U.S. offshore tax amnesty yields big response: IRS

[Sean]

Originally Posted by Homeslice

But I wouldn't sit around complaining about having a 39% tax rate when in fact after all my creative deductions and shelters I ended up paying only 22%.

You know, the opposite is possible as well, thanks to things like AMT. I've heard of effective 80% tax rates.

[101lifts2]

Originally Posted by Homeslice

.....Also, if law enforcement & national defense was provided by business instead of government, you can bet they'd bill each person according to their net worth. Not some kind of "flat rate"

Yeah just like private industry cable, internet, electricity etc. etc. Not. I don't see people getting charged more unless they are using more or have a better "package".

[Smittie61984]

Originally Posted by Homeslice

So now we should reward people for turning themselves in? Isn't amnesty enough?

Not at all. I mean it's too bad we didn't have a tax system that would encourage these people to keep that money in the US and work here in the US. Basically have a tax system that didn't cause them to leave in the first place.

[Homeslice]

Originally Posted by Smittie61984

Not at all. I mean it's too bad we didn't have a tax system that would encourage these people to keep that money in the US and work here in the US. Basically have a tax system that didn't cause them to leave in the first place.

I'd bet that even if everyone's tax rate was cut in half, these people would still be trying to go offshore. Unethical people remain unethical.

[Smittie61984]

Originally Posted by Homeslice

I'd bet that even if everyone's tax rate was cut in half, these people would still be trying to go offshore. Unethical people remain unethical.

What's unethical about trying to save your money? Money here is punished and it makes no sense for a business to keep it here when other countries welcome it with open arms. Especially when the HMFsIC are constantly wanting to tax them higher and higher.

There will always be people trying to beat the system. Infact one of them is now in charge of the IRS. But having I believe a 65% of your income taken from various government agencies is not a great way to encourage people to stay.

Tax amesty is a good step though.

[Homeslice]

Cheating probably causes the gov't to raise taxes even more, because they didn't get what they thought they were going to get.

If people don't agree with taxes, they should make their opinion known, and elect people who will do something about it.

[Smittie61984]

Originally Posted by Homeslice

If people don't agree with taxes, they should make their opinion known, and elect people who will do something about it.

It's very hard to make your opinion heard and elect people when a good portion of Americans don't even pay taxes and you can promise them more stuff by taxing a small minority even more.

A consumption tax or even the flat tax are viable solutions that don't punish success and accomplishment so much.

[askmrjesus]

Originally Posted by Smittie61984

What? There aren't any rich people in England or the rest of the world?

Why did the artical have to start out with "14,700 RICH Americans"? That'd be like starting an article out with "Socialist Democrats have..."

Probably because it's an American Tax Amnesty program, and the people who have enough money to set up shell corporations and open offshore accounts, tend to be a little better off than most.

Originally Posted by Smittie61984

Not at all. I mean it's too bad we didn't have a tax system that would encourage these people to keep that money in the US and work here in the US. Basically have a tax system that didn't cause them to leave in the first place.

Just because you don't like a law, doesn't mean you get to break it. I'm not crazy about the fact that for the last six years, half of my tax dollars have gone to funding an idiotic war in Iraq, but I still pay my taxes.

JC