Folks, The US has one of the lowest tax rates in the world. Every year I pay taxes in Canada and file a US tax return too.
Every year, the US tax authorities send me a tax refund. I don't pay any taxes in the US but they send me a refund ;-) I think that the real reason why people give up their US citizenship or green card is when they figure out that they receive no benefits for the taxes they pay. Mervyn1040Lobo US green card's now more of a tax sword for Indians MUMBAI: Is the American dream losing its appeal? Though the US still continues to attract the best minds from the world over, including India, stringent tax laws are forcing many Indians to re-look at the decision to settle in a land that has for long been their dream destination . This is reflected by the increasing number of Indians wanting to give up their green cards or US citizenship after the country’s heavy budgetary deficit and a drive to trace unreported income through tighter tax laws and disclosure norms. Tax laws in the US empower the Internal Revenue Service, the apex body for US tax administration, to tax global incomes of those holding US citizenships or the green card. As a result, Indians who hold a US citizenship or green card, face the threat of being taxed in the US for income generated in India, even if the Indian business has no territorial nexus with the US. SOURCE: http://economictimes.indiatimes.com/news/news-by-industry/services/travel/visa-power/US-green-cards-now-more-of-a-tax-sword-for-Indians/articleshow/6686588.cms Via Olav Athayde Goanet News Service
