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jadedragon
Administrator
Canada
3788 Posts |
 Posted - 03/05/2009 : 02:36:13
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A very interesting article about the US vs Canada. Some choice tidbits to make you want to read the whole article here:
You must be logged in to see this link.
Apparently the Canadians (and I know, this sounds crazy) don't hate their children nor their grandchildren. Apparently they seem to have this thing called "fiscal austerity" or "fiscal discipline." Because they've ran smaller deficits, they naturally have smaller debts. Their national debt is only 22% GDP while ours is 52% (oh, and yeah, that doesn't include the debt the genius "stimulus" package just saddled us with).
Why doesn't the Harper government just take advantage of the economic crisis in the US and simply pilfer and poach the most productive citizens from the US?
It's not like those hard working people who toiled and strived and saved every penny to pay their mortgage dutifully and on time have any more allegiance to the US. Certainly not after we've just bailed out every sub prime dead beat, and sub prime bank/banker that caused the crash. It's not like the responsible, productive citizens in the US are looking forward to financing the $1.2 trillion in future spending Obama used as a payoff to bribe all the masses into voting for him or bailing out the Peggy Josephs of the world. They're have to be treated just like any other human being and any other consumer; They're looking for a fair and just place to live where they can excel and keep the majority of what they've earned.
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“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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AgCollector
Penny Collector Member
USA
266 Posts |
Posted - 03/05/2009 : 06:24:56
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| I read somewhere a while ago about how if you leave the country and become a citizen of another country the US has a kind of "exit tax" that is fairly steep. |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 03/05/2009 : 07:45:44
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quote:
Originally posted by AgCollector
I read somewhere a while ago about how if you leave the country and become a citizen of another country the US has a kind of "exit tax" that is fairly steep.
If you leave the US and become a citizen of another country, by default you become a dual citizen. As such, you would be required to continue filing taxes in the US as well as your new country depending on their rules.
This doesn't mean that you will owe double taxes or anything like that. It just that you are required to continue filing. Generally (and it depends greatly on the second country) the US only taxes you if the taxes in the new country are less than than the taxes in the US. In which case the US takes the difference.
For example, you move to and become a citizen of Mexico and your US tax obligation is 10K and your Mexican tax is 8K. You pay tax to your country of residence first (so 8K to Mexico). Then you file taxes in the US and owe 10K and detuct 8K and pay 2K.
The US is the ONLY country in the world that attempts to tax people after the leave which is why they are known as the most oppressive tax regime in the world. Their taxes demands do not stop at the border.
Anyhow, what you are talking about is called expatriation and it is the process, not of getting another citizenship and leaving the US, but of formally renouncing your US citizenship. If you go through the process (which is a bit onerous and I doubt that many people bother do it), there can be a large onetime tax on everything you own if your net worth is high enough (something like 2 million). The advantage is that when you complete the expatriation process you are finally (it might take 5 or 10 years after you leave) free of US taxes on income not gained in the US.
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 03/05/2009 : 10:48:24
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| For more on the concept of fleeing the oppressive tax regime of the US, google the concept of becoming a PT. PT carries a number of meanings, but basically the idea is to tell governments what to do and make them compete for your attention, rather then being a slave to the tax man. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 03/06/2009 : 08:21:30
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quote:
Originally posted by legacypac
For more on the concept of fleeing the oppressive tax regime of the US, google the concept of becoming a PT. PT carries a number of meanings, but basically the idea is to tell governments what to do and make them compete for your attention, rather then being a slave to the tax man.
Thanks for that. Some of the concepts I am familar with, but that is the first time that I have heard that terminology used. It gave me some new stuff to look at. |
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darsemnos
Penny Sorter Member
96 Posts |
Posted - 03/07/2009 : 17:58:53
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| I need more info on the PT thing. What's that all about? How does it work? |
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Maybe you should move to Canada - by an economist
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