News London Mayor Boris Johnson Sought By IRS

[RummyBoy]

No Taxes, Please, I?m British, London Mayor Tells IRS - Bloomberg

This guy annoys me but..... well, poor bastard!

[DamageX]

Some archaic fucking rules... The guy already pays taxes on his income in his country of residence where he works, why should he be forced to pay taxes in a coutntry he hasn't lived in for the last 45 years? Don't the UK and the US have a double taxation agreement anyway?

[wehateporn]

He is personal buddy of Rothschild, they can't touch him

[RummyBoy]

They can touch him and they did (in the wallet) but it looks like he found a solution:

BBC News - Boris Johnson 'intends to renounce US citizenship'

[woj]

Originally Posted by DamageX

Some archaic fucking rules... The guy already pays taxes on his income in his country of residence where he works, why should he be forced to pay taxes in a coutntry he hasn't lived in for the last 45 years? Don't the UK and the US have a double taxation agreement anyway?

Not that I necessarily agree with it, but I think the logic is that some people use US resources (education, easy access to capital, etc) to jump start their careers/businesses... then when their business takes off, they move to a country with a more favorable tax system...

so it's kinda like a venture capital firm investing in a startup, then as the startup takes off the owners tell the VC firm "fuck you, we don't need you anymore"...

[epitome]

Originally Posted by RummyBoy

They can touch him and they did (in the wallet) but it looks like he found a solution:

BBC News - Boris Johnson 'intends to renounce US citizenship'

They can still hit you if you are renouncing your citizenship for tax reasons. It is essentially an exit tax. It's been that way for a long time.

[rogueteens]

Originally Posted by woj

Not that I necessarily agree with it, but I think the logic is that some people use US resources (education, easy access to capital, etc) to jump start their careers/businesses... then when their business takes off, they move to a country with a more favorable tax system...

so it's kinda like a venture capital firm investing in a startup, then as the startup takes off the owners tell the VC firm "fuck you, we don't need you anymore"...

in this case, I don't think Boris has live in the US since he was 3 years old.

[_Richard_]

Originally Posted by rogueteens

in this case, I don't think Boris has live in the US since he was 3 years old.

ouch.

8char

[sperbonzo]

The US is the only country in the world that taxes it's citizens even if they have NEVER set foot on US soil for their entire lives. Essentially, being a US citizen means being a tax slave to the US government for life.





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[klinton]

Originally Posted by woj

Not that I necessarily agree with it, but I think the logic is that some people use US resources (education, easy access to capital, etc) to jump start their careers/businesses... then when their business takes off, they move to a country with a more favorable tax system...

lol education from US ? they had to pay for it anyway,so....

how about people from India/ Pakistan who are studying in their country and later go to UK to work and live there forever...they should pay taxes to India and Pakistan forever, even if they are UK citizens now ?

[woj]

Originally Posted by klinton

lol education from US ? they had to pay for it anyway,so....

how about people from India/ Pakistan who are studying in their country and later go to UK to work and live there forever...they should pay taxes to India and Pakistan forever, even if they are UK citizens now ?

most didn't have to pay full price for it, education is subsidized, so they paid a portion of actual costs...

and it's not just about education, it's a complete package, consisting of dozens of different factors: access to capital, decent legal system, low corruption, infrastructure, etc...

and like I said I don't necessarily agree with it, some cases are bogus, like the one in this thread...

the argument really is most clear when talking about people that start businesses... so a guy in India starts a successful pharmaceutical company (lets say finds cure for cancer)... he should be allowed to move to some tax haven and never pay any taxes to India or anyone other country?

[sperbonzo]

Originally Posted by woj

the argument really is most clear when talking about people that start businesses... so a guy in India starts a successful pharmaceutical company (lets say finds cure for cancer)... he should be allowed to move to some tax haven and never pay any taxes to India or anyone other country?

Of course he should be "allowed". Why should someone be "allowed" to confiscate his property by force when the value that he has created happened because he provided benefit to others? The whole point of a voluntary transaction in a free market, is that both parties must see a benefit in it, or that transaction does not occur. You have to feel that the labor entailed in generated $300 is not worth as much to you, as the new Ipad, and Apple must feel that the Ipad is not worth as much to them as your $300. Therefore, in order to generate a great amount of wealth, someone must provide a great deal of value, to a large number of people. They are providing benefit to the people around them in what they are doing, or they do not sell a lot of what they make, and they do not become wealthy. (Obviously this allows applies to services as well as products).

Having the government take from your neighbors, by force, value that they have earned by providing goods or services to those around them does not make you a good person, it just means that you are a thief who wants the government to do your dirty work for you.







.

[woj]

Originally Posted by sperbonzo

Of course he should be "allowed". Why should someone be "allowed" to confiscate his property by force when the value that he has created happened because he provided benefit to others? The whole point of a voluntary transaction in a free market, is that both parties must see a benefit in it, or that transaction does not occur. You have to feel that the labor entailed in generated $300 is not worth as much to you, as the new Ipad, and Apple must feel that the Ipad is not worth as much to them as your $300. Therefore, in order to generate a great amount of wealth, someone must provide a great deal of value, to a large number of people. They are providing benefit to the people around them in what they are doing, or they do not sell a lot of what they make, and they do not become wealthy. (Obviously this allows applies to services as well as products).

Having the government take from your neighbors, by force, value that they have earned by providing goods or services to those around them does not make you a good person, it just means that you are a thief who wants the government to do your dirty work for you.


.

it sounds like you are saying that there should be no taxation? I agree with you to an extent, but lets face it, that can never possibly happen...

so given that taxation exists, it seems best to close all possible loopholes (like being able to move to a tax haven country easily), so that everyone gets taxed "fairly"...

[sperbonzo]

Originally Posted by woj

it sounds like you are saying that there should be no taxation? I agree with you to an extent, but lets face it, that can never possibly happen...

so given that taxation exists, it seems best to close all possible loopholes (like being able to move to a tax haven country easily), so that everyone gets taxed "fairly"...

So then why not declare war on any country which does not tax people as YOUR country thinks that they should? Or, are we going to put up high fences around our country so that people will not be allowed to escape unless they pay up? How insane is this reasoning? Are you saying that the government OWNS you? Personally I'm not such a big fan of slavery, myself.

Why not make your countries taxes more competitive on the world market, and thus encourage people who create value to move or stay there?




.

[woj]

Originally Posted by sperbonzo

So then why not declare war on any country which does not tax people as YOUR country thinks that they should? Or, are we going to put up high fences around our country so that people will not be allowed to escape unless they pay up? How insane is this reasoning? Are you saying that the government OWNS you? Personally I'm not such a big fan of slavery, myself.

Why not make your countries taxes more competitive on the world market, and thus encourage people who create value to move or stay there?
.

we are mostly on the same page, I agree with you that we should be taxed less and that our tax system should be more competitive in general...

but that's unlikely to happen anytime soon, so given that fact, shouldn't we reduce loopholes?

meaning of "owns" is debatable... lets say you work for Pfizer, and while at work at a Pfizer lab you discover a cure for cancer... who should benefit from that discovery? Legally Pfizer is entitled to that discovery... does that mean Pfizer "owns" you? do you agree with that law?

[sperbonzo]

Originally Posted by woj

we are mostly on the same page, I agree with you that we should be taxed less and that our tax system should be more competitive in general...

but that's unlikely to happen anytime soon, so given that fact, shouldn't we reduce loopholes?

meaning of "owns" is debatable... lets say you work for Pfizer, and while at work at a Pfizer lab you discover a cure for cancer... who should benefit from that discovery? Legally Pfizer is entitled to that discovery... does that mean Pfizer "owns" you? do you agree with that law?

That is not a "law". That is the result of a private agreement (contract) entered into freely, between the scientist, and Pfizer at the time both parties voluntarily decided to trade labor for money. Utterly different.



And changes CAN happen to make taxes more competitive. It happens all the time.






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[pornguy]

Originally Posted by epitome

They can still hit you if you are renouncing your citizenship for tax reasons. It is essentially an exit tax. It's been that way for a long time.

I read that it can be for up to 35 year or some crazy shit.

[mafia_man]

Originally Posted by DamageX

Some archaic fucking rules... The guy already pays taxes on his income in his country of residence where he works, why should he be forced to pay taxes in a coutntry he hasn't lived in for the last 45 years? Don't the UK and the US have a double taxation agreement anyway?

He isn't on his income because of the double-tax treaties.

They are chasing him for Capital Gains from selling his home.