Replies

I could be wrong about this, but I believe that if you earn money off-shore, and leave it completely off-shore, then it's not taxed. It's only taxed when you access it, or bring it into the country.

IIRC, that's how the Kenedys and Soros manage to have huge amounts of money available, but don't actually pay taxes on it. Sort of like a consumption tax. They don't pay taxes on it until they actually use it.

Mark

24 posted on 10/02/2006 5:35:43 AM PDT by MarkL (When Kaylee says "No power in the `verse can stop me," it's cute. When River says it, it's scary!)

...if you earn money off-shore, and leave it completely off-shore, then it's not taxed. It's only taxed when you access it, or bring it into the country.

You may be right, but my understanding is that you are still under obligation to report it.

43 posted on 10/02/2006 6:22:53 AM PDT by HKMk23 (PRO-LIFE: Because a Person's a Person, no matter how small.)

"I could be wrong about this, but I believe that if you earn money off-shore, and leave it completely off-shore, then it's not taxed. It's only taxed when you access it, or bring it into the country."

You're wrong. Corporations have some workarounds similar to this (because they are usually incorporated in other countries where they make the income), but personal income taxation does NOT work this way. You make-a de money as an American citizen, you must file and pay-a de taxes (after the first $80K or so, anyway).

56 posted on 10/02/2006 8:49:06 AM PDT by LibertarianInExile (Mark Foley is what happens when personal character isn't relevant to voters or party leaders.)