CIG claims to win discount for locals facing US fines
(CNS): Cayman Islands residents who are US citizens or green card holders have caught a break on the fines that they may have to pay the IRS in the United States. According to a release from the finance ministry, a delegation led by the premier to Washington which had lobbied the American government in April managed to win locals a discount on potential fines. Those facing US tax penalties on income from sources in the States that they didn’t report to the IRS between 2003 and 2010 will be paying 5% penalty instead of 25% of the value of the property as originally proposed.
“This penalty reduction is an outcome of a recent revision to the IRS’ Offshore Voluntary Disclosure Initiative programme. A Cayman Islands delegation led by the premier lobbied US officials this past spring to take this action,” the ministry statement read. “Originally the US Internal Revenue Service stipulated that offshore residents participating in the programme, who have $10,000 or less in unreported annual income from US sources, would be subject to a 25% penalty of the value of their property.”
Instead of the penalty applying to the value of all of a participant’s property, it will be applied only to financial assets, the ministry added.
“To qualify for the reduced penalty, an offshore resident must have reported all of his or her income to their country of residence and paid the taxes due on such income to that country,” the statement revealed. “However, the IRS has informed Cayman Government’s US counsel, Sidley Austin, LLP, that persons residing in jurisdictions that impose no income taxation – such as the Cayman Islands – would also be able to qualify for the reduced offshore penalty.”
Under the voluntary disclosure programme, participants can resolve their past US income tax and related obligations by paying all income tax due for the years 2003-2010, along with penalties, including the special offshore penalty, and interest.
During meetings held in March with high-ranking US Treasury and IRS officials, and with tax counsel for the US Senate Finance Committee, the Cayman delegation requested a revision to the penalty on behalf of Cayman residents who are US citizens or green-card holders.
The Cayman delegation told officials that the special offshore penalty of 25% that was related to unreported income was preventing many Cayman residents from participating in the programme.
“I am pleased that US officials took our concerns seriously and made this change so that more Cayman residents can resolve their US tax obligations by participating in the IRS’s voluntary disclosure programme,” the Premier said.
Meanwhile, the recent Global Forum’s 7th Peer Review Group Meeting (PRG) held in the Cayman Islands last month raised the islands profile in the area of international tax transparency and information exchange. The director of Cayman’s Financial Services Secretariat, Michelle Bahadur said representatives were involved in core internal communications steering international processes for tax information exchange
Cayman is one of many jurisdictions that has now substantially implemented the internationally agreed tax standards on transparency and exchange of information for tax purposes. These standards are monitored by the Global Forum, whose membership includes more than 100 jurisdictions.
Representatives from more than 40 jurisdictions were present at the PRG meeting which was only the second of its kind held outside Paris.
Bahadur explained that the Organisation for Economic Cooperation and Development (OECD) began its work on tax cooperation in the early 2000s, and that the Global Forum is the continuation of that work.
In 2009 the Global Forum was restructured to allow non-OECD countries to fully participate. All members, regardless of their OECD membership, have equal footing in the forum. Preparing and guiding the Global Forum’s work is the Steering Group, of which the Cayman Islands is a member.
The PRG is the 30-member body – and Cayman also is a member of this group – that was responsible for developing the methodology and detailed terms of reference for a robust, transparent and accelerated peer-review process for tax transparency and information exchange. The first phase of the PRG’s work examines each jurisdiction’s legal and regulatory framework. The second phase examines the implementation of the standards in practice.
See release from the finance ministry below regarding claims on penalties reduction
Category: Finance
If our government wanted to do the right thing it should actively assist the American government in getting paid by those locals who have decided they are above the law that binds them. Since the banks with US interests (such as the large Canadian banks) have already provided details of all local US citizens who are account holders it should not take long to round up and collect on these miscreants.
The IRS motto "We're not happy until you're not happy"… Sales TAX folks! and legalize pot. Get rid of the IRS and tax the pot since 20% of Americans activley smoke pot which is not as harnful as alcohol. Even when I was young I could put those round blocks in the round holes but it seems that the guys who invented the game keep trying to put the square blocks in the round holes.
They words "Don't Tread on Me" hold the same value today as they did in 1751. There is one country (that I know of) who taxes it citizens on income earned abroad. No other country to my knowledge does this. The IRS is not concerned about public image the way a business operating in the free market does. There is no chance that it will be run out of “business” by it’s competition because it has none. The truth is, the IRS doesn’t want you to like it, it want’s you to fear it. If you live in a country and benefit from its services then you must pay. There will always be people who pay more than others. If you live outside your birth country you will have to pay your host country in one way or another. The USA has imposed its will on its citizens living in other countries who have chosen not to live in the USA. No other country does this. They won't let you expatriate without putting you on the waterboard so you don't want to. Since when does a country "own" people for life born on its soil? It is not that you are a US Citizen like it or not it is they want to make you feel they own you like it or not. Whatever is good for the USA and that is what had driven US foreign policy for the past 40 years. For those of you ready to give me the Patriot song and dance save your breath and don't tell me about sacrifce. I am all grown up now. Don't Tread on Me!
I think that Japan may also tax its citizens on a worldwide basis.
While I do not hold any brief for the US tax system, it is the case that the US has never made any secret about the basis on which it taxes people. So I find it hard to accept that most of the Caymanians who are "accidental" and not so accidental US tax payers (particularly those who choose to hold a US passport) have not known all along that there were and are real US tax obligations as part of the bargain.
Thank you CNS for posting the release.
NOW the interestingn part is that the Premier IS taking credit for this. So to all naysayers, you have a man who is leading you with blinders. He thinks you are dumb enough to beleive that HE did it for you, and it was HIS doing. Read the PDF above if you don't believe it. The second line (under the headline is) "Cayman delegation successfully lobbied for reduced penalty."
I would LOVE to hear McKeeva answer how HE did it, when it in fact applies to all overseas nations, not just Cayman. This is a smoke and mirrors game being played by the Premier. The press release is dated almost TWO months after the IRS press release on this same issue.
It always amazes me that Caymanians have such strong opinions on US taxes on US citizens–and that the opinions are so moralistic. The US does not care about Cayman dual citizens, never has and never will. If you just spent a week there being born, the IRS is not thinking about you at all.
I'd love to see a list of our high ranking politicians and well-bred Caymanians who hold US passports. I bet this list would be very loooooooog. Luckily, I've played by the rules (sadly I don't make near $91k 2010 tax foreign earned exemption allowance, but wish I did!) I filel my taxes every year.
A little fact for those who think "I have not been there in years, they won't catch ME": Every passport (in the world) states the country where you were born.
It will only be a matter of time when our esteemed Caymanian business leaders go through Miami airport and are asked the polite question of "Have you paid your taxes Sir?" and they can expect an audit. Oooooh, the skirts have been lifted!? Ha! pay up buddies, you can't cheat death or taxes (I never said it was fair, but it is the fact that every passport holder knows and if you are above the age of 18, you have NO excuse.)
"Truth", you need wake up to the truth. The USA has one of the most corrupt and complacent political systems in the world. Did you know they were told over and over (and over) by the CIA that there were no weapons of mass destruction in Iraq but the White House ignored what EVERYONE was telling them? Why? Oil? Maybe Saddam was more worried about Iran than the the USA so he kept up the bluff? Don't you think US intelligence should have been better before so much life and treasure was lost. Actually the intelligence was accurate but the White House didn't want to listen. They knew but it was under a different pretense and it wasn't Democracy. If Democracy and fellow man is what the USA is selling what about Darfur? Did you know when the USA dished out allof this bailout money, even to the banks that didn't need it that some banks turned around an loaned the money back to the Federal Government at super high interest rates? The treasury could not give full accountability of where the money was spent? I could have done better accounting on a bar napkin. Do you think that the food and drugs that is sold to you out of the grocery stores and pharmacies shelf is safe or do you think what really matters is Lobbyists realtionships with the Congressmen and the money that is made? Can't import drugs from Canada becuase they are not FDA approved even if the are the same drugs manufactured by the same companies? OR is it becuase the US drug companies would lose revenue? ALL Governments are EVIL and the almighty $ rules. Government is a place for people to make money. Here it is obvious like watching kids in -preschool. In the USA it has devolped into a refined art. You need to quit toting the USA becuase it makes you look like a fool. All governments are corrupt and the only way the USA is going to help you is maybe (maybe) you'll get 600 bucks a month when you are 61 on SS and Medicare. OH, an if you don't want to work no problem for you becuase Welfare will pay. They'll just get someone else to pick up the ticket for you.
You have a very selective perspective of America and Americans. And some good points. I can easily agree that the American governments of the past and present could do a much better job and hopfully will. Anything anywhere run by humans will have to have human nature factored in. thats why there are rules and regulations. Now if Governments would just follow them. Yours and mine. Being an American who has lived abroad most of his life and only recently tried to live in the mainland USA I can tell you that it is the best place so far full of good things with some bad. I have also live in Cayman, Lots of good things and some bad. I could say that we are in different boats made by the same guy rowing and bailing and just trying to get somewhere. Good luck to both of us.
I Guess you are Canadian. Let me ask you a simple question! Why do so many of your talented professionals leave Canada and adopt the US as their home? Think about this! Starting with people like Alexander Graham Bell and others, such as Jim Candy the great comedian and people like Frank Gehry and others, were these corrupt people who wanted to live in a corrupt society? I don't think so! Let's put it this way the Cayman Islands have been stiffed by more Canadians than Americans. Just to prove a point! When was the last time you heard of a corrupt Canadian politician going to jail. In the US politicians are treated like any other citizen if they areconvicted in court. Not so in Great Britain and Canada.
What benefit could anyone not living withing the US get for their money spent on US taxes? We don't use their schools, welfare system or anything else that income taxes provide for. Taking the benefits and balking at the responsibility? Sounds like you are trying to talk yourself into feeling good about paying your taxes. Well…Go USA. Don't come sratching at my door for cash becuase you got suckered in a war and complacency blew apart your entire economy. Last I checked we paid taxes here. Its called cost of living.
If your not living in the US, have no US passport (a benifit), have some of your money or make some of your money in the US, was born in the US for whatever reason but declined citizenship then I guess you are right. In other words if your not takeing any enifits then you should not pay any taxes. Now how about the Americans who live and work in Cayman? they pay American taxes and Caymanian Taxes but can you really say they get the Caymanian benifits? Just saying.
You won't like Cayman in 10 years and when you and your kids have to immigrate to the USA or the UK for work . You won't be happy. They'll own you too. Should have protected what you HAD
The people of the Cayman Islands have poured billions if not trillions of dollars into the US economy for decades! Just the medical expenditure alone is in the high millions. This has to count for something in a negotiation with the United States. Those Caymanians born in the US who want nothing to do with their American citizenship and want to give it up should be allowed to do so free and clear-NOT waste money regularizing their tax status-WHY?? to give money to a government who does not allow prayer in school and has backed the suspension of a 5 year old for saying grace?!! to pay for things we do not agree with and to fund a bunch of lazy, drug using, no use welfare recipients to stay home and watch soap operas and breed???!! Sorry, my hard earned money nuh goin' deh!!
Wow! Amazing speech! And you know so much about America! I wonder what you think of Caymanians. Or about how many trillions of American money have passed through the Cayman islands in the past and what would happen to Cayman if it stopped. Caymanians who don't want to be responsible for American taxes have and had a choice. Takeing the benifits and then balking of the responsibility is not the American way but is something very evident in Cayman society. Good for you in choosing a side. Good luck with that.
Oh get off your high horse! There are many law abiding Caymanians who were born in the states due to high risk pregnancies, better health care etc. but want no benefits, nor take any benefits from the United States. Many don't even make enough money to pay/file taxes or to barely get by in Cayman! So stop 'bigging up the US'. If a Caymanian wants social security /medicare etc from the US then pay taxes! If they don't then they should be able to give it up free and clear!
Better health care is not on your list of benifits? This something needed but you don't think you should have to pay the bill? I'm sure you hae a reason that makes it alright for American tax payers to do it for you right? From where I sit on my high horse if you don't need the benifits don't take them and stay in Cayman. Works for both of us.
Thet said better health care not free health care. The Caymanian government paid plenty money to US hospitals and didn't get most of it back either.
Yeah, Cayman deserves free health care in US. Sorry Charlie, when you pay money for something in the US, you get goods or services in return. I think you're even at best. Cayman ain't no money pot for US health care.
Better health care paid in full by rich Caymanians to the American hospitals! How many Americans walk into their own hospitals and pay fully for their treatment-they pay taxes so medicare pays for it. Caymanians don't so they pay for it and I am sure the hospitals were happy for the money!! And yes, a majority of welfare recipients use it as a way of life to get out of work etc. There needs to be some limit to how long someone can be on welfare, how many children they can have etc. But there is no limit and they live and not work off other people's hard work. Fair??? Let me run out now and give some money to that cause!!
Plus WHO SAID anything about NOT paying for it??? Don't they take my insurance that I pay for. Or my out of pocket expense? IT is PAID for but why pay taxes for that??
The taxes are not for the health care but for the holder of an American passport and the benifits that provides. You really think the tax man is comeing for those who have used American hospitals? Really? Is that really what you all think? You all need to go see someone who actually has the experiance to help you out.
Who said anything about paying the taxes or bill for using the hospital in America. No passport, no benifits, no taxes.
American passport, lots of benifits, pay the taxes or give it up. Preferably the latter.
16.05 Clearly you should have been on the negotiating team. I'm sure the Americans would have responded favourably to your point of view.
The people of Cayman have earned their living by hiding money for the criminals and terrorist of the world in the past. Hard earned? Hardly. If you don't want nothing to do with America then please stay on Cayman, shop on Cayman, use Caymans health care and let us Americans keep what we have paid for with outr hard work. Lazy drug using welfare recipients? Really?
Are you suggesting that Cayman residents should stop spending the money they earn in Cayman in USA retail stores and medical facilities?
That will certainly help the US economy.
As for hiding terrorist or drug dealer money, you obviously don't live on Cayman and have never tried to open a bank account here.
Come on down and try it. And bring some cash with you and try to deposit it with a bank.
As for the wastage by the American government, even your own people are getting fed up with it.
I have obviously lived in Cayman and have a bank account there so? This post is actually about those in Cayman who have American passports and or bank accounts, property, kids in schools, use the mendical facilities etc. who have not been paying American taxes and the over all Caymanian take on responsibilities. Did I hit a nerve?
I am quite happy to shop in Cayman and go elsewhere for medical treatment. The United States and its brainwashed citizens need to get over their God complex. Ooops! did I say "God" better call the ACLU to sue me!!!
The 'people' of the Cayman Islands have not earned money from terrorists etc. Perhaps some of the banks registered here may have but certainly not the average hard working Caymanians whose family for generations have done honest work to make these islands what they are! If Caymanians had seen a penny from drug/terrorist money there would be no financial woes in this country today! You are a complete moron!
The comment said "in the past". Whos the moron now?
If you mean the past when my grandfather, his father and his father were fighting poverty and mosquitoes to make a living in the Cayman Islands by farming, turtling, fishing, going to sea-NOT living off illegal money like you say-THEN YES YOU STILL ARE AND WILL ALWAYS BE THE MORON!!!!!!
No I mean the past that has beeen conveniently forgotten by you. You know the one that paid for all of Caymans past infrastructure. It didn't get built by your Grandfather, his father, and his fathers taxes or yours for that matter. Or are you moronic enough to think that?
If you think Americans are a bunch of lazy, drug using, no use welfare recipients that stay home and breed please feel free to tell us what you think of Caymanians?
Waiting.
Your American education is not helping you to understand anything. The comment said welfare recipients!!! NOT AMERICANS!!!!! AMERICANS were not generalized. I have a problem with lazy people from ALL countries-especially Caymanians! But at least we are not being asked to fund them directly. Waiting………….
Haveing been a welfare recipient for a few months in my youth I still stand by my words. ;Most of them were not and are not what you hope they are. And further more more than half of Americas income is not spent on its Civil servants who need laws changed to protect them from haveing to produce any work. Still want to talk about welfare recipiants? What do you think of them? Waiting……
Waiting, how about reading and UNDERSTANDING what was said and not jumping to conclusions! The writer said welfare recipients-NOT all AMERICANS! If you are so happy paying taxes to fund an endless stream of vagabonds who turn around and bite the hand that feed them then go ahead. Lazy citizens of ANY country-including Cayman-are a plague.
Most of my taxes go toward the infrastructure that is America and not its Civil servants… Sorry welfare recipiants. I am still happy with what I got for my tax money. How about you? Or are you a Civil servant?
People!! Please read the headline carefully!! Pay attention!
It says, "CIG claims" Key word! "Claims"
That is a headline created by CNS. I bet you if they published the release itself you would not see Government CLAIMING the glory.
Government wants to point out that when people ask if they asked for anything from the IRS that this is one of the things they asked and that a response was given. No one knows how far or our persuasive Cayman's negotiators might have been.
A compelling reason is a compelling reason no matter who it comes from- once wisely argued.
But CNS has chosen a headline which 'grabs attention' away from the facts and invites ridicule for the Premier.
Back off CNS and report the facts- let the Premier put his own foot in his mouth and hold him accountable for it when he does. Don't try and belittle good things that are acheived (evenby him) for the Caymanian people.
The press release is attached. It says "Caymanian delegation successfully lobbies…."
Any more dumb ideas?
CNS –
You really have to check further into the truth behind this cliam by Mr Mac. The CI Government was one of MANY countries that lobbied the US on behalf of their citizens. On 2 June 2011, the IRS amended question 52 on the OVDI Questions and Answers to modify the impact on foreign citizens. Example 3 in this Q&A clearly states the new terms. The full Q&A is at http://www.irs.gov/businesses/international/article/0,,id=235699,00.html – more specifically, the section in play here states:
Taxpayers who are foreign residents and who meet all three of the following conditions for all of the years of their voluntary disclosure: (a) taxpayer resides in a foreign country; (b) taxpayer has made a good faith showing that he or she has timely complied with all tax reporting and payment requirements in the country of residency; and (c) taxpayer has $10,000 or less of U.S. source income each year. For these taxpayers only, the offshore penalty will not apply to non-financial assets, such as real property, business interests, or artworks, purchased with funds for which the taxpayer can establish that all applicable taxes have been paid, either in the U.S. or in the country of residence.
To allow Mr Bush to take credit for this is a farce. I would suggest a quick call to the IRS hotline to verify that this was absolutely NOT a response to our tarnished leader looking out for us – but a response to worldwide uproar. To report it as anything otherwise raises serious credibility of the media publishing such claims.
At least he tried, he attended the meetings, why is it hard to give credit where its due? when Tony Travers went and spoke every one gave him their high fives, yet the premeir did his part and no one recognised that. you are an ungreatful bunch of people. When he does good you cry foul and when he screw up you cry foul. So make up your minds, Jesus Christ cant satisfy you all. Thumbs up all you want , i'm just saying that the man played a part in it also.
Foul…
He played as much a part in it as a spectator at a game does in scoring the winning goal – just being there on a Cayman tax-payer-funded mini vacation (one of many) does not count as making a difference. He would have had the same effect if he stayed home to tackle the crime problem and just signed the letter to the US Government. In fact, then he really might be doing something for the country – and saving money to boot…
I suppose he went to the olympics and secured our teams in getting medels too…
And on the 6th day Mackeeva made cayman and then rested!
When you have done nothing to claim credit for, that only leaves things you haven't done to claim credit for.
"Truth" you soumd like a person interested in Justice? Am I correct. The USA is the only country in the world I think besides Libya that taxes it citizens living and working abroad beyond a number THEY deem reasonable. Does that sound like "Truth" amd Justice for you OR do you think it right that ths USA try to "own" people while they open their borders to low income workers that want to live in "Amereeeca" who don't pay taxes. You sound like someone I know.
As an American professional who has spent at least 3/4s of my life working over seas and paying what "THEY" have deemed reasonable I think that I am one of those who are "owned" by the USA that you speak of and happy to answer your comment. Yes I have payed a lot over the years but the return was and still is well worth it. I am an American who can live and work and play and retire in America. The freedom and lifestyle is understandably nothing you can just buy and nothing a Caymanian will ever have the opportunity to experiance in Cayman. Justice? really? With the circus you call Government and the Clowns that run it you have no comprehension what real justice is and never will. While I am glad for you that you seem to be proud of your country and its way of governing I would be just as glad if you and those who belive as you would not pay American Taxes and not claim any of the benifits. Have a nice day.
So you think the media trial and aquital of OJ Simpson proves the value of the American justice system? Just asking.
So you base your whole idea of America on what happened to one man one time? Just asking.
So you think changing the laws to circumvent your governments inability to be accountable to its people proves the value of the Caymanian justice system? Just asking.
It does. Just telling.
Supergrass…go look in the mirror and tell me what you see…didn't make it in life?
Lacking a sense of humour I see?
I see teeth nice and clean. I see my friends. I see the sites. I feel alright.
I am perfectly happy with my life. And I have paid my taxes when they were due. So should other people. If they don't and I can help my Uncle Sam out with a few names in return for a few dollars, who loses out but the tax dodging criminals?
Inaccurate headline. This was not negotiated by the CIG.
Read the headline carefully.
It is quite accurate
This is of course good news and may lessen the pain (but there will still be a lot of pain). But it must be put in context. The IRS programme with the discounted rates for qualified overseas resident persons, who are "accidental" or not so accidental US citizens , was published some time ago. And the discount regime does not just apply to those who reside in Cayman; it applies equally to those who reside anywhere outside the USA. For those who are interested in the specifics, the IRS has a 53 question FAQ on its website!
Tim Ridley
Does this mean I will get less of a commission at the end too? I gave a decent list of names of tax dodgers to the IRS thinking it would be a nice little earner.
Where do I sign up? I've been here for 11 years and have filed my US taxes every year. Yes, it is a pain, but better than being a tax dodger.
If you PLAY, you PAY!!! I'll forgive those from overseas who were born in the USA due to their parents hoping for better medical care. However, here comes the rub… *if you grew up abroad and knowingly continued to enjoy your US passport, go to American schools, or own property there- then, my friend you OWE taxes!
You can't have it both ways, but MANY Caymanians who have played this game for years and they SHOULD be shaking in their boots.
Surprise surprise, the facts of the actual IRS position as taken from their website say something rather different.
http://www.irs.gov/businesses/international/article/0,,id=235699,00.html
Choose which one to believe.
I would like to see this press release as I can't find it anywhere on the CIG website. It appears that Mac actually believes (or is trying to fool Caymanians) that Cayman was responsible for this change. Hardly. It was announced two months back and it ISN'T unique to Cayman and DOES have requirements.
http://www.bnncpa.com/services/tax/IRSAnnouncesReducedPenaltiesVoluntaryDisclosure.asp
http://www.mnp.ca/media-centre/blog/2011/6/3/a-new-development-in-the-irs-offshore-voluntary-disclosure-initiative-affects-americans-in-canada
Wonder what the US Gov would say for this sort of thing…making them appear that Cayman Gov was in charge. LOL
That is nothing. The Premier also lobbied successfully to have the sun continue to rise in the East. There was also an attempt to repeal the law of gravity but thanks to the Premier's tireless efforts gravity will continue.
I don't believe the nerve of this clown. This IRS decision had absolutely nothing to do with anything the Premier said.
It sort of reminds me of a story from the Second World War, during the German bombing of London. The little boy switched on the light in his bedroom just as the neighbour's house was hit by a bomb. He believed he'd caused the explosion. And there's the Hans Christian Anderson story of the young man who wore a belt on which he'd had written, "Seven With One Blow!" Everyone gave him a wide berth, and the world opened up in front of him. Only he knew that the 'seven' referred to seven flies.
CNS. This is not the Premiers doing this applies to all countries.
http://www.mnp.ca/media-centre/blog/2011/6/3/a-new-development-in-the-irs-offshore-voluntary-disclosure-initiative-affects-americans-in-canada
I CALL BULSH!T ON THIS…
CIG won nothing – this was a concession announced weeks ago for ALL offshore jurisdictions. CNS – PLEASE correct this story – you have lost ALL cedibility with me on this – CIG HADNOTHING TO DO WITH THIS IRS CONCESSION…
HOWEVER EVERYONE SHOULD BE AWARE… – be aware of a single caveat here – if you have more than $10,000 in US sourced income – your fine is back to 25%.
US sourced income, you ask? Check out pensions, social security, dividends, etc. I have never worked or lived in the US – though I did study there. I am a Caymanian who is doing well. But I am also an American – and because I invested in US stocks paying dividends, I am NOT getting ANY breaks from this. My over $10K in dividends puts me RIGHT BACK IN THE 25% bracket…
This is NOTHING the PREMIER did – this is HYPE and grabbing the spotlight from a general IRS ruling – if the Premiere REALLY achieved anything he would be looking out for ALL us Caymanians caught in this web of US treachery…
In reality, the $10K income from US sources should be income as a PERCENTAGE OF LEGITIMATE INCOME – so instead of applying $10K across the board, they would say US-source income should be less than 25% of BONA FIDE INCOME – so us REAL workers capitalising on our investments are not punished disproportionately.
Instead, after paying my taxes, fines and all the other BS – I will invest in China – only serving to hasten the demise of the US economy… Bet the IRS never considered THAT as a possibility… But apparently, that is what they want…
RIP USA!!!
Dear Mr. Fook Ma Bush,
You enjoyed school in the USA, you enjoyed your investments in the US economy, so WHY are you complaining to pay $$$ your part?
You KNEW better…..and stop crying by the way, if you live in Cayman full time, you are allowed to make USD$92,000 before paying taxes, plus housing exemptions up to $30k. So wah-wah-wah, poor you who enjoys your passport and you have to start paying taxes AFTER you make OVER USD$122,000 per year.
Screw you – noone objects to the taxes – it is the FBAR penalty that is grossly unfair and unjust. Know the facts!!!
F*** the IRS
Carefull what you wish for.
great!
This is great news but before you all go putting the Premier on a pedestal, may I remind you that that is nothing short of what anyone in his position would have done.
As is the norm he has done nothing but go on a all expense paid trip. In any other country most in his position would have to do the work to get the pay.