Johnny Depp Flees France Over Tax Hikes | TigerDroppings.com

Posted byMessage
wickowick
LSU Fan
Head of Island
Member since Dec 2006
23244 posts
 Online 

Johnny Depp Flees France Over Tax Hikes


LINK

The US needs to be more like Europe...

quote:

Actor Johnny Depp has moved out of France and returned to America because he didn’t want to become a permanent French resident and pay income tax there. …Depp has now moved his family out of France after government officials asked him to become a permanent resident, as he feared he would end up paying tax in both countries. He tells Britain’s The Guardian newspaper, “…France wanted a piece of me. They wanted me to become a permanent resident. Permanent residency status – which changes everything. They just want… Dough. Money… ” Depp goes on to explain that if he spends more than 183 days a year in France he will have to pay income tax in both Europe and America, adding, “So you essentially work for free.”







Back to top
Share:
VOR
New Orleans Pelicans Fan
New Orleans
Member since Apr 2009
41206 posts

re: Johnny Depp Flees France Over Tax Hikes


quote:

Johnny Depp Flees France Over Tax Hikes


Maybe a trifle misleading thread title.

He didn't want to pay TWO income taxes.

quote:

if he spends more than 183 days a year in France he will have to pay income tax in both Europe and America,






Back to top
Patrick O Rly
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
38223 posts

re: Johnny Depp Flees France Over Tax Hikes


True, but the new tax hike is insane. I understand not wanting to pay taxes in two countries, but I'm sure France would be the last one he'd pick.





Back to top
  Replies (0)
DapperDan
LSU Fan
Member since Jul 2012
1226 posts

re: Johnny Depp Flees France Over Tax Hikes


There isn't a deduction in the us for foreign income taxes paid?





Back to top
VOR
New Orleans Pelicans Fan
New Orleans
Member since Apr 2009
41206 posts

re: Johnny Depp Flees France Over Tax Hikes


quote:

There isn't a deduction in the us for foreign income taxes paid?


Not sure. But even if there is, I'm pretty confindent you don't deduct 100%.






Back to top
Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
34752 posts
 Online 

re: Johnny Depp Flees France Over Tax Hikes


People leaving EU countries to the U.S. due to our comparatively low total taxes and the debt problems of some EU countries is a real possiblity.

I mentioned this before, but I spoke with some Italian investors two weeks ago that were looking into this and will likely make the move if they get the big tax hikes to fix their national debt problems.

That is why all I care about this election is someone who will address and fix the U.S. debt problem. Because if we don't, people will wish they could "only" pay 25-40% in taxes in a decade or so.






Back to top
  Replies (0)
wickowick
LSU Fan
Head of Island
Member since Dec 2006
23244 posts
 Online 

re: Johnny Depp Flees France Over Tax Hikes


France is proposing a 75% tax rate on income in addition to the 1.8% of your total worldwide wealth. If Depp is worth $300 million and earned $10 million in a year, he would owe ~$13 million in taxes. France calls that being patriotic...





Back to top
DapperDan
LSU Fan
Member since Jul 2012
1226 posts

re: Johnny Depp Flees France Over Tax Hikes


How confident? And how bout France? Do they have similar provisions?


This post was edited on 9/3 at 8:56 am


Back to top
  Replies (0)
Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
34752 posts
 Online 

re: Johnny Depp Flees France Over Tax Hikes


quote:

quote:

--------------------------------------------------------------------------------
There isn't a deduction in the us for foreign income taxes paid?
--------------------------------------------------------------------------------



Not sure. But even if there is, I'm pretty confindent you don't deduct 100%.


Yes, and it is complex as there is both a deduction and exclusion and housing allowance component that all interact with each other to determine what you end up being able to deduct, exclude, or both. The income part is limited to about $85k I believe.






Back to top
  Replies (0)
Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
34752 posts
 Online 

re: Johnny Depp Flees France Over Tax Hikes


quote:

France is proposing a 75% tax rate on income in addition to the 1.8% of your total worldwide wealth. If Depp is worth $300 million and earned $10 million in a year, he would owe ~$13 million in taxes. France calls that being patriotic...


It is all because of their national debt. It has gotten to the point where you pick either massive tax hikes or huge inflation.

It is the same path we are currently on as well uless something is done.






Back to top
  Replies (0)
ljhog
Arkansas Fan
Lake Jackson, Tx.
Member since Apr 2009
9922 posts

re: Johnny Depp Flees France Over Tax Hikes


quote:

Not sure. But even if there is, I'm pretty confindent you don't deduct 100%.


$95,100 income exclusion and an exclusion for household expenses over $40.11 a day.



This post was edited on 9/3 at 9:00 am


Back to top
Tiger Authority
LSU Fan
Member since Jul 2007
29475 posts

re: Johnny Depp Flees France Over Tax Hikes


He should want to pay his fair share.





Back to top
  Replies (0)
Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
34752 posts
 Online 

re: Johnny Depp Flees France Over Tax Hikes


quote:

quote:


Not sure. But even if there is, I'm pretty confindent you don't deduct 100%.




$95,100 exclusion


There you go. Goes up every year, so I am a couple of years behind maybe.

Also, you can deduct foreign taxes paid on income not excluded.

So, say you earn $125k and pay foreign taxes on all of it. You exclude $95k. You get to deduct the foreign taxes paid on $30k.






Back to top
Zach
LSU Fan
Member since May 2005
63875 posts

re: Johnny Depp Flees France Over Tax Hikes


quote:

He didn't want to pay TWO income taxes.

He could have renounced US citizenship and become a permanent resident of France. That = ONE income tax.






Back to top
DapperDan
LSU Fan
Member since Jul 2012
1226 posts

re: Johnny Depp Flees France Over Tax Hikes


Now look up foreign tax credits.





Back to top
Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
34752 posts
 Online 

re: Johnny Depp Flees France Over Tax Hikes


quote:

Now look up foreign tax credits.


No. I've provided my free advice. I have other stuff to do now.






Back to top
NC_Tigah
LSU Fan
Member since Sep 2003
51809 posts
 Online 

re: Johnny Depp Flees France Over Tax Hikes


quote:

The US needs to be more like Europe...
Yep . . .
quote:

Farm tenant arrested after burglars shot was 'plagued by break-ins'
By Nick Britten 03 Sep 2012

Melton Mowbray, United Kingdom - A farm tenant and his wife who were arrested after two suspected burglars were shot at their isolated home had been the victims of a number of robberies.

The man is believed to have grabbed a legally owned gun after they were disturbed by the break-in early yesterday.
He is understood to have fired at the intruders who then fled the isolated house at Melton Mowbray, Leics, before calling the police.

Minutes later, an ambulance was called to treat a man with gunshot injuries nearby. It is understood that call was made by one of the suspected burglars.
The arrested man's mother said: "This is not the first time they have been broken into.

"They have been robbed three or four times. One of them was quite nasty. . . . .

In 2009, the millionaire businessman Munir Hussain fought back with a metal pole and a cricket bat against a knife-wielding burglar who tied up his family at their home in Buckinghamshire. Hussain was jailed for two and a half years, despite his attacker being spared prison.

LINK






Back to top
  Replies (0)
Captain Want
LSU Fan
Member since Nov 2009
1486 posts

re: Johnny Depp Flees France Over Tax Hikes


Spread the wealth around - its better for everyone.







Back to top
  Replies (0)
DapperDan
LSU Fan
Member since Jul 2012
1226 posts

re: Johnny Depp Flees France Over Tax Hikes


Haha. I wasn't asking your advice. I deal with these rules yearly. The point is someone of his means should be able to afford tro plan to minimize his taxes. It is naïve to think he would be exposed to two income taxes on the same exact income. France also has provisions for this.





Back to top
  Replies (0)
VOR
New Orleans Pelicans Fan
New Orleans
Member since Apr 2009
41206 posts

re: Johnny Depp Flees France Over Tax Hikes


quote:

DapperDan


I assume you think you've made some sort of point.






Back to top


Back to top