The End of the American Century?

[Bugatti Veyron]

The trick is to keep the hen which lays the golden egg on close watch. Isn't that happening locally as well too? Taxation is being intensified and even residence certificates are being asked before dealing with government. The unified ID system is also being pushed.

 

The Bible enthusiast should be able to co-relate this drive to tag people as the mark of the beast. The tagging is all about prohibition of those without it from trade or from buy and sell. Have you ever wondered the restrictions and requirements of credit cards? Imagine these rules extending to all market transactions.

I've heard that some Americans have given up their US citizenship because tax rates in the US are just too high. The time might come when there won't be any rich people left in America. Their government is killing the goose that lays the golden egg.

[maxiev]

I've heard that some Americans have given up their US citizenship because tax rates in the US are just too high. The time might come when there won't be any rich people left in America. Their government is killing the goose that lays the golden egg.

That's the nature of a Democrat government. Democrats are basically socialist in their philosophy. Tax the rich, give more to the poor. Which to me is an indication that many Americans are now hard-up. Probably because the American economy isn't performing as well as expected.

[friendly0603]

I've heard that some Americans have given up their US citizenship because tax rates in the US are just too high. The time might come when there won't be any rich people left in America. Their government is killing the goose that lays the golden egg.

These are the very rich.

 

The tax office wants to get all the money from americans. That includes overseas earnings. This is the reason why these americans are giving up their citizenship. They do not want to be taxed from money they earn outside the US or not double taxed at least.

 

Even pro-tennis players do this. They make their residence as Monaco or the like where they aren't taxed or low tax for their earnings.

Edited March 21, 2013 by friendly0603

[Bugatti Veyron]

These are the very rich.

 

The tax office wants to get all the money from americans. That includes overseas earnings. This is the reason why these americans are giving up their citizenship. They do not want to be taxed from money they earn outside the US or not double taxed at least.

 

Even pro-tennis players do this. They make their residence as Monaco or the like where they aren't taxed or low tax for their earnings.

 

So only the very rich are affected by the new law. Majority of Americas aren't affected by this law. But many Phil-Ams, whose parents are still Filipino citizens, may be affected. When the parents die, the kids may be taxed by the US government even if they choose to settle in the Philippines. Their incomes may be taxed by both the Philippine and US governments.

 

Hope there are some tax experts out there who are familiar with the new US law providing for the taxation of properties and income. It would be nice to hear their inputs and/or advise.

[sonnyt111]

So only the very rich are affected by the new law. Majority of Americas aren't affected by this law. But many Phil-Ams, whose parents are still Filipino citizens, may be affected. When the parents die, the kids may be taxed by the US government even if they choose to settle in the Philippines. Their incomes may be taxed by both the Philippine and US governments.

 

Hope there are some tax experts out there who are familiar with the new US law providing for the taxation of properties and income. It would be nice to hear their inputs and/or advise.

 

I have a cousin based in the Philippines who has several kids who were born in the US. By the time Uncle Sam collects the estate tax, very little will be left for his kids. His kids may have to renounce their American citizenship if they expect to enjoy their inheritance. Imagine, his kids have to report to the US IRS all income including interest earned in Philippine banks despite the fact that they all live in the Philippines, were raised as Filipinos and do not intend to reside in the United States.

[friendly0603]

So only the very rich are affected by the new law. Majority of Americas aren't affected by this law. But many Phil-Ams, whose parents are still Filipino citizens, may be affected. When the parents die, the kids may be taxed by the US government even if they choose to settle in the Philippines. Their incomes may be taxed by both the Philippine and US governments.

 

Hope there are some tax experts out there who are familiar with the new US law providing for the taxation of properties and income. It would be nice to hear their inputs and/or advise.

Nope, everyone is affected but only the very rich that wants to keep as much of their money as they want because it's a lot. Remember, even Pacman doesn't want to fight in the US to save on tax.

 

For those that are enjoying their american lifestyle, do they think about their inheritance overseas? If they do, then they wouldn't take the citizenship oath and just keep their green card or return after saving enough money.

 

If you want to settle in the Philippines, then give up your US citizenship if the tax is reason enough for you. Most of these Filipinos who went overseas wanted a better life or provide a better future for their families. If their lives were better in the Philippines, they wouldn't leave or they would just return after experiencing life abroad.

Edited March 25, 2013 by friendly0603

[Bugatti Veyron]

Nope, everyone is affected but only the very rich that wants to keep as much of their money as they want because it's a lot. Remember, even Pacman doesn't want to fight in the US to save on tax.

 

For those that are enjoying their american lifestyle, do they think about their inheritance overseas? If they do, then they wouldn't take the citizenship oath and just keep their green card or return after saving enough money.

 

If you want to settle in the Philippines, then give up your US citizenship if the tax is reason enough for you. Most of these Filipinos who went overseas wanted a better life or provide a better future for their families. If their lives were better in the Philippines, they wouldn't leave or they would just return after experiencing life abroad.

 

If children of Filipino citizens are born in the USA, there's no need to take the citizen oath. They are automatically considered US citizens. Now even if the parents of these US-born kids are loaded, most of that amount will have to be paid to the US government and what's left divided equally by the children. Even if the kids were raised all their lives in the Philippines and are true blooded Filipinos, they will now have to settle scores with the US government when their parents pass on simply because they were unfortunate to have been born there. Parents sometimes want their kids born in the US because of the prestige and benefits of being a US citizen. They didn't count on this new law which may become a tremendous weight on the finances of the parents. Not to mention the kids who now are liable to the US government even if they live in the Philippines and don't intend to settle in the US. I discussed this recently with a tax lawyer. He said there are ways or loopholes in the US law. For instance, if you're a Filipino citizen with a child born in the US and your kid is now studying at a university in the United States. The lawyer I spoke with mentioned that if the parents wire their child an amount over $10,000 into his personal bank account, the child will have to declare that amount to the IRS. But if the parents wired the money directly to the university where the child is studying, then there's no need to declare anyting. Many banks overseas are now mandated by the US government to disclose the names of US citizens holding investments, interest income, capital appreciation of their other investments such as bonds, stocks, etc.

[friendly0603]

If children of Filipino citizens are born in the USA, there's no need to take the citizen oath. They are automatically considered US citizens. Now even if the parents of these US-born kids are loaded, most of that amount will have to be paid to the US government and what's left divided equally by the children. Even if the kids were raised all their lives in the Philippines and are true blooded Filipinos, they will now have to settle scores with the US government when their parents pass on simply because they were unfortunate to have been born there. Parents sometimes want their kids born in the US because of the prestige and benefits of being a US citizen. They didn't count on this new law which may become a tremendous weight on the finances of the parents. Not to mention the kids who now are liable to the US government even if they live in the Philippines and don't intend to settle in the US. I discussed this recently with a tax lawyer. He said there are ways or loopholes in the US law. For instance, if you're a Filipino citizen with a child born in the US and your kid is now studying at a university in the United States. The lawyer I spoke with mentioned that if the parents wire their child an amount over $10,000 into his personal bank account, the child will have to declare that amount to the IRS. But if the parents wired the money directly to the university where the child is studying, then there's no need to declare anyting. Many banks overseas are now mandated by the US government to disclose the names of US citizens holding investments, interest income, capital appreciation of their other investments such as bonds, stocks, etc.

So do you want to focus on this aspect only - Filipinos born in the US?

 

The prestige and benefits outweigh the tax implications? Yes, they didn't think of the tax. It's their fault. But there's no benefit here if they don't intend to settle in the US. Give up your citizenship if you don't think it benefits you.

 

My working friends in the US wouldn't earn anywhere close to what they make in the US in the Phils. So even with foreign income tax, this wouldn't be the factor for them to give up their residency or citizenship.

Edited March 25, 2013 by friendly0603

[dungeonbaby]

I've heard that some Americans have given up their US citizenship because tax rates in the US are just too high. The time might come when there won't be any rich people left in America. Their government is killing the goose that lays the golden egg.

 

approximately half of americans (47%) don't pay federal income taxes. but most people have to pay some form of local tax.

those that do pay federal taxes, pay a progressive tax, with about the top 1% paying about the same as 95% of the population.

the 'rich' also pay a capital gains tax - which means they pay taxes on money that's already been taxed.

 

so you gotta ask - is this good for wealth creation, business, and productivity?

[Bugatti Veyron]

So do you want to focus on this aspect only - Filipinos born in the US?

 

The prestige and benefits outweigh the tax implications? Yes, they didn't think of the tax. It's their fault. But there's no benefit here if they don't intend to settle in the US. Give up your citizenship if you don't think it benefits you.

 

My working friends in the US wouldn't earn anywhere close to what they make in the US in the Phils. So even with foreign income tax, this wouldn't be the factor for them to give up their residency or citizenship.

 

The reason why I focused on this aspect is because my nephew (my mom's only nephew) was born in SFO in 1991, long before the new tax regulations came into effect. So there was no way for my brother and his wife to anticipate this. Not that it matters. My sis-in-law had a previous difficult pregnancy with a former husband which almost cost her her life. Hence the need to give birth in the US.

 

My nephew is now studying in upstate New York but he has no intentions of living there. He loves the Philippines and considers it his country. He was raised in the Philippines. He actually didn't want to study there but his parents insisted. He might as well take advantage of his US citizen status to get benefits while he's still a student. But as soon as he graduates, he (and his parents) will need to carefully evaluate whether it's worth keeping his US citizen status. As it is, my brother has to make checks payable to the school instead of to his son. Otherwise, my nephew will be charged a pretty steep gift tax. By paying the school directly, my brother saves a bundle.

[Bugatti Veyron]

approximately half of americans (47%) don't pay federal income taxes. but most people have to pay some form of local tax.

those that do pay federal taxes, pay a progressive tax, with about the top 1% paying about the same as 95% of the population.

the 'rich' also pay a capital gains tax - which means they pay taxes on money that's already been taxed.

 

so you gotta ask - is this good for wealth creation, business, and productivity?

In my opinion it is not. It discourages people from working hard and instead rely on the state for benefits. It fosters sloth, a mendicant mentality, and the general feeling of living in a socialist state. Not unlike the former economic systems in the former Soviet Union and China which discouraged hard work and the entrepreneurial spirit. The Chinese economy has since turned to unbridled capitalism while the US, the bastion of freedom, the good life, and hard work has moved towards becoming a socialist state.

[friendly0603]

The reason why I focused on this aspect is because my nephew (my mom's only nephew) was born in SFO in 1991, long before the new tax regulations came into effect. So there was no way for my brother and his wife to anticipate this. Not that it matters. My sis-in-law had a previous difficult pregnancy with a former husband which almost cost her her life. Hence the need to give birth in the US.

 

My nephew is now studying in upstate New York but he has no intentions of living there. He loves the Philippines and considers it his country. He was raised in the Philippines. He actually didn't want to study there but his parents insisted. He might as well take advantage of his US citizen status to get benefits while he's still a student. But as soon as he graduates, he (and his parents) will need to carefully evaluate whether it's worth keeping his US citizen status. As it is, my brother has to make checks payable to the school instead of to his son. Otherwise, my nephew will be charged a pretty steep gift tax. By paying the school directly, my brother saves a bundle.

Then you are trying to gain the advantage of American education. He can always opt to study in the phils then to avoid the excessive tax.

[Bugatti Veyron]

Then you are trying to gain the advantage of American education. He can always opt to study in the phils then to avoid the excessive tax.

 

Actually it's his parents who want him to get an American education because the course he's enrolled in isn't available in the Philippines. He's not taxed if he doesn't receive the tuition fee in his bank account. That's why my brother sends the money directly to the school.

 

My nephew actually prefers to study here but his parents think otherwise. Besides, genetic research courses are hard to come by in Philippine schools.

[friendly0603]

Actually it's his parents who want him to get an American education because the course he's enrolled in isn't available in the Philippines. He's not taxed if he doesn't receive the tuition fee in his bank account. That's why my brother sends the money directly to the school.

 

My nephew actually prefers to study here but his parents think otherwise. Besides, genetic research courses are hard to come by in Philippine schools.

If the course isn't generally available, are the jobs related to this course available in the Phils?

It doesn't look like this kid will work in the Phils as well. He and his parents are trying to get the benefits of his American citizenship. It's not all positives now. So just live with it.

[dungeonbaby]

on second thought, watching events in Cyprus unfold, an economic civil war in America doesn't seem so far-fetched anymore. but there are a few more years to go to correct this trajectory.

 

 

The problem isn't reserves, as there are lots of that even for oil, but production rate vs. demand. That is, the energy returns for other sources of energy are lower, and thus production rate is unable to keep up with demand. That's why we are now resorting to non-conventional production:

http://www.economist...and-consumption

 

you really need to update your reading list. what do you think of clean coal for starters?

Edited March 27, 2013 by dungeonbaby

[oscartamaguchiblackface]

The most honest three and a half minutes of television?

 

http://www.safeshare.tv/w/UAGOcLSuLX

 

[harmless0810]

people looking for better opportunities are leaving the blue states (ny, california, illinois, etc.) for the red states (texas, georgia, south carolina, etc.).

 

longtime residents from the vibrant states call these newcomers "locusts" because they expect the same treatment they got from their previous states in their new environment. worse, they will still vote for democrats because of their mindset.

 

they'll k*ll the host body in due time. it happened in detroit, cleveland, san francisco, chicago and numerous cities across the u.s.

[hit05]

In my opinion it is not. It discourages people from working hard and instead rely on the state for benefits. It fosters sloth, a mendicant mentality, and the general feeling of living in a socialist state. Not unlike the former economic systems in the former Soviet Union and China which discouraged hard work and the entrepreneurial spirit. The Chinese economy has since turned to unbridled capitalism while the US, the bastion of freedom, the good life, and hard work has moved towards becoming a socialist state.

 

 

Ang layu ng analogy.

 

China is unlike the USA mainly because of consumerism. The fall of the USSR was due to its leaders' envy of the American supermarket where the best products compete for market share. The cheap, innovative and value packed ideas and products dominate the market. The USA still enjoys the market economy and they still got cheap fuel, autos and other consumer products that are not available elsewhere.

 

China never had a market economy but a centrally decided economy that went bust easily. Even today it is still centrally decided, reason for the militant stance to hide the TRUTH. The USSR also had the same sucked up system where political power is the source of inequality and the masses are forced to subsidize obsolete and irrelevant ideas of their leaders. They still subsidize errors and many Chinese resent poor engineering of thousands of school buildings that toppled after an earthquake and killed countless children. The Chinese also built a mega dam project that killed millions and drowned whole towns because of poor planning. Of course like the event at Cagayan de Oro where many Chinese got trapped too that necessitated the personal visit of the Chinese ambassador to race ahead of Filipino government to bury evidence of a huge illegal logging operation facilitated by the DENR.

 

People are dying in that closed circuit system not because of corruption but due to error and ineptitude. Parehas lang sa Pilipinas yan tinatago yun mali kya hindi umaasenso. Dinadaan sa credentials na walang halaga dahil wala rin naman performance at delivery in terms of productivity and innovation. It is like our electricity and water expense. We pay for things we do not enjoy or use because government made a grave error in judgement.

[dungeonbaby]

paanong malayo? all he said was that socialism doesn't encourage hard work or entrepreneurship.

[wackyracer]

The most honest three and a half minutes of television?

 

http://www.safeshare.tv/w/UAGOcLSuLX

 

 

HBO's Newsroom Season 1 Episode 1

This is good television

[dungeonbaby]

HBO's Newsroom Season 1 Episode 1

This is good television

 

it may be good television but it's full of spin. never rely on hollywood for your facts.

Edited April 4, 2013 by dungeonbaby

[wackyracer]

^ talking about spin, at least Newsroom doesn't masquerade itself as "real news" unlike that "news channel" FOX News

[dungeonbaby]

ahh straight out of the liberal playbook.

 

 

[harmless0810]

the associated press will discontinue using "illegal immigrants" because according to them, it has ethnic undertones. they'll replace it with "undocumented immigrants".

 

jay leno countered with, "they will now use the phrase undocumented democrats".

[oscartamaguchiblackface]

the associated press will discontinue using "illegal immigrants" because according to them, it has ethnic undertones. they'll replace it with "undocumented immigrants".

 

jay leno countered with, "they will now use the phrase undocumented democrats".

Ha ha ha. Here's another example of political correctness that has changed the way we describe prople. So we have vertically challenged people (bansot) horizontally challenged people (mataba), mentally challenged (bobo) and so on. Trying not to hurt the feelings of people across the board is most difficult to achieve. Someway, somehow, we're all going to slip up and say something offensive even if we didn't mean to be offensive. It's been known to happen to the most well-meaning people.