How to Master Your Taxes...Mitt Romney Style

[CDusr]

Yeah this was funny. I am sure there are some interesting accounts there. What a great system we have.

[cw30000]

Originally Posted by Trader8

The USA enables $Willard to become enormously wealthy.

$Willard opens bank accounts in Switzerland and Luxembourg.

$Willard wants to be POTUSA.


Uh, "Houston, we have a problem"...

I am sick and tire of these uneducated post.

I am not a Romney supporter, but this need to be stopped.

IF US banking system, in term of privacy is good, why would anyone want to relocate their money overseas. The US banking system is great, if you are a foreigner, you get all kind of protection from the US government and the legal system. However, if you are US citizenship or perm resident, our government want to know every transactions.

Next is the legal system, under a British legal syste, which we do use, people should be innocent until proven guilty. But this is not longer the case in the US. Our court system is clogged with frivolous lawsuits where the defender MUST proven he is innocent. Whether you win or not, you will hit with a tax bill. If you have money, you will get sue. If your money is located in the US and you got US and so happen the jury think you sure be "distributing" your wealth, the US court will confisicated all your assets: your bank accounts, brokerage accounts, company shares.

When you have bank's accounts overseas, it is tax neutral. It is not like he avoid paying US tax on the interest. US tax worldwide income on all citizenship and perm residents. That mean if you are born as a US citizen overseas (ex: your parents are citizen) and never lay foot on US soil, you are still require to pay tax on all your income earned in your home country.

The only way to avoid the tax is giving up your money and have them hold in a trust that you do not have direct control. If you are comfortable with this, you can do this as well. (FWIW, I am not comfortable, but a lot of ppl do it)

The only think you got it right is we do have a problem in this country. We have to fix it so people here will want to leave the money here and spend it here.

[michiganmoon]

Originally Posted by doctrain

Or how about Warren Buffet? Raise the income tax all you want. Doesn't matter at all if you pay none.

Of course it's not Buffett's fault that his own company owes back taxes totaling a Billion Dollars over the past decade.

Personally, I agree with JFK and Clinton, you want to encourage investment.

[cw30000]

Originally Posted by michiganmoon

Of course it's not Buffett's fault that his own company owes back taxes totaling a Billion Dollars over the past decade.

Personally, I agree with JFK and Clinton, you want to encourage investment.

But Clinton's action didn't encourage investment. Last I check he increased tax and have Greenspan running the printing press at double OT.