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~* Make America Great Depression Again -- Official Thread of Corona Virus infected markets *~


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On 3/31/2021 at 2:24 PM, cusideabelincoln said:

A friend of mine lives in the middle of fucking nowhere by a lake and state park, 20 minutes from the nearest town, 1 hour from a major city, and he has fiber.  No fucking reason these grifting ass telco companies can't do better.

 

I don't think the answer is to hand more money to telcos to MAYBE built out this additional infrastructure.  With Starlink entering service now, and at least 2 other companies planning to start launching low earth orbit broadband satellite networks, we should have blanket coverage in the next few years.  

 

 

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1 hour ago, b_m_b_m_b_m said:

 

 

 

 

Weird, not seeing a JOBS, JOBS, JOBS! tweet anywhere. 

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58 minutes ago, b_m_b_m_b_m said:

Get shook assholes

 

Reminder that we're the only country that does global taxation of its citizens and companies. 

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2 hours ago, Jason said:

 

Reminder that we're the only country that does global taxation of its citizens and companies. 


The vast majority of expats owe no tax on foreign income due to credits and exclusions for tax paid in the foreign country. The purpose is to stop fraudulent claims of foreign residency to avoid taxation.

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21 minutes ago, sblfilms said:


The vast majority of expats owe no tax on foreign income due to credits and exclusions for tax paid in the foreign country. The purpose is to stop fraudulent claims of foreign residency to avoid taxation.

 

Again, we're the only country that does this, every other country in the world seems to do just fine without this. And it's not no big deal, depending on the country it can be hard and expensive to find someone who can reconcile the taxes, and there can be plenty of issues with the other country counting something as tax-free while the US doesn't (retirement plans for example).

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10 minutes ago, Jason said:

 

Again, we're the only country that does this, every other country in the world seems to do just fine without this. And it's not no big deal, depending on the country it can be hard and expensive to find someone who can reconcile the taxes, and there can be plenty of issues with the other country counting something as tax-free while the US doesn't (retirement plans for example).


Foreign income tax fraud is a big deal everywhere. Nobody is doing fine at combatting it.

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14 minutes ago, sblfilms said:

Foreign income tax fraud is a big deal everywhere. Nobody is doing fine at combatting it.

 

The burden falls disproportionately on your average expat while the rich people already have an army of lawyers and accountants to hide their money.

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Like, this isn't theoretical. I know expats for whom it's a burden to comply and for whom it's going to become an even bigger burden once they retire and these are not people making $500k a year.

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I think you have a misconception that other nations don’t require making tax filings on foreign income when living out of country. This is a common practice, while the difference is that the US actually collects taxes on income earned overseas regardless of residency.

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4 minutes ago, sblfilms said:

I think you have a misconception that other nations don’t require making tax filings on foreign income when living out of country. This is a common practice, while the difference is that the US actually collects taxes on income earned overseas regardless of residency.

 

Which is dumb.  If you make all of your money working overseas, for an overseas company, I believe (and many others do too) that America has no right to collect taxes on that income.  

 

 

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Just now, mclumber1 said:

 

Which is dumb.  If you make all of your money working overseas, for an overseas company, I believe (and many others do too) that America has no right to collect taxes on that income.  

 

 


Most don’t pay taxes, the income taxes are offset by credits based on the taxes they pay in the local market they were earned.
 

But that’s a different argument than Jason is making in regards to compliance, which is what I was addressing in the post you quoted. Typically all developed nations require citizens to file tax returns for income earned overseas. If you are a resident of your home country you pay taxes on it, if you are a resident of the foreign country in which you earned the income you likely do not. But you still file and have to deal with compliance issues.

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1 hour ago, sblfilms said:

I think you have a misconception that other nations don’t require making tax filings on foreign income when living out of country. This is a common practice, while the difference is that the US actually collects taxes on income earned overseas regardless of residency.

 

Uh no in every other country if you live abroad and have no income derived from your home country you just don't file.

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On 4/2/2021 at 9:48 AM, mclumber1 said:

Zero percent corporate tax.  

 

Tax personal income, not corporate profits. 

 

Tax personal income / corporations are people - sweaty choice.meme 

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2 hours ago, elbobo said:

Has anyone seen the price of lumber recently? Well over double what it was pre-covid

 

Yup. I was building a portable projection booth this week and about threw up in my mouth when I saw a regular purple stud 2x4 was $8 a pop. Had been mostly in the $2.5-$3 range for most of the last 4-5 years.

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I've been struggling recently with my world view on economics. I've long thought that we can have a mix of capitalism and socialism. I'd like to think we still can. It's becoming clear to me that even the scandinavian countries can only have the system they do because they rely on resource extraction and sweatshops from countries that don't have their same safety net.

 

It's sort of becoming a mental crisis for me and I don't know how to handle it.

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This pandemic will not be under control until it is controlled worldwide. The longer its allowed to spread the more chances new variants that bypass current vaccines will pop up. Its in everyone's best interest to remove all hurdles.

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2 minutes ago, Air_Delivery said:

This pandemic will not be under control until it is controlled worldwide. The longer its allowed to spread the more chances new variants that bypass current vaccines will pop up. Its in everyone's best interest to remove all hurdles.

This shit right here, inject it into my veins

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Allowing Covid to ravage the global south is some of the most short sighted thinking that the wealthy nations could allow to take hold.

 

So naturally, they will allow these companies to keep their patents and fleece the developing world.

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4 hours ago, Fizzzzle said:

I've been struggling recently with my world view on economics. I've long thought that we can have a mix of capitalism and socialism. I'd like to think we still can. It's becoming clear to me that even the scandinavian countries can only have the system they do because they rely on resource extraction and sweatshops from countries that don't have their same safety net.

 

It's sort of becoming a mental crisis for me and I don't know how to handle it.

 

I don't think it's any sort of impossibility to have both mechanisms at play. The issue is the insistence on constant growth, which pretty much requires the pillaging of less powerful countries for the benefit of wealthy ones. THAT can be fixed, but those in wealthy countries will have to accept at minimum a flattening of the gains in living standards, and potentially a reduction over time to something more sustainable.

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3 minutes ago, sblfilms said:

 

I don't think it's any sort of impossibility to have both mechanisms at play. The issue is the insistence on constant growth, which pretty much requires the pillaging of less powerful countries for the benefit of wealthy ones. THAT can be fixed, but those in wealthy countries will have to accept at minimum a flattening of the gains in living standards, and potentially a reduction over time to something more sustainable.

Perpetual growth is sort of a bedrock of capitalism. Without the assumption of perpetual growth, I don't know if capitalism can exist.

 

I still hold hope that free markets and safety nets can meet somewhere in the middle, but I don't think we're there yet

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Just now, Fizzzzle said:

Perpetual growth is sort of a bedrock of capitalism. Without the assumption of perpetual growth, I don't know if capitalism can exist.

 

I still hold hope that free markets and safety nets can meet somewhere in the middle, but I don't think we're there yet

 

It most certainly is not. That is a modern idea.

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