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re: Gold Card immigrants won't have to pay income tax to the USA on their income earned abroad
Posted on 2/27/25 at 5:20 pm to Stud Studdington
Posted on 2/27/25 at 5:20 pm to Stud Studdington
quote:
So, how do you feel about this ?
No one should have to pay income tax earned abroad. American citizen or otherwise.
These people are green card holders, not citizens.
0
Posted on 2/27/25 at 5:21 pm to Stud Studdington
quote:
The point is that they will live in the USA and never pay a dime in income tax.
Wrong. They will have to pay taxes on any income or businesses they have in the United States.
Posted on 2/27/25 at 5:22 pm to Stud Studdington
quote:
Gold Card immigrants won't have to pay income tax to the USA on their income earned abroad
If the US abolishes the income tax, which has been speculated, then it's a nothing burger.
If the US doesn't abolish the income tax, why should they pay income tax to the US for income earned abroad?
If BMW opens a plant in Texas, should they have to pay income tax to the US for their Germany earnings? Of course not.
Posted on 2/27/25 at 5:23 pm to Stud Studdington
Dumb idea. You see Vancouver and Toronto. They call it Hongcouver for a reason. Nothing against Chinese but that's what'll happen.
Posted on 2/27/25 at 5:27 pm to onepiecemayne
quote:
Dumb idea.
The interest on our debt will snowball and destroy the country at some point if it isn't addressed. That's 100% for certain.
Hongcouver isn't destroying Canada... perhaps that part of Canada.. but the debt is a much bigger problem.
Posted on 2/27/25 at 5:32 pm to BigBro
quote:
why should they pay income tax to the US for income earned abroad?
USA Citizens have to pay taxes on income earned abroad.
USA Citizens can apply for a tax credit, but they have to pay taxes.
The Gold Card immigrants won't have to pay taxes on income earned abroad.
Two different set of tax rules for natural USA Citizens & Gold Card USA Citizens regarding income earned abroad.
The following is from Investopedia.
If you are a U.S. citizen or a resident alien, your income is subject to U.S. income tax, including any foreign income or income earned outside of the U.S. It doesn't matter if you reside inside or outside of the U.S. when you earn this income.
Even if you don’t receive common forms like W-2s or 1099s from foreign payers, you are still required to report the income you earn abroad.
Key Takeaways
U.S. citizens and resident aliens must report all income, including foreign income, to the IRS.
If certain criteria are met, you may qualify to exclude some foreign-earned income from your tax return.
The Foreign Tax Credit helps reduce tax liability for taxpayers who pay foreign income taxes.
Report foreign income on your IRS Form 1040, just as you would report U.S.-earned income.
Posted on 2/27/25 at 5:33 pm to Stud Studdington
Key word: abroad
Posted on 2/27/25 at 5:33 pm to momentoftruth87
This guy is a Soros seminar poster.
Posted on 2/27/25 at 5:37 pm to Stud Studdington
quote:
Key Takeaways
U.S. citizens and resident aliens must report all income, including foreign income, to the IRS.
If certain criteria are met, you may qualify to exclude some foreign-earned income from your tax return.
The Foreign Tax Credit helps reduce tax liability for taxpayers who pay foreign income taxes.
Report foreign income on your IRS Form 1040, just as you would report U.S.-earned income.
This sounds like a good loophole that we can flip around into our favor at some point.
With the Gold Card, it's just a fancy green card, and you don't have to pay income tax abroad.. but they aren't a US Citizen.. but I believe at some point, it says they can gain citizenship..
And here is where the catch potentially is..
If you choose to become a US Citizen.. then all income earned abroad would be subject to US income tax.
But again, if we get rid of the income tax, all of this means nothing.. and I think Trump will really push for that at mid-terms.. get enough of MAGA in the house and senate and then abolish the income tax.. it's not possible with Congress the way it is right now..
Posted on 2/27/25 at 5:39 pm to Proximo
quote:
Key word: abroad
Good Lord People,
Gold Card Citizens won't have to pay taxes on income earned abroad.
Natural Born USA Citizens will STILL have to pay taxes on income earned abroad.
I think people can't get it through their head that these Gold Card folks aren't going to be earning any income in the USA, and thus won't be paying USA income tax.
These aren't people that are going to move here and look for a job.
These are people that are so wealthy that 5 Million Dollars to move here is chump change.
Do you people really think they are moving here so they can work at Starbucks ?
Geesh.
Like I said, I have mixed emotions about it and was just curious how others felt about it.
Posted on 2/27/25 at 5:40 pm to Stud Studdington
Why would this bother anyone
Posted on 2/27/25 at 5:47 pm to Stud Studdington
quote:
So, how do you feel about this ?
Just fine. How much do they pay the USA now on their worldwide income?
Also….you are aware with our various tax treaties this is already the case for many countries. You know that, right?
Posted on 2/27/25 at 5:49 pm to SDVTiger
quote:
Why would this bother anyone
I imagine it bothers Natural Born USA Citizens that will still have to pay income tax on their income earned abroad
This post was edited on 2/27/25 at 5:51 pm
Posted on 2/27/25 at 5:50 pm to Stud Studdington
quote:
The point is that they will live in the USA and never pay a dime in income tax.
Completely untrue. You need a lot of education on tax law.
quote:
they will be living here tax free ( since the people doing this are people earning all of their income overseas)
Laughable and ignorant.
Posted on 2/27/25 at 5:50 pm to Big Scrub TX
quote:
Why should these new assholes get an exemption?
Really? You can’t think of a single reason?
Posted on 2/27/25 at 5:51 pm to Big Scrub TX
quote:
Anyone expecting this to generate a lot of debt-retiring monies is blinkered. Selling 200K of these would be a big win - that would be $1 Trillion. Sounds like a lot, but just a drop in the bucket in reality..
Simpleton mindset. Think real hard.
Posted on 2/27/25 at 5:52 pm to L1C4
quote:
Trump must have thought of this plan while sitting on the shitter. He should have left it there.
Uneducated ignorant morons opining with hubris from a place of complete ignorance is amazing to watch.
Posted on 2/27/25 at 5:53 pm to BBONDS25
Jesus, Barry.
You OK?
Posted on 2/27/25 at 5:54 pm to Stud Studdington
quote:
These aren't people who are going to move here and start applying for jobs
First correct thing you have said. Not for the reason you think. Because you’re an idiot. They are paying 5MM to move here to start companies and employ people and pay a boatload of corporate and personal income taxes. You dumb idiot
Posted on 2/27/25 at 5:54 pm to BBONDS25
quote:
Completely untrue. You need a lot of education on tax law.
Read the article.
That's exactly how it works.
These people aren't moving here for a new job
These are wealthy people who earn so much from their overseas income that 5 million is chump change.
You're stupid enough to think they are moving here so they can get a job and pay income tax on their USA income.
Good Lord some of you really are stupid.
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