US taxes discussion

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Re: Taiwanese Citizenship and Renunciation

Postby cyborg_ninja » 24 Feb 2012, 13:32

Tigerman wrote:
cyborg_ninja wrote:Um... US citizens get taxed by the IRS if they work overseas.


Um... US citizens must report income earned overseas. They do not necessarily get taxed on such income.

A little knowledge is, as they say, dangerous.


What do you think the purpose of an income tax is =.= as tommy suggested earlier, it depends on your income.
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Re: Taiwanese Citizenship and Renunciation

Postby Tigerman » 24 Feb 2012, 13:35

cyborg_ninja wrote:Um... US citizens get taxed by the IRS if they work overseas.


Tigerman wrote:Um... US citizens must report income earned overseas. They do not necessarily get taxed on such income.

A little knowledge is, as they say, dangerous.


cyborg_ninja wrote:What do you think the purpose of an income tax is =.=


What has your question to do with the fact that you frequently post statements that are false or only half-correct? :D
As it is, we seem to regard it as a positive objection to a reasoner that he has taken one side or the other. We regard it (in other words) as a positive objection to a reasoner that he has contrived to reach the object of his reasoning. We call a man a bigot or a slave of dogma because he is a thinker who has thought thoroughly and to a definite end.

From: All Things Considered - The Error of Impartiality
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Re: Taiwanese Citizenship and Renunciation

Postby Charlie Jack » 24 Feb 2012, 13:44

cyborg_ninja wrote:Um... US citizens get taxed by the IRS if they work overseas.


I'm a U.S. citizen, I've been working overseas for quite a while, and I've filed tax returns with the IRS every year for quite a while, but the IRS hasn't taxed me in years.
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Re: Taiwanese Citizenship and Renunciation

Postby cyborg_ninja » 24 Feb 2012, 14:39

Charlie Jack wrote:
cyborg_ninja wrote:Um... US citizens get taxed by the IRS if they work overseas.


I'm a U.S. citizen, I've been working overseas for quite a while, and I've filed tax returns with the IRS every year for quite a while, but the IRS hasn't taxed me in years.


Of course you didn't get taxed, you don't make enough money.
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Re: Taiwanese Citizenship and Renunciation

Postby Tigerman » 24 Feb 2012, 14:43

cyborg_ninja wrote:Um... US citizens get taxed by the IRS if they work overseas.


Charlie Jack wrote:I'm a U.S. citizen, I've been working overseas for quite a while, and I've filed tax returns with the IRS every year for quite a while, but the IRS hasn't taxed me in years.


cyborg_ninja wrote:Of course you didn't get taxed...


Nice to see that you are able to admit when you are wrong... :cool: :lol: :D
As it is, we seem to regard it as a positive objection to a reasoner that he has taken one side or the other. We regard it (in other words) as a positive objection to a reasoner that he has contrived to reach the object of his reasoning. We call a man a bigot or a slave of dogma because he is a thinker who has thought thoroughly and to a definite end.

From: All Things Considered - The Error of Impartiality
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Re: Taiwanese Citizenship and Renunciation

Postby Charlie Jack » 24 Feb 2012, 17:04

cyborg_ninja wrote:
Charlie Jack wrote:
cyborg_ninja wrote:Um... US citizens get taxed by the IRS if they work overseas.


I'm a U.S. citizen, I've been working overseas for quite a while, and I've filed tax returns with the IRS every year for quite a while, but the IRS hasn't taxed me in years.


Of course you didn't get taxed, you don't make enough money.


Uncle Sugar wrote:For 2010, the maximum exclusion has increased to [US]$91,500.

http://www.irs.gov/pub/irs-prior/i2555ez--2010.pdf

XE.com wrote:Base currency is Taiwan New Dollars - TWD Mid-market rates as of December 2010, 31 at Noon Eastern Time
* * *
Currency Unit Units per TWD TWD per Unit
USD United States Dollars 0.0343701675 29.0949993134

http://tinyurl.com/CurrEx12-31-2010

DGBAS wrote:Table 28. Average Primary Income per Employed Person by Occupation [in NT$]

2010

* * *

Legislators, government
administrators, business
executives and managers

1,219,576

Professionals

849,653

http://win.dgbas.gov.tw/fies/doc/result/99.pdf

Using XE.com's exchange rate, I get US$41,917 for legislators, government administrators, business executives and managers, and US$29,203 for professionals.

You say U. S. citizens are taxed, but in order to be taxed by the IRS here, I'd have to make more than twice what an average Taiwan legislator, government administrator, business executive or manager made, and more than three times what an average Taiwan professional made.

I can only conclude that you set the bar high for U. S. citizenship.
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Re: Taiwanese Citizenship and Renunciation

Postby Impaler » 25 Feb 2012, 04:05

cyborg_ninja wrote:
Impaler wrote:
headhonchoII wrote:Tommy lives in the US.

Well, that explains why he's getting taxed by the U.S., then! Having a different citizenship isn't going to do anything if your income is being earned in the U.S. and/or you're resident there, and in fact it would cause all sorts of other tax problems. I seem to recall that there's mandatory withholding for certain transactions if someone is an alien, whereas a U.S. citizen just pays when he files his taxes.


Um... US citizens get taxed by the IRS if they work overseas.

the WSJ has a good article on the issue

http://blogs.wsj.com/hong-kong/2011/03/ ... d-through/

I think I posted the link to the IRS overview page that discusses this issue. If not, here it is. If so, here it is again.
http://www.irs.gov/businesses/small/int ... 30,00.html

Tommy could avoid being taxed on the first $90,000 (approx -- it changes every year) of foreign-earned income if he (a) lives outside the U.S. for 330 days a year or (b) is a "bona fide resident" of a foreign country for more than six months of each year (meaning, for Taiwan, "has an ARC").
It's amazing what getting out of the care of the Scottish National Health Service can do for your life expectancy.


"Mostly, nature looks after itself, if you let it. If you arrange things correctly, nature will do all the hard work for you, but it takes a lot of careful thought, planning, attention to detail, and a little experimentation. In other words, we're all doomed." -- finley
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Re: US taxes discussion

Postby Zla'od » 25 Jul 2012, 07:35

Or he could become a resident of Puerto Rico.
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