
Just like if a Corp is in China selling a product, it owes a Corp tax there ON PROFITS. Same as Germany,UK, etc IF EARNED IN THAT COUNTRY, TAXES ARE OWED IN THAT COUNTRY DUMMY! I
i
Tell ya what, bud... You go try and collect some income tax from a Chinese company and let me know how that works out between you and the Chinese government.... okay?
Like I said, I can't think of a single example anywhere that fits your description.
Okay, well... Let me present you with an example.
I have an amazing idea for a new product that I believe will revolutionize the world. I'm not going to divulge what it is for obvious reasons. It requires production and assembly by hand, it can't be automated. It also requires a building, which I already own. I pay very little property tax on it... I have it, it's sitting there waiting and ready to go. To start up, I will need about 100 employees in various capacities. They will be paid accordingly but their total incomes for the year with benefits, will be around $5 million.
Now... I don't have $5 million here. I could borrow it but I don't want to. I actually have $5 million in a German bank account, which has been sitting there for decades. Under current US tax laws, I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it.
Under my plan, the 10-year tax moratorium... I could bring that $5 million back to the US without a tax penalty and use it to hire and pay my 100 employees for fiscal year 2016. I would LOVE to be able to do this because I think my idea would be well worth it. If I am correct, I might hire 100 more employees in 2017 and do the same thing. I have 10 years to fully implement my plans, I could even start out with 20 or 50 people. The point is, there is an incentive for me to implement my great idea! To create new jobs!
"I can't bring that money to the US to start up my business until I pay taxes on it in the US. It's never been claimed here as income, as I made it there in Germany where it remains. I paid the Germans their share back when I made it."
YOU ARE EITHER EVADING US TAXES OR YOUR PREMISE IS BS TO BEGIN WITH BECAUSE YOU PAID TAXES TO GERMANY, WROTE OFF THAT AMOUNT OFF YOUR US INCOME TAX BURDEN, AND PROB GOT A NET ZERO TAX BURDEN DUMMY!
No... I didn't claim it as taxable US income because it wasn't earned in the US or received as income in the US. I paid taxes to Germany from that money, not my US holdings or income. I didn't get to "write off" anything because it wasn't reported income, it wasn't subject to taxation in the US, I didn't earn the income in the US and didn't claim it as income in the US.
I don't really know what you think the tax laws are, but you can't tax money I make in another country just because I am a US citizen. You can only tax what I receive as earned income in the US. You have no tax jurisdiction elsewhere.
If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.
U.S. Citizens and Resident Aliens Abroad
MORON
Your worldwide income (i.e.; your reported income earnings from abroad.)
If you do not claim them as income they are not earnings and not taxable.
EVERY CORP SELLING IN THE US, REGARDLESS OF H/Q, OWES US TAXES ON THAT NET INCOME YOU DUMFUK!
US TAXES EQUAL INCOME MINUS TAXES PAID TO OTHER NATIONS (CREDIT) THEN YOU "OWE", BUT SINCE GERMANY HAS A HIGHER TAX RATE, YOU OWE ZERO TO THE US AND BRING IT IN WITHOUT THE HOLIDAY DUMBSHIT!
Sorry, my tax attorneys disagree with you. If I claim the wealth in the US, I am subject to US taxes. It does not matter how much tax I paid to Germany in 1988, or how much I have paid them on the dividends since that time. If I bring it to the US and claim it as income, it is taxed as earned income... there is no credit. And it is 28% and not 39%... I was incorrect on that, thought they had changed it when they eliminated the Bush tax cuts.
EVERY CORP SELLING IN THE US, REGARDLESS OF H/Q, OWES US TAXES ON THAT NET INCOME YOU DUMFUK!
Of course... But you're only taxing what they sell in the US. They can locate in Belize, pay a fraction of the corporate tax... actually, I think it's NO corporate tax in Belize... and sell all over the world without paying the US a single red penny in tax on that.
In fact, they can probably exploit our shitty trade deals and 'export' to a US distributor who doesn't have to pay any additional corporate tax.
Your worldwide income is subject to U.S. income tax, regardless of where you reside.
Your worldwide income is subject to U.S. income tax, regardless of where you reside.
Not true. If you reside somewhere else and earn income somewhere else, the US has no authority to tax you. You seem to think the US has some kind of taxing power that enables them to go all over the world taxing people in different countries because they happen to be US citizens. They don't.
Your taxes are paid on the income you claim in the US. If I make $10 million in Germany and claim it as income in the US, then I pay taxes on it.
Your worldwide income is subject to U.S. income tax, regardless of where you reside.
Not true. If you reside somewhere else and earn income somewhere else, the US has no authority to tax you. You seem to think the US has some kind of taxing power that enables them to go all over the world taxing people in different countries because they happen to be US citizens. They don't.
Your taxes are paid on the income you claim in the US. If I make $10 million in Germany and claim it as income in the US, then I pay taxes on it.
No amount of tariffs on imports is going to fix that. If you put in place a law to prevent Apple from importing Iphones, that would never result in hundreds of people employed to make Iphones for middle class wages. It would result in 5 people being hired, to hit the start button on the automation line that builds the phones.
I don't want to prevent Apple from importing iPhones. I want them to have the iPhones made in America by American workers. The tariff makes it more expensive for them to do what they are doing, and at the same time, we are offering incentives to get them to do something else. They're smart cookies... they'll do what is most profitable. It may be that it's still more profitable for them to have them made overseas and just pay the tariffs... that means the iPhone will be more expensive. Perhaps that leads the way for some entrepreneurial American to invent a phone that is comparable and produce it here with American workers.
The automation thing is a red herring. We're going to have automation and advancement in technology no matter what we do. It's an inevitable thing which doesn't care one way or another about our policies. Does it eliminate jobs? Sure it does.. it's been doing it for 70k years.
Not true. The entire reason Apple has Iphones built in China today, is explicitly because it is not automated.
If labor costs fell in the US, automation would decrease. You have no idea how expensive automation is. One small broken part in one place, causes the entire production line to fail. That doesn't happen with people. When one person is sick, you just move another person to that spot in the line, and keep going. You can move human capital around at will.
Machines, you can't do that. You have to redesign the entire system, when something doesn't fit.
At my company, we've investigated automating several times. It simply isn't fiscally practical for us. So the options are, outsource or go out of business.
If you place tariffs on the parts we import to make our product, we simply won't be in business anymore. Instead of creating jobs, you'll kill off jobs.
Similarly, with Apple, you will never get Americans making Iphones here in the US. It will never happen. Not unless you lower labor costs, less regulations, lower wages.
Short of that, yes Apple is smart. They'll make a completely automated factory, that will produce Iphones with 5 employees pushing the start button. The result will be that US Iphones will be expensive, while international Iphones will be cheap. Fewer Americans will own them, while few jobs are created.
Lots of negatives, zero positives.
Well I understand what you're saying but you're saying it better than I can... Automation isn't a foregone conclusion... when it first comes out, it is clunky and doesn't work right. Things break down, newer and better automation comes along and if you were one of the poor saps who invested in the first phase, you're screwed... you paid a lot of money for something that just wasn't worth it, now there is something cheaper and better. It's one of the pitfalls of free market capitalism.
With ANY level of automation I can imagine in the next century, we're not going to see all Apple iPhones made by just 5 people. That's quite an absurd over-exaggeration. So you are basically telling me a bout of the stomach bug could bring down Apple's production entirely? LMAO.... yeah, right.
Your worldwide income is subject to U.S. income tax, regardless of where you reside.
Not true. If you reside somewhere else and earn income somewhere else, the US has no authority to tax you. You seem to think the US has some kind of taxing power that enables them to go all over the world taxing people in different countries because they happen to be US citizens. They don't.
Your taxes are paid on the income you claim in the US. If I make $10 million in Germany and claim it as income in the US, then I pay taxes on it.
All taxes are to high and taxing income is theft. We should have a 4 percent consumption tax and that's it. Then government would need to cut spending. Spending is the real problem and the idiot progressives who demand more because they hate thier children
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