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Autumn Colors

(2,379 posts)

83. The Depp example isn't really a good one

Wed Dec 12, 2012, 07:28 PM

Dec 2012

I'm no tax expert, but this is what I understood from that article:

Depp retains dual citizenship and the USA is one of the only countries that requires those with dual citizenship to pay taxes to the USA in addition to what they have to pay in the other country. In most other countries, someone with dual citizenship would only pay taxes to the country where they reside most of the year.

So if he spends more than a certain number of days per year in France, then he would be required to pay tax on the same income to both countries and if the tax % France charged him PLUS the tax % the USA charged him totalled 100% or even more than 100%, he'd be working for free or paying for the privilege of working.

He chose not to become a French citizen and also has to make sure he doesn't spend more than 183 days per year in France.

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"The rich" are fleeing Britain and France following high tax hikes. [View all] dixiegrrrrl Dec 2012 OP

No travel visas alcibiades_mystery Dec 2012 #1

+1 LiberalLoner Dec 2012 #2

The EU allows free movement between any countries. Nye Bevan Dec 2012 #11

Furthermore, if you leave, you're not allowed to do business in or with the country anymore. backscatter712 Dec 2012 #14

Again, France would have to leave the EU to do this. Nye Bevan Dec 2012 #15

And there is absolutely no legal mechanism to do it anyway. dmallind Dec 2012 #22

The US isn't part of the EU... backscatter712 Dec 2012 #23

True. The US does not have the same constraints that France or any other EU country would have. pampango Dec 2012 #77

Our Supreme Court has repeatedly upheld retroactive taxes. AnotherMcIntosh Dec 2012 #3

Gee, cannot figure out why our government would not use such a handy tool. dixiegrrrrl Dec 2012 #5

They used retroactive laws for the FISA bill. But then, that benefited the wealthy sabrina 1 Dec 2012 #19

I have Long Considered This, Sir, the Most Appropriate Possible Use For Our Country's Military The Magistrate Dec 2012 #6

US Army battalions storming Swiss banks? Nye Bevan Dec 2012 #12

Caymans and Bahama Would Be My First Targets, Sir.... The Magistrate Dec 2012 #26

So JohLast Dec 2012 #33

It Is a Most Traditional Employment Of Armies, Sir The Magistrate Dec 2012 #34

It's a major plot point in David Brin's Earth! hedgehog Dec 2012 #55

Interesting, Ma'am: I Confess I Had Never Heard Of the Fellow The Magistrate Dec 2012 #59

The book was written about 20 years ago, set about 20 years from today - hedgehog Dec 2012 #92

Agreed. We can also stop protecting their trade. TheKentuckian Dec 2012 #64

are you aware that funds in the Caymans and the Bahamas are not "hidden" brokechris Dec 2012 #68

Peddle It Elsewhere, Fella The Magistrate Dec 2012 #76

right. But I actually have British citizenship thru my mum brokechris Dec 2012 #78

When You Demonstrate Some Knowledge Of How Tax Shelters Actually Work, Sir, We Might Talk The Magistrate Dec 2012 #79

I know a bit about tax shelters too--but have never had that kind of money brokechris Dec 2012 #82

AND I still have a current bank account at a Cayman bank brokechris Dec 2012 #80

So many ways that high-income earners can avoid closeupready Dec 2012 #4

I keep waiting to see the line of "Eat the Rich" cooking sauces... Buns_of_Fire Dec 2012 #7

duzy worthy material, there. dixiegrrrrl Dec 2012 #18

Here! Ganja Ninja Dec 2012 #20

ummmmmmmmmmmmm tasty dembotoz Dec 2012 #66

So long, don't let the door hit your butt. nt bemildred Dec 2012 #8

Whatever! Then they were not really French or British; they merely liked the scenery. WinkyDink Dec 2012 #9

So what. It opens a niche for the not rich to become rich. Cleita Dec 2012 #10

Do you advocate for US states being able to do that as well? AlexSatan Dec 2012 #35

We have something like that, for international money changing: Cleita Dec 2012 #40

Two things AlexSatan Dec 2012 #45

If your last contention is true, then why would they be leaving because of higher taxes? I'm really Cleita Dec 2012 #48

Because money made on investments AlexSatan Dec 2012 #61

According to Adam Smith, wealth is created when you make something, so Cleita Dec 2012 #65

Why wouldn't the industrialists AlexSatan Dec 2012 #67

Forget them. I really want to get rid of the bankers and insurance companies and nationalize them. Cleita Dec 2012 #69

How did the Waltons do it illegally? AlexSatan Dec 2012 #74

Did you read my post? I never said illegally. Cleita Dec 2012 #75

My bad AlexSatan Dec 2012 #90

oh boo hoo hoo hfojvt Dec 2012 #13

IMO, those rich who are fleeing Britain and France were making no monetary contribution to their ladjf Dec 2012 #16

Tax receipts went down when the UK raised the top tax rate to 50%. Nye Bevan Dec 2012 #17

Do you have any documentation of the claim in your subject line? trotsky Dec 2012 #27

Good post. Thanks for the input. nt ladjf Dec 2012 #91

If they are not contributing anyhow, let them leave. They are just a burden sabrina 1 Dec 2012 #21

So don't stop at a 75% tax rate, go all the way to 100%. Nye Bevan Dec 2012 #24

And they are contributing to the economy in an irreplaceable way how? Hydra Dec 2012 #28

I'd be willing to stop spending trillions of dollars bailing them out after they sabrina 1 Dec 2012 #29

Are you a republican? abelenkpe Dec 2012 #70

I'm fine with Obama's plan to raise the top rate to 39.6%. Nye Bevan Dec 2012 #86

or Haiti n/t SoCalDem Dec 2012 #50

First, there's no "75% tax rate". It's a temporary add-on for income over $1 million. Income below HiPointDem Dec 2012 #25

I like that. The people really cannot afford to keep these people on welfare sabrina 1 Dec 2012 #30

+1 xchrom Dec 2012 #31

Two high-profile examples AlexSatan Dec 2012 #36

The Depp example isn't really a good one Autumn Colors Dec 2012 #83

depp wasn't paying french taxes in the first place & recently split with his french girlfriend. he HiPointDem Dec 2012 #89

Seize their property? AlexSatan Dec 2012 #37

Don't blame me, I just posted a news article. dixiegrrrrl Dec 2012 #54

didn't mean to blame you -- the press always reports like that, like people are being taxed 75% HiPointDem Dec 2012 #88

So what? They still have to pay French tax on French income. ieoeja Dec 2012 #32

So that's why Johnny Depp moved outta France! MADem Dec 2012 #38

Hard to blame him. MrSlayer Dec 2012 #42

It's been a long while since I spent full tax years outside the US. MADem Dec 2012 #43

And another thing: for every one of them there's a J.K. Rowling closeupready Dec 2012 #39

Except JK Rowling hasn't been hit with 75% taxes yet mainer Dec 2012 #44

But her case does rebut the claim in the thread title, closeupready Dec 2012 #46

Taxes in the UK aren't 75%. mainer Dec 2012 #49

Thread title: ""The rich" are fleeing Britain and France following high tax hikes." closeupready Dec 2012 #52

I was replying to your thread about JK Rowling mainer Dec 2012 #56

You respond to a point I didn't make. closeupready Dec 2012 #62

Of course in Rowling's case, vast income and 'working' are no longer tied. Bluenorthwest Dec 2012 #58

Taxation doesn't differentiate between those actively working and those already wealthy mainer Dec 2012 #72

How do the French define wealthy? Is it $250,000 like in the US? mainer Dec 2012 #41

The linked ariticle gives no proof of the OP claim, this is stupid crap uponit7771 Dec 2012 #47

I assumed people could follow the links in the pages. dixiegrrrrl Dec 2012 #57

14 percent of the French are "poor"? mainer Dec 2012 #73

"Thankfully, few are seeking exile to exempt themselves from being in solidarity with fellow French adirondacker Dec 2012 #85

Singapore is going to run out of room Capt. Obvious Dec 2012 #51

I think people like this should live in the places they put their money... liberalmuse Dec 2012 #53

My Masters Thesis dealt with this 99th_Monkey Dec 2012 #63

Better Fleeing than Fleecing, is what I say. 99th_Monkey Dec 2012 #60

A fact check on the British figures: muriel_volestrangler Dec 2012 #71

It mis time for the industrialized countries to impose sanctions on tax avoidance nations. kelliekat44 Dec 2012 #81

And going where? quakerboy Dec 2012 #84

Perhaps we'd be better off without them. NC_Nurse Dec 2012 #87