If one were looking for tax savings on trading income by relocating outside of the US, what are some considerations. Do you give up citizenship? Have dual? Any thoughts on any aspect of this.....this is wide open for discussion.
people say that you could move to panama city. but the thing is that if you are a US citizen, you have to pay taxes regardless of where you live. I know so because I lived in India for a couple of years and my dad had to pay taxes on his income(he too lived in India). But obviously if you have a busienss dealing with a lot of cash, obviously you don't have to then. But for traders, THEY will know about your income and you will be taxed on it. I don't understand then how it is an advantage to live in panama or antille or bahamas. it would be nice though. someone please explain.
Depends on the treaties governing taxation laws. You won't pay dual taxes to the US and other countries...but if you're generating income using a US trading account the Feds will want their cut.
that is true. this topic has been covered. you are liable after 10 years of renouncing citizenship (hear say). I am a greek national and never obtained citizenship since all do believe I am a citizen, there is no real need for it. I am about to bounce, and believe me, I will not look back. I am hitting the bid quicker than you can say 20 bid at even. and I am more american than most americans(hopeful wishful fairy tale believers that look to big govt for their fix). I am a true egalitarian, an agrarian republican. Jefferson would cringe at what this country has turned into. But most americans would not know that. They should but they do not. Soo....... SOLD to the blue guy in the corner!!!! I dont know how much longer he can keep on holding his breath but hes good... he is good.
If you renounce citizenship, how are they going to make you pay taxes? The chances of them trying to get you extradited because you refused to pay taxes AFTER you're not a citizen is zero.
supposedly they had just passed legislation a few years ago to make nationals liable for taxes upto ten years from residing in the US. pretty scumbag if you ask me, but if you look at the countries balance sheets and see the incredible mess, you may be a democrat looking at this, and say hey, if we are not retaining enough to make my salary, we need to make someone pay. Then some republican comes by and says that there are many nationals leaving the US and bringing their businesses elsewhere, not paying their taxes and 'screwing' the US out of deserved taxes, the dem says, "kill those terrorists". the dem and the republican, two faggots that fuck eachother proclaiming to eachother and to their wives that they are not gay. survey says...... economic girly men!!
Internal Revenue Code section 877(e) provides similar treatment to some "permanent residents" who are not citizens.
no way!!!! that means.... wait thats bullshit. i have to check this for myself. oh man are these fuckers good. you are bullshitting. I have to check this out. very convincing. taken in, taken in!!!!