Hello,
I don't know if anyone is aware yet but there is new tax reform that passed in United States around 2011 called FATCA. This law states that Americans who live outside of United States have to pay taxes to United States even though they do NOT work within United States.
I have a dual citizenship and I have family in Europe. So, I go to Europe around 5-6 times a year and most of my family also have American citizenship but they live in Italy. They moved back there for good. This FATCA has been accepted by all EU countries, even Russia, Turkey and Ukraine had to accept it.
Basically, lets say you are American and working in Germany. Based on your job, lets assume that you pay %25 tax in Germany because you are working there. Since you are American, you also have to file income tax for United States and let them know that how much you are earning in Germany. If your taxes would be around %35 if you lived in United States, you'd have to pay %10 differences to United States as a tax even though you don't work in United States.
Yes, I am dead serious. How do I know this?
My uncle just got arrested at JFK yesterday while visiting New York because he had 84,000 Euro's in his Italian bank in Italy and not paid any tax for United States. Meanwhile, he moved back from United States to Italy for good back in 2008.
IRS told him that any American who has over $10,000 balance in foreign banks outside of United States, still have to pay taxes.
It sounds crazy but it is unfortunately true.
While, Citibank who had profit $14 billions, Bank of America who had profit of $9 billions, G.E who had profit of $19 billions and Verizon who had profit of $14 billions:
Paid $0 Federal tax.
Very good, Obama. Thanks.
I don't know if anyone is aware yet but there is new tax reform that passed in United States around 2011 called FATCA. This law states that Americans who live outside of United States have to pay taxes to United States even though they do NOT work within United States.
I have a dual citizenship and I have family in Europe. So, I go to Europe around 5-6 times a year and most of my family also have American citizenship but they live in Italy. They moved back there for good. This FATCA has been accepted by all EU countries, even Russia, Turkey and Ukraine had to accept it.
Basically, lets say you are American and working in Germany. Based on your job, lets assume that you pay %25 tax in Germany because you are working there. Since you are American, you also have to file income tax for United States and let them know that how much you are earning in Germany. If your taxes would be around %35 if you lived in United States, you'd have to pay %10 differences to United States as a tax even though you don't work in United States.
Yes, I am dead serious. How do I know this?
My uncle just got arrested at JFK yesterday while visiting New York because he had 84,000 Euro's in his Italian bank in Italy and not paid any tax for United States. Meanwhile, he moved back from United States to Italy for good back in 2008.
IRS told him that any American who has over $10,000 balance in foreign banks outside of United States, still have to pay taxes.
It sounds crazy but it is unfortunately true.
While, Citibank who had profit $14 billions, Bank of America who had profit of $9 billions, G.E who had profit of $19 billions and Verizon who had profit of $14 billions:
Paid $0 Federal tax.
Very good, Obama. Thanks.