Posted on 02/14/2018 8:34:36 PM PST by aimhigh
Thousands of Americans living in Israel are likely to get ensnared by a onetime corporate repatriation tax that the US Congress had intended to apply to Apple and Google, not individuals.
Tax experts contacted by The Jerusalem Post warned that Israeli Americans who self-incorporated – setting up Israeli corporations to avoid paying taxes on the self-employed such as US Social Security – would be subject to a onetime tax on 30 years of profits accumulated in their Israeli corporations – from January 1, 1986, to December 31, 2017.
(Excerpt) Read more at jpost.com ...
Hmmm….looks like the tax avoiders will have to pay up.
Is this not a bill of attainder?
I’m very confused. Wasnt that tax owed if a corporation wants to bring money back to America, to bring profits earned overseas back home?
So, if these American Israeli professionals, stay in Israel, and keep the money in Israel, don’t they avoid the tax, since they aren’t bringing back money to America?
An American owns the foreign corporation; if a transfer of assets takes place, it is being paid to an American and subject to US taxes, even if the American is overseas at the time with their foreign corporation.
The one time tax is less than what income taxes would be on those assets, so it’s just yet another bash article. Either way, even if everything they state was true, thems the deal when you’re playing international businessman owning a corporation.
No, bills of attainder are directed against specific people. This law applies to any corporation that wishes to repatriate foreign source income to the U.S.
My thought exactly.
All Jews have by law (Israeli law) Jewish citizenship. So jews in the US are most likely setting up these corporations to avoid taxes on money they earn while being domicile in the US, and now they are squealing that they have been caught and have to make restitution.
They want their cake and eat it too, like they have always had it.
All Jews have by law (Israeli law) Jewish citizenship. So jews in the US are most likely setting up these corporations to avoid taxes on money they earn while being domicile in the US, and now they are squealing that they have been caught and have to make restitution.
They want their cake and eat it too, like they have always had it.
All Jews have by law (Israeli law) Jewish citizenship. So jews in the US are most likely setting up these corporations to avoid taxes on money they earn while being domicile in the US, and now they are squealing that they have been caught and have to make restitution.
They want their cake and eat it too, like they have always had it.
Incorrect. Israel's Law of Return simplifies the granting of Israeli citizenship to Jews who move to live in Israel. American Jews are U.S. citizens and only U.S. citizens. In this case, like thousands of other Americans, some of them have been sheltering overseas income through foreign corporations. If they want to bring the money home, they can pay up (at rates much lower than last year).
yup - it affects every single company that hid profits overseas equally. It affects Japanese, Italians, and Israelis exactly the same
Overseas Democrats doomed ...
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Oh well. One simple solution, don't repatriate the funds. It's my understanding if they're left overseas, there is no tax. If they incorporated to avoid social security and medicare tax over the years, that's fine. They can pay the tax now and presuming most don't collect social security, tax law changes are always a risk.
This is like the constant - small helpless immigrant minority children hit hardest.
It’s called tax evasion. Time to cough up what the rest of us have been paying since before 1986.
Hear, hear.
That's not true, Jews and up to second generation descendents of Jews who haven't adopted another religion can return to Israel and, after meeting the qualifications which includes residing there, can become citizens. These aren't American Jews setting up Israeli corporations, they're Israelis setting up Israeli corporations to avoid paying social security and medicare tax. The US being one of the few countries taxing overseas income. Personally I prefer that to people overseas paying social security tax and later collecting benefits.
Well, it is a Jerusalem paper writing the story so why surprised? And nothing says they are singled out so maybe back off the victim hood a bit.
Jews who move to Israel can maintain DUAL Citizenship, so they can easily return , after setting up their tax avoidance scheme.
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