Speakeasy forum: Wealthy Leaving France to Belgium, Avoid New Taxes

the taxes to 75%......would you work for a quarter of every dollar? California just increased their State tax to 13%....add to that the Obamacare taxes (23 or more of them as of Jan 1), the Federal income tax, the State sales tax, the county/city tax, etc., it's no wonder so many of the wealthy in that state and businesses are all leaving in droves.

take 75 cents out of every dollar of working people if they did away with the freebies......the previous President (Zarkoze) was doing away with many of them, and Hollande (new Prez) promised to reinstate them all if elected. People voted for the freebies......soon there won't be enough people left in the country to pay for them. Sound familiar?

work, say, 9 months for M$ 10 if you could keep M$ 2.5? Or would you prefer tp do nothing and earn $0? Your choice, of course, but I know what I would choose.

For Obamacare, I read in http://www.factcheck.org/2012/06/how-much-is-the-obamacare-tax/ that a 3-person family with an income of $100.000 will pay a tax of $2,025 and that it will never be higher than $9,459. That's very far from the 23% you mention (and becomes a smaller and smaller percentage if you earn more and more, because of that $9,459 maximum).
It even will be zero if you take an insurance, and never be more than that. So, in effect, your average costs are zero, since insurance is a zero-sum game (on the average, you pay what you use).

Kees

When you invest.....you risk...unless you're James.

should be tax free?

Perhaps not even accounted for and reported?

Not even considered if the individual gets some benefits or aid from some government entity?

is levied it should be by the state the corporation exists in and not by the Feds. Corporations and companies risk private monies, most of the time, via investors or personally in order to get started, and many go out of business within the first six to twelve months....but the losses are limited so why should the profits be taxed for anything more than the limitations of the losses?

As for the $30K carried over......that's gone if the owner dies before it's all carried over year by year...it can't be used by the estate any longer, and then the heirs to the estate get hit with the estate tax. If there is ANY greed involved, it's by the Federal government.

the Feds are only entitled to a tax that secures our country since that is actually the only requirement of the Federal government according to the Constitution. All other taxes levied should be at a state level, and if that means that companies who have branches all over the US, such as banks and auto makers need to keep separate books for each state, so be it. If franchises work that way, why not? I think it would far easier for large corporations to have their profit/loss figures separated by states in order to spot troubled areas faster and make changes than doing it all through one corporate office. That would work out better for each state's income as well. As it is now, they already divide that branch's payroll easily (a branch is located in NC, but some employees live in VA across the border so different tax rates are deducted and reported).

As for capital gains on your home.....the only way to reduce the gains tax when you sell is to keep all receipts for improvements (new roof, new addition, new carpeting, etc) that are permanent to the home and deduct them from the difference between your original purchase price and your sale price. That lowers your capital gains obligation. I personally think it's ridiculous that a home owner pays not only the additional real estate taxes every year as the property value increases, but then gets hit by the Feds at the end when the house goes up for sale or into an estate. The Feds had nothing to do with me buying the place and maintaining it, struggling to make the payments and insurance/real estate taxes, etc. but can step in and claim a chunk of it later on. It wasn't on Federal lands so how do they have the right to stake a claim on it?

As for people making a living off playing the stock market.........did the Feds give that person the money to play with in the first place? If not, they have no right to what I personally have risked.......or at least no more than the $3000 they would let me claim as a loss. Do the Feds treat those losses on your tax form the same as the gambling losses if you went to Vegas and lost your money? No......they treat stock market risks as if it were 'earned income' for the most part.

....didn't get any pension from the federal govt, nor was social security around till almost 20 years after he died, but he got a pension from the state of Florida for his service in the Confederate Army.

so how does he now prove he had losses in order to claim them?


You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. Claim your gambling losses on Form 1040, Schedule A, as a miscellaneous itemized deduction that is not subject to the 2% limit.

It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

Document Your Deduction!

A running diary of the dates he gambled, the amounts wagered, amounts won, and any expenses incurred. You don't need the casino or racetrack to sign off on the record you keep, you just need to document how much you bet and the payouts you received.

If betting on the lottery is your thing, then hold on to your ticket stubs. The court is very clear that the burden of proof is on the taxpayer to demonstrate s/he sustained any losses.

Provided you've kept good records, you can deduct your gambling losses. But you don't do this by subtracting them from the total amount of your winnings. Instead, they are considered a "Miscellaneous Itemized Deduction." This means that your gambling losses won't reduce your tax bill unless they, and the other items you list under "Miscellaneous Itemized Deductions" (such as tax return preparation fees and home office expenses) add up to more than 2% of your Adjusted Gross Income.

Furthermore, you can only deduct losses up to the amount of your winnings- you can't deduct losses over and above the amount you win. For instance, if your total gambling winnings amount to $2000 and your losses add up to $2,500, the maximum amount you can list as a Miscellaneous Itemized Deduction is $2,000.

As far as winnings while gambling goes...it ends when you move to Canada...No taxes on winnings up here.

There's nothing to indicate that Depardieu earned most of of the income he paid 145 million of taxes from, from an investment, let alone a risky investment. My guess is that most of it was from a paycheck for doing his acting work.

So let me repeat the question you asked me (and I answered) and I asked you (and you didn't answer): ".....would you work for a quarter of every dollar?" In other words: If you would get offered M$ 10 for 9 months work (acting in a movie), under the condition that you could keep M$2.5 for yourself and had to pay M$ 7.5 to the state, would you accept that offer or prefer to stay home and earn $0?

Kees

govt power grew exponentially, as the federal govt was reluctant after the war to give power back to the states it had enjoyed during the war. Instead those funds were turned against the ones who paid it in ill advised social engineering projects, many which we still labor to pay for today.