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David….that would be an exciting way to live for sure!
I am working on getting out of here, I was waiting on the election results, that would have been a big delay in the decline of the US, I still think it would have happened eventually, but now I think it is 2x the speed for the decline.
I am coming down in Feb to look at some schools in the Central Valley area (12 year old daughter). Any suggestions? Is the Central Valley my best option for inernational schools?
[quote=”kwhite1″]David….that would be an exciting way to live for sure!
I am working on getting out of here, I was waiting on the election results, that would have been a big delay in the decline of the US, I still think it would have happened eventually, but now I think it is 2x the speed for the decline.
I am coming down in Feb to look at some schools in the Central Valley area (12 year old daughter). Any suggestions? Is the Central Valley my best option for inernational schools?[/quote]
wow!!! 12 years old I also have a 12 year old that we recently moved from one school district here to a better one in another area and that was a challenge being the adolescent that she is
and she is from here.
I could not imagine migrating a teen from the U.S. to here.. but
hey life is an adventure 🙂 and one day she will understand and thank you.
regarding your question??
I stopped giving any kind of advice because it does NOT matter.. my wants and desires may be completely different from yours
and we all have different starting points and life experiences.
the only thing I will say is that you need to come down and rent before you buy anything..
and experience the culture and the good and the bad
decide if your looking to replicate your U.S. lifestyle or are you interested in blending into the culture as much as you can to enjoy costa rica.
only you can find the answers to your questions
what I do suggest is do your diligence
because Craigslist is full of people that come down and buy everything only to find after 18 months they hate it here
and they sell everything for a loss
heck i just bought an ATV for 65% less than market value 🙂
good luck.
[quote=”kwhite1″][quote=”sprite”]The easiest and cleanest solution to escape the clutches of the IRS is to renounce US citizenship.
Not as easy as that, before you renounce the IRS does a full investigation of ALL of your tax filings from birth, then if they don’t get you there, you are taxed on your current assets at 35%. They treat it as if you sold everything you own and the tax man cometh. This is their last chance to tax you so I assure you they will find something (even fabricated) to take all they can from you. Once that is done, then you can renounce, you cannot renounce until the IRS signs off on you. Comforting isn’t it.[/quote]
Especially comforting knowing that the IRS is not even a part of the US government. It is a private company which collects taxes which go to foreign banks.
[quote=”sprite”][quote=”kwhite1″][quote=”sprite”]The easiest and cleanest solution to escape the clutches of the IRS is to renounce US citizenship.
Not as easy as that, before you renounce the IRS does a full investigation of ALL of your tax filings from birth, then if they don’t get you there, you are taxed on your current assets at 35%. They treat it as if you sold everything you own and the tax man cometh. This is their last chance to tax you so I assure you they will find something (even fabricated) to take all they can from you. Once that is done, then you can renounce, you cannot renounce until the IRS signs off on you. Comforting isn’t it.[/quote]
Especially comforting knowing that the IRS is not even a part of the US government. It is a private company which collects taxes which go to foreign banks.[/quote]
Sprite
Of course they are an entity of the US government. If you mean taxes on their income, as a corporation would pay, then no, they do not pay taxes.
They do pay payroll taxes on wages to their employees. They don’t pay property taxes on the real estate they own, but they do pay (indirectly) taxes on property they rent. They do not pay sales tax on things they buy.
The IRS is a bureau of the Department of the Treasury. They do not pay taxes, as they generate no income in and of themselves. The IRS is organized to carry out the responsibilities of the secretary of the Treasury under section 7801 of the Internal Revenue Code. Consequently the IRS is accountable to the Department of Treasury, and can be audited by that branch of the government.
The individual who has direct authority over the IRS, and thus direct ability to hold the agency accountable is the Commissioner of Internal Revenue. The office of commissioner was created in 1862 by the Revenue Act of 1862, as passed by congress.
The IRS is also subject to oversight by Congress, which can request records documenting their operational expenditures, as it can any agency that is funded by appropriations of congress.
Source(s):
26 C.F.R. section 601.101(a)
http://www.irs.gov/irs/article/0,,id=981…every once in a while you say something that makes my ears perk!!!
can you please direct me to some evidence to support your statement
thanks
david
Well, now, davidd, I think Sprite has his tongue so far in his cheek that he looks like a chipmunk.
Although it is true that the IRS collects money to pay the interest on debt we owe to foreign banks and nations…..hmmmmm.
The whole concept of estate taxes is just nuts-I think it’s a fair assumption that most of us will have been taxed one way or another while building up whatever nest egg we have, then when you croak, before your survivors can divvy up the surviving remains you have to pony up in absentia and make one final payment. What for? I fail to remember anyone from the government helping me add to the pile. Did I miss the memo?
[quote=”beansandbooks”]The whole concept of estate taxes is just nuts-I think it’s a fair assumption that most of us will have been taxed one way or another while building up whatever nest egg we have, then when you croak, before your survivors can divvy up the surviving remains you have to pony up in absentia and make one final payment. What for? I fail to remember anyone from the government helping me add to the pile. Did I miss the memo?[/quote]
It gets pretty stupid at some point, you are taxed on the income that you used to build your nest, then taxed on the profits made from that, then in order to pass that on to your kids, taxed at 55%. Land of the free? I think not. It really pisses me off that the government feels entitled to 55% of what ever is left after I die. At what point do they raise it to 55% of what you have every year? I know in California, New York, and Hawaii they are at 52%, 51%, and 51% respectivley. Time to pack up my toys and go home I think.
Love it or hate it, the central argument in favor of the estate tax is that by reducing the transfer of enormous wealth from one generation to another, it has the effect of preventing the creation of a small group of hereditary superrich who have done nothing to create the wealth they might otherwise inherit. Beginning with the Founding Fathers, there has always been a sentiment in the U.S. that there should not be a large and very privileged class who have created nothing and contribute little to the public good and who rest upon the labors of their ancestors.
In that context, the estate tax was created to achieve a social purpose and not to produce revenues. As such, it achieves what is perceived to be a “social” goal much like the goal of increasing home ownership by permitting the deduction of home mortgage interest or enhancing personal health by permitting the deduction of excess medical care costs or by allowing a deduction for the costs of higher education.
It is certainly true that an estate of a million dollars is hardly big time money any longer, but it is also true that the estate tax, however imposed, has actually affected a very small number of families in any seriously negative way despite the rhetoric to the contrary.
When the estate tax was increased some years ago, the American Farm Bureau screamed that it would be the death knell of the family farm, as survivors would have to liquidate their holdings to pay the tax. Well, when they went looking for an example to parade around, they couldn’t find one. Not one! Likewise, small business advocates couldn’t find more than a very few businesses that would have survived intact were it not for the estate tax.
The arguments against the estate tax, nevertheless, convince me. Were it mine to do, I’d impose a tax on all current income only and let that be it.
When I’m in charge, there’ll be some changes made . . .
[quote=”DavidCMurray”]Love it or hate it, the central argument in favor of the estate tax is that by reducing the transfer of enormous wealth from one generation to another, it has the effect of preventing the creation of a small group of hereditary superrich who have done nothing to create the wealth they might otherwise inherit. Beginning with the Founding Fathers, there has always been a sentiment in the U.S. that there should not be a large and very privileged class who have created nothing and contribute little to the public good and who rest upon the labors of their ancestors.
In that context, the estate tax was created to achieve a social purpose and not to produce revenues. As such, it achieves what is perceived to be a “social” goal much like the goal of increasing home ownership by permitting the deduction of home mortgage interest or enhancing personal health by permitting the deduction of excess medical care costs or by allowing a deduction for the costs of higher education.
It is certainly true that an estate of a million dollars is hardly big time money any longer, but it is also true that the estate tax, however imposed, has actually affected a very small number of families in any seriously negative way despite the rhetoric to the contrary.
When the estate tax was increased some years ago, the American Farm Bureau screamed that it would be the death knell of the family farm, as survivors would have to liquidate their holdings to pay the tax. Well, when they went looking for an example to parade around, they couldn’t find one. Not one! Likewise, small business advocates couldn’t find more than a very few businesses that would have survived intact were it not for the estate tax.
The arguments against the estate tax, nevertheless, convince me. Were it mine to do, I’d impose a tax on all current income only and let that be it.
When I’m in charge, there’ll be some changes made . . .
[/quote]
David, when you are King we will have the same ideals. I understand the importance of taxation, although I don’t like it. It is iimportant to pay for roads, military, and the like. I actually agree with helping those who cannot help themselves, i.e. disability, welfare, food stamps, ect. But the system is completley broken. Society has figured out that the path of least resistance is to have someone else pay for you. And that my friend is the root of the problem.
I frequent an orphange in Belize and support it by way of food and maintenance, I agree 100% with them asking for help and I am glad to give it. My problem is the ones that do not try to help themselves, unfortunatley there are more and more of those which forces the government to take more and more. I don’t think I need to explain the snowball effect we are seeing.
I do, however, disagree with the estate taxes. Why is it ANY of the governments business if my great grandfather invented something and made a buttload of money, or if I work my butt off and made all the right decisions financially and want to pass that onto my child? I have a huge problem with that.
As a side note, what did you do in your previous life? I have read several of your post and they are well thought out.
k, to answer your last question first, my career was spent in public service. I was a faceless petty bureaucrat working for the Michigan Department of Public Health.
Now, the problem today is that the estate tax has become irrelevant. Hating the estate tax is truly beating a dead horse.
Taxation and other public policies enacted in the last thirty or so years have accomplished exactly what our Founding Fathers sought to avoid. The concentration of wealth and income at the very top has created a [i]de facto[/i] American nobility who lack only noble titles. And they have come to pull all the strings. So whether the estate tax is imposed at the one million dollar level or at the five million dollar level doesn’t matter. It’s the billionaires running things and they’re hiding their wealth in places where no IRS agent will ever be able to attach them. Their heirs will be governing our lives for all the foreseeable future.
[quote=”davidd”][quote=”Scott”]In case you missed this….
Starting January 1st, 2013, the estate tax law will change dramatically!
Right now, the estate tax is 35% of any assets over $5.12M but on the 1st January 2013, the estate tax goes to 55% of any assets over $1M which is clearly a [b]GINORMOUS[/b] increase.
If you have these kinds of assets you have precious little time to ‘try’ and move them into a legitimate tax advantaged structure like an offshore trust or foundation.
You would still be liable for taxes on the income generated but, once the assets are inside, they can grow estate tax free forever.
Do you think the estate tax is far?
Would love to know ….
Scott
[/quote]oh yea.. like all the taxes in the U.S. they are fair and balanced.
a friend of mine just lost his job yesterday.
he makes $100,000 a year. they gave him 6 months severence, plus his year end bonus of $30,000
so he got one lump check today for [b]$80,000 [/b]
oh wait. that was his gross
lets break it down
that lump sump with all the fair and balanced taxes that the U.S. has
[b]40%[/b] was taken out all together ( round out numbers)
[b]-$32000[/b]
balance $48,000
his wife alimoney ( what the heck is this???)
25% of his gross after FICA
-$17,5000
balance $30,500
and this is what he is left for to fend for himself.
if you take in all the taxes you still have to pay after your net income
gas tax
property tax
school tax
homeland security tax
obama phone taxthe list goes on and on and on
etc etc etcyour left in a fetal position with your thumb in your mouth like in that movie the fly
help me… help me..
your probbaly paying 60% taxes by the time your done.
so the tax system is probably the most fair in the world :lol::lol::lol::lol::lol::lol:
I would tell them to take the check and stick it up the buts and
go on welfare, foodstamps, disability..ooohoooo my back hurts.. obama phone and sell stuff on ebay for cash
[/quote]
Wow, 6 months severance and $30k? All I got was 2 weeks and ‘see ya later’.
Like Dennis Miller says…if you’re making less than 45k per year, might as well not work, collect all the freebies
and stay home. Eh…doesn’t quite work that easily. If you aren’t a female with small kids, most of these entitlements are not offered to you. That’s where the money is going…why do you suppose the unwed birthrate for minorities is over 70%? Life is going to get really interesting in the next 4 years![quote=”maravilla”]the secret millionaire concept has always been my motto. flashy wealth makes you a target for all kinds of unscrupulous people who would like to separate you from your assets. and it doesn’t matter where in the world you live. but you are right; wealth gives you those privileges. i guess the trick is to give it all away just before you croak so nobody has to pay taxes!!![/quote]
It’s funny the people who live under the radar and are living a simple lifestyle are the ones with the money. Those with the fancy cars and lots of jewelry–most of them are just a show–it’s all on credit cards, etc.
Living simply and under the radar is the best way to go!
The only tax advantage investment I see now and, for now, is the Roth IRA. I’ll pay today’s rate and know what I’m paying and get my money later tax free, rather than cashing in trad Ira’s and 401ks 10-20 years from now and, goodness knows, we’ll be really taxed to death at ordinary income tax rates.
Many people are just going to follow the herd mentality and lose their motivation to work hard and save money since it’s all going to those who don’t want to work or are simply surviving (doing the least amount possible) rather than thriving.
[quote=”critterhill”]Scott, to answer you question….no, there’s nothing “fair” about it. The middle class will be taking the brunt of this tax. Those in the financial league of Warren Buffet will not be paying these taxes as they have people on their payroll to ensure they don’t. And I say good for them. The poor don’t have the assets, which leaves the middle class.
Those who have family businesses, ranches, or farms will, in many cases, lose their property/business just to pay the taxes. Having assets isn’t the same as having cash/wealth on hand.
[/quote]
Huh? Have you noticed the tax rates are changing across the board? From what I can tell, there will no longer be a 10% rate, and will all go up to the 15% which will affect poor people (I thought this wasn’t going to affect the poor). 25% is going to 28% and up and up for the others.
Rich or not, everyone’s taxes are going up. It’s all smoke and mirrors. Again, tax the wealthy (which i am not) and you get another $80+ billion…whoopee, which keeps the govt going a few days. Do you understand the concept of the Warren Buffets or anybody with investments (rich or not)? There is a different tax rate for capital gains as opposed to ordinary income. They were already taxed through the nose with earned income… once they invested it, it became unearned income. If you believe in that concept, then i would assume you would believe those who buy a house for 100k and sell it for 500k should also pay ordinary income tax on that, rather than capital gains rates, yes? There are tax rates for earned and unearned income. Be careful what you wish for…
[quote=”kwhite1″][quote=”beansandbooks”]The whole concept of estate taxes is just nuts-I think it’s a fair assumption that most of us will have been taxed one way or another while building up whatever nest egg we have, then when you croak, before your survivors can divvy up the surviving remains you have to pony up in absentia and make one final payment. What for? I fail to remember anyone from the government helping me add to the pile. Did I miss the memo?[/quote]
It gets pretty stupid at some point, you are taxed on the income that you used to build your nest, then taxed on the profits made from that, then in order to pass that on to your kids, taxed at 55%. Land of the free? I think not. It really pisses me off that the government feels entitled to 55% of what ever is left after I die. At what point do they raise it to 55% of what you have every year? I know in California, New York, and Hawaii they are at 52%, 51%, and 51% respectivley. Time to pack up my toys and go home I think.[/quote]
If they want, tax us through the nose on earned income only…let us be tax free on the unearned income whether it be from investments, real estate, estates, etc.
Making profit, interest, dividend, rent and other unearned income taxfree would certainly be a godsend for the already uberrich, loraine. Those are the greatest sources of their incomes. So you and I could pay to educate their children, pave their roads, process their water and sewage, provide their security, build their airports, and a thousand other public functions while they’d be free to spend all their wealth on expensive trinkets.
But why stop with not taxing their unearned income? How about we exempt them from sales taxes, property taxes, excise taxes, gas taxes, as well as all taxes on earned income, too? After all, they’re God’s chosen people, right?
It’d be Paradise on Earth (if you were one of the lucky few).
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