Quote:
Originally Posted by Relentless
The investments made on foreign markets would result in taxable income to you here in the states at your standard income tax rate. There would not be a tax benefit to investing in other markets over eas unless you were no longer an American citizen.
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So you're saying there are no tax shelter offshore countries? So all that talk about Mitt Romney having money there is bullshit?
And you're trying to tell me that I can't set up shadow corporations in other countries with a "partner" who lives there and move my money there?
Dude...you have NO idea how many ways a good accountant can help you keep your money out of the Federal Govt.'s greedy wasteful hands.
As for grandma...No, she wouldn't pay "more" if she paid capital gains tax (which she does by the way).
Also I was looking at Romney and Obama's tax plans. Obama is going to raise all capital gains tax. Romney has proposed leaving it at current rates for the rich and dropping it to ZERO for people like you, me, and grandma.
I like Romney's plan on capital gains better than Obama's.
But I personally think it should be ZERO across the board to further bring businesses BACK to the U.S. instead of driving them away.
We aren't getting any tax money from big corporations anyway because of having one of the highest corporate tax rates in the world. (General Electric paid ZERO taxes)
But if we stopped forcing companies to figure out ways to scam the system...and instead made it profitable to keep money and jobs in the U.S. then we would expand out tax base and job growth.
When I lived in South Carolina in the upstate...the economy was in shambles in the 1990's. The textile industry was the main thing there and it was gone. Then BMW announced they wanted to build a plant in the South.
South Carolina (Greenville/Spartanburg where I lived) got the plant!
How did they do it?
By cutting a deal on taxes with BMW and making it desirable to do business in South Carolina.
The result?
Thousands of high paying jobs at the BMW plant and the local economy ROARED from the money pouring in.
That is how you create jobs and raise govt. revenues. By CUTTING taxes and bringing business in.