>I think there is no tax on foreign income, if they have been already taxed in the foreign country.
Not true Ram. I remember my very first income tax return in this country being challenged by the California Dept. of Revenue for not declaring foreign income.
That was when I made $ 2.50 per hour, for five months of the year 1970.
I am not sure exactly how much one pays or on what income, but there IS indeed tax on foreign income.
Whether one pays taxes on the same income TWICE is the issue in question.
Now if a person is enjoying the privileges of being citizens of two countries, then it would only be reasonable to pay taxes in both, wouldn't you think?
What do you think are the chances of that happening however for NRIs in India, I mean having to pay taxes in India too? This is one of the most privileged groups of people there is, and includes the scions of the WHOs WHO of the country. Would they NOT get more privileges than the 'resident-citizens', the second class folks, like Prof. Bhagavati speculated? That would be a highly un_Indian thing to expect, wouldn't you think :-).
c-da
At 3:55 PM -0600 2/24/05, Ram Sarangapani wrote:
C'da,The only fair thing to do. Citizenship does indeed carry responsibilities, not just the privileges.
I agree, but what about the posssibility of being taxed twice - once here and once there? In the US, I think there is no tax on foreign income, if they have been already taxed in the foreign country.
I sense, even though, this is only fair that people be taxed, many people would not really want a dual citizenship, if that would entail, going thru tons of paper work here and then again there. Many in fact, are not interested because of the high fees charged for a dual citizenship - ie. most are satisfied with the 10-year no hassle visa to India. They are not even going for the much touted PIO cards (person of Indian origin).
--Ram
On Thu, 24 Feb 2005 14:47:46 -0600, Chan Mahanta <[EMAIL PROTECTED]> wrote:The only fair thing to do. Citizenship does indeed carry responsibilities, not just the privileges.
At 1:43 PM -0600 2/24/05, Ram Sarangapani wrote: >http://timesofindia.indiatimes.com/articleshow/msid-1031385,curpg-2.cms > >For those who are toying with the idea of dual citizenship, this is >something for you. > >--Ram >_______________________________________________ >Assam mailing list >[email protected] >http://pikespeak.uccs.edu/mailman/listinfo/assam > >Mailing list FAQ: >http://pikespeak.uccs.edu/assam/assam-faq.html >To unsubscribe or change options: >http://pikespeak.uccs.edu/mailman/options/assam
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