Reply to The brazilification of America continues

Forum Index » Political Discussion

Reply to "The brazilification of America continues "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Being rich isn't like being working class or middle class. The range of working class is like, what, maybe 40k -80k per year depending on where people live? In any case, the spread is less than 100k from top to bottom of the range. Ditto middle class, maybe no more than a 200k spread between top and bottom.

Being rich is different. You can be $10M net worth rich or billionaire rich. The difference between $10M rich and $100M rich is massive.

To be able to afford to live in Switzerland, you can't be a garden variety DCUM millionaire. Switzerland is one of the most expensive nations in the world. New Zealand and Austria are also both very expensive. And, because the US charges taxes to overseas citizens, you have to pay both the high taxes of those countries AND taxes to the US.

Usually, rich people care about preserving wealth, so taxes factor into location quite heavily. Those countries are not appealing for that reason. And, rich people are pretty insulated from the types of things you linked to. Sure, there's always the possibility of random violence but that is quite unlikely. And if my amazon package is looted, that sucks, but Amazon will replace it. [/quote]

There is a $130K Foreign earned income exclusion so the first $130K of your income is not subject to US income tax.
There is a foreign tax credit so that any taxes you pay to the jurisdiction in which you earn your income provides a dollar for dollar credit against any taxes you would owe in the USA.
This frequently means a lot of paperwork but little US tax liability.

So taxes should usually not keep you from living overseas except to the extent that overseas taxes are higher than the US.

But violence in some countries means kidnapping becomes so common that mid level executives need bodyguards for their families.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics