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Originally posted by Groundhog Boy If we all went back to the glory days of the '50s that so many of the Republican Party wish we were living in, this wouldn't be an option for everyone under the sun.

When the income tax rate was at 91%? Oh, the irony

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Originally posted by verndogs When the income tax rate was at 91%? Oh, the irony

Is there any doubt why we were able to expand our infrastructure so well, which greatly increased productivity?

http://www.truthandpolitics.org/top-rates.php

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Originally posted by verndogs When the top marginal income tax rate was at 91%? Oh, the irony

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Originally posted by Lebezniatnikov Public education, agricultural subsidies, highway expenses... nawwww. Government just cuts welfare checks, right?

went to private school, jabroni

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Originally posted by jerZ07002 it's illegal for a US citizen not to declare income from a foreign sources. Just because it is paid from a foriegn branch doesn't mean you don't have to pay taxes on it. US citizens are subject to tax on worldwide income, with certain exceptions (reduces treaty rates, etc..) evasion of taxes isn't one of those situations in which you can fail to claim foreign income. The very fact that you're keeping the payments under the 10,000 treasury notification threshold should indicate that it's not legal. Your CPA obviously knows its illegal since he advised you to stay under that amount. I hope he gets caught also.

Really? You hope I get caught? Who pissed in your cornflakes this morning? First, my CPA didn't give me that advice... I've known about that threshold for a long time. So, if I have an ownership stake in a company that operates as a domestic company in that country, get paid regularly from there, and have a bank account legally set up there as well, you're saying I can't transfer any of it to my bank account here in the states without reporting it? I guess I could just keep the money there and make a purchase on anything I want here using those bank wire numbers from abroad. But go ahead and report me to the IRS if you feel it's your moral obligation as a big bad tax lawyer

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Originally posted by The17sss Really? You hope I get caught? Who pissed in your cornflakes this morning? First, my CPA didn't give me that advice... I've known about that threshold for a long time. So, if I have an ownership stake in a company that operates as a domestic company in that country, get paid regularly from there, and have a bank account legally set up there as well, you're saying I can't transfer any of it to my bank account here in the states without reporting it? I guess I could just keep the money there and make a purchase on anything I want here using those bank wire numbers from abroad. But go ahead and report me to the IRS if you feel it's your moral obligation as a big bad tax lawyer

I'm sure jerZ can give a better answer on the subject than I, but my understanding is that you would legally be required to report the income even if you never transferred it into the U.S.

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Originally posted by The17sss Really? You hope I get caught? Who pissed in your cornflakes this morning? First, my CPA didn't give me that advice... I've known about that threshold for a long time. So, if I have an ownership stake in a company that operates as a domestic company in that country, get paid regularly from there, and have a bank account legally set up there as well, you're saying I can't transfer any of it to my bank account here in the states without reporting it? I guess I could just keep the money there and make a purchase on anything I want here using those bank wire numbers from abroad. But go ahead and report me to the IRS if you feel it's your moral obligation as a big bad tax lawyer

Do everyone involved a favor and just move to Malaysia and renounce your citizenship, you leech. Either that, or don't use anything created by taxpayer funds, which is impossible if you live here.

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Originally posted by The17sss went to private school, jabroni

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Originally posted by The17sss Really? You hope I get caught?

people with your attitude cause the IRS to spend more money than necessary to collect what is legally due, which in turn increases your taxes (to make up for the expense of collecting taxes).

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Originally posted by The17sss Who pissed in your cornflakes this morning?

your racist comment was the piss in my cornflakes.

How would you like if someone openly said they were going to sell rock in your neighborhood? that's how i feel when someone like yourself thinks you are too good to pay your share of government costs, especially when your candidates are the ones who expanded the size of our deficit and imposed the enormous cost of the iraq war on me and the rest of the people who opposed the iraq war.

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Originally posted by The17sss First, my CPA didn't give me that advice... I've known about that threshold for a long time. So, if I have an ownership stake in a company that operates as a domestic company in that country, get paid regularly from there, and have a bank account legally set up there as well, you're saying I can't transfer any of it to my bank account here in the states without reporting it?

you said you would get paid a salary from the foreign company; that's taxable in the US with limited exceptions.

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Originally posted by The17sss I guess I could just keep the money there and make a purchase on anything I want here using those bank wire numbers from abroad.

depending on how you do it that could be tax deferred. However, if the income earned by the company is really your personal services income that wouldn't be respected and would be taxable in the US. There are ways to structure businesses abroad to defer taxes, but i doubt your facts lend themselves to such a structure. Plus the fact that you're looking at Malaysia shows a real lack of knowledge on how to do it; Malaysia has a 26% corporate income tax. Most people use a Caribbean island or Luxembourg. Lastly, the fact that you said 'siphon' shows there would be absolutely no business purpose to operate abroad.

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Originally posted by The17sss But go ahead and report me to the IRS if you feel it's your moral obligation as a big bad tax lawyer

why would i report you? I'm not a cop. if you can get away with a crime (and it is a crime, making you a criminal) good for you, but I'm not rooting for you. As i said before, that kind of attitude is what causes higher taxes for all. Also, it shows how little you care about your fellow citizens. For people that claim to be such proud Americans, republicans seem to forget that america is a collection of 300 million people, and not just one republican (namely you).

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Originally posted by Arbiter I'm sure jerZ can give a better answer on the subject than I, but my understanding is that you would legally be required to report the income even if you never transferred it into the U.S.

Reporting the income isn't really an option: generally it's required. the IRS publishes a bunch of forms for reporting foreign income: 5471, 1118, 8865. A US person that owns a substantial stake in a foreign corporation is generally required to file forms with the IRS, and unless the foreign corporation has real business operations abroad (obviously its more complex than this description) the US person's share of the income is taxable in the US.

I think i need to put a disclaimer on this (i forget the rules)....this is not intended to be legal advice.

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Originally posted by jerZ07002 How would you like if someone openly said they were going to sell rock in your neighborhood? that's how i feel when someone like yourself thinks you are too good to pay your share of government costs, especially when your candidates are the ones who expanded the size of our deficit and imposed the enormous cost of the iraq war on me and the rest of the people who opposed the iraq war.

well you have a point... because I'm just as sickened by what Bush did with his spending and government expansion as democrats are. However, if I can get around paying taxes, I will. Sorry, I just think I can make better decisions on how to spend it than the government can.

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Plus the fact that you're looking at Malaysia shows a real lack of knowledge on how to do it; Malaysia has a 26% corporate income tax. Most people use a Caribbean island or Luxembourg. Lastly, the fact that you said 'siphon' shows there would be absolutely no business purpose to operate abroad.

HA! Please... you're in over your head on this one buddy. Don't lecture me on my lack of knowledge on the Malaysian business system when I operate there and you don't. If you peeled back the first layer of the onion, you'd know about things that apply to our company there, such as the 1 million (Malaysian) dollar transfer of technology grant we recently got, which we do not have to pay back, and we can designate that money however we wish within the company. You would also know there is something you can apply for called "Bionexus status" as a company if you produce and/or are involved in the research and development of environmentally clean/green/sound/ products... which gives you 5 years worth of tax free income as a business.

Siphon was a poor choice of words though, you're right about that.
Edit: We operate abroad in that location because for what we do, and who we're connected with, that's where the business happens to be.

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why would i report you? I'm not a cop. if you can get away with a crime (and it is a crime, making you a criminal) good for you, but I'm not rooting for you. As i said before, that kind of attitude is what causes higher taxes for all. Also, it shows how little you care about your fellow citizens. For people that claim to be such proud Americans, republicans seem to forget that america is a collection of 300 million people, and not just one republican (namely you).

Then I guess I'm a criminal. I also jaywalk. What causes higher taxes for all isn't people like me, it's the people who create policy and entitlement programs for the parasites of society so they can buy votes. The more money I make, the higher my percentage of income tax gets, and I'm not really down with knowing why that happens and where it goes. If that makes me a black hearted bastard, then fine.

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Originally posted by Groundhog Boy Do everyone involved a favor and just move to Malaysia and renounce your citizenship, you leech. Either that, or don't use anything created by taxpayer funds, which is impossible if you live here.

This leech probably pays more than you do in taxes, so what does that make you?

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Originally posted by Lebezniatnikov

It's not like that man... my mom is a nurse and at the time my dad worked as a mechanical engineer for Florida Power... they didn't have an easy time scraping together the tuition money each year. I was the only kid in my class driving a 1989 oldsmobile cutlass while the other 16 year olds were getting their BMW's. It sucked.

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Originally posted by The17sss This leech probably pays more than you do in taxes, so what does that make you?

I doubt you pay much more in taxes than I do. First off, I live in Manhattan, one of the highest taxed areas in the country. Second, I have a 6 figure salary, so please kindly fuck off. Third, you just outlined your plan to evade taxes, so please spare us your bullshit.

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Originally posted by Groundhog Boy I doubt you pay much more in taxes than I do. First off, I live in New York. Second, I do have a 6 figure salary, so please kindly fuck off.

income taxes, fag. income taxes. Did you take that as some kind of pissing contest that I said I probably pay more in taxes than you? lol... awww, is wittle gwoundhog boy insecure about his paycheck?

And I also have a 6 figure salary, since I was 25 so.... no, I insist, you kindly fuck off.

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Originally posted by The17sss It's not like that man... my mom is a nurse and at the time my dad worked as a mechanical engineer for Florida Power... they didn't have an easy time scraping together the tuition money each year. I was the only kid in my class driving a 1989 oldsmobile cutlass while the other 16 year olds were getting their BMW's. It sucked.

Aw, you poor little twat. I weep for your hardships.

My dad works in construction and my mom had just gone through college, graduated when I was in 10th grade and was unemployed immediately afterward. To gain experience as a teacher, she moved to North Carolina while my parents were still married, so we were supporting two full households right before I went to college. I worked for part of my junior and all of my senior year of public high school, plus all through college at an Ivy League school (paid for mostly by loans and need-based grants from the school). Oh, and I note that I drove Ford Tempo that was older than yours, and I'm 3 years younger. Everyone's got a sob story, but that doesn't make me justify shirking my responsibilities as an American citizen like you claim to with your tax evasion schemes.

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Originally posted by The17sss income taxes, fag. income taxes. Did you take that as some kind of pissing contest that I said I probably pay more in taxes than you? lol... awww, is wittle gwoundhog boy insecure about his paycheck? And I also have a 6 figure salary, since I was 25 so.... no, I insist, you kindly fuck off.

What taxes did you think I was talking about? Property? I rent because even with that salary, I can't afford to own here.

BTW, you were the one that made the comment about paying more taxes than I do, so don't pull that shit about me being insecure about my paycheck.

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Originally posted by Groundhog Boy Aw, you poor little twat. I weep for your hardships. My dad works in construction and my mom had just gone through college, graduated when I was in 10th grade and was unemployed immediately afterward. To gain experience as a teacher, she moved to North Carolina while my parents were still married, so we were supporting two full households right before I went to college. I worked for part of my junior and all of my senior year of public high school, plus all through college at an Ivy League school (paid for mostly by loans and need-based grants from the school). Oh, and I note that I drove Ford Tempo that was older than yours, and I'm 3 years younger. Everyone's got a sob story, but that doesn't make me justify shirking my responsibilities as an American citizen like you claim to with your tax evasion schemes.

zzzzzzz... oh were you on your soapbox again? sorry dude I fell asleep. That snippet you were replying to had nothing to do with you; it was me replying to Lebz's implication that I fed off the silver spoon. Get a life man, you fucking love to start arguments with me just for the sake of arguing.

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Originally posted by The17sss zzzzzzz... oh were you on your soapbox again? sorry dude I fell asleep. That snippet you were replying to had nothing to do with you; it was me replying to Lebz's implication that I fed off the silver spoon. Get a life man, you fucking love to start arguments with me just for the sake of arguing.

And I was pointing out that he didn't sound that far off to me or the vast majority of this country.

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Originally posted by Groundhog Boy What taxes did you think I was talking about? Property? I rent because even with that salary, I can't afford to own here.

I said "taxes" but was referring to income taxes... my fault for not being more specific. So why the heck do you live in NY if you're 28 and can't afford to buy? I love big cities too but they're more fun to visit than live in... I mean, why not improve your quality of life and own some property that can accrue some value? I guess it's a personal preference... but if you're making a 6 figure salary, think of how much better you could lay down a foundation if you did it somewhere outside of that tax burden of a state

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Originally posted by Groundhog Boy Everyone's got a sob story, but that doesn't make me justify shirking my responsibilities as an American citizen like you claim to with your tax evasion schemes.

What exactly do you think the wealthy are going to do with their money when Obamanomics start up?

They're certainly not going to watch the government take it.

You people need to wake up because the hammer is going to come down on the middle class as soon as the wealthy take their funds out of arms reach of Obama Claus...

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Originally posted by Fir3start3r Obama Claus...

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Originally posted by Fir3start3r What exactly do you think the wealthy are going to do with their money when Obamanomics start up? They're certainly not going to watch the government take it. You people need to wake up because the hammer is going to come down on the middle class as soon as the wealthy take their funds out of arms reach of Obama Claus...

Same thing they did under Clinton. Prosper.

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Originally posted by The17sss I said "taxes" but was referring to income taxes... my fault for not being more specific. So why the heck do you live in NY if you're 28 and can't afford to buy? I love big cities too but they're more fun to visit than live in... I mean, why not improve your quality of life and own some property that can accrue some value? I guess it's a personal preference... but if you're making a 6 figure salary, think of how much better you could lay down a foundation if you did it somewhere outside of that tax burden of a state

In addition to federals, NY + NYC's income taxes are pretty steep if you hadn't guessed.

2nd, I'm better off now for not having bought before the housing bubble burst. I guess I could have bought 3 years ago and watched my property value drop, which is really starting to take speed since all the NY finance jobs are gone.

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Originally posted by Groundhog Boy In addition to federals, NY + NYC's income taxes are pretty steep if you hadn't guessed. 2nd, I'm better off now for not having bought before the housing bubble burst. I guess I could have bought 3 years ago and watched my property value drop, which is really starting to take speed since all the NY finance jobs are gone.

Yeah I guess you would have been screwed if you bought a house before the bubble and didn't plan on staying in it for at least 10 years. So you work in finance? Then I'm sure you know Charlotte is the main financial center outside of NYC... not that I'm trying to convince you to move here or anything, but you'd be shocked at how much house you can get for your money here. True, the wheels turn a little slower in the south, but it's a good sized city growing fast and after spending a week in NYC, my blood pressure drops significantly when I get back here...lol. What are your long term plans? Are you a NYC lifer or are you open to living other places?

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