Precisely Cheese. Few people realize that there are many options for wealthy individuals to avoid or minimize taxes legally, provided they hire a savvy International Tax Accountant or Lawyer. An international Tax Attorney/Accountant commands a very high salary and is worth every penny if you have assets to protect.
i would like to point out to you that governments are closing tax exiles down and investigating them. they will not be there soon.
This is changing times in the US thereâs nothing going to stop this administrations from keeping their sheepeople herded for their yearly fleecing . Iâm afraid the only way out now is a full blow revelation. join the tea party and get organized and hope enough brain washed Americans wake up and join in to make a deference.
There will only be a short time period that americans will have to act. Once they get used to their government cheese, many will lose the incentive to fight for what they believe in and just take it as "the way things are" This is why the citizens of countries like Iraq couldnt fight for their own freedom even though something like 80% of them wanted saddam out of power. They just accepted that saddam was too powerful and that this was "the way things are" and nothing you can do.
Who gets this 30% tax? Is it the U.S. or the foreign country? What if you are on vacation in a foreign country, and you use the ATM to pull out money from your U.S. account, do you pay the 30%?
If the American government were doing proper things to promote the country and keep the US on top, the USA would be ATTRACTING CAPITAL AND JOBS... and the world would be remarking, "America... a wonderful place to live and a great place to do business". Instead, our government is enacting legislation to FORCE PEOPLE TO STAY IN AMERICA (well, at least their assets).. TO PREVENT THE ONES WITH BRAINS, AMBITION, AND CAPITAL FROM LEAVING! That should say something to all.
The IRS will get the 30% tax. This does not apply to US banks, only banks in foreign countries. So if you have a bank account in china, they will take 30% everytime you take money out. Also, you have to have an aggregate of $50k with that bank. If you are on vacation and you have a US account, they will not take 30% out of your pay. This bill was designed to get money from people who are trying to hide money from the government...after all...its not YOUR money...its the governments.
There's a ton of misinformation in this thread. The 30% tax only applies to "recalcitrant account holders" - i.e. those who fail to report foreign accounts. You can have a foreign bank account with $1 billion in it, as long as you report it and you comply with tax laws, you've got no problem and there certainly won't be any 30% withholding tax. Why does everyone on ET love tax cheats so much? Middle class working stiffs are stuck paying 30-40% tax. How is it fair or right that some billionaire gets to dodge his taxes (probably cap gains at 15-20%, cry me a fucking river) by playing with overseas accounts? The government is trying to shut that down and it's all to the good. If you're worried about some Hitler coming to power here at home and confiscating everybody's foreign wealth, put money in foreign real estate. No way they can confiscate that, and I don't think you need to tell the IRS about it.