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Romney Admits His Tax Rate Is About 15 Percent, Lower Than Many Middle Class Families

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The real part of this that needs to be considered is not US Citizens moving their capital out of the US (which is difficult and has various tax penalties to discourage this) but rather foreign investors not investing in the US. As a US Citizen, if I want to invest in a foreign business, I will still end up paying taxes. Were I a Russian, for instance, the tax code would greatly discourage me from investing in the US.

And despite all that discouragement, there's no country on the planet attracting anywhere near the FDI that the US attracts. More than 15% of all FDI worldwide comes to the US. FDI to the US is almost as much as that of the next three countries (France, United Kingdom and Germany) combined. China, by comparison, receives only a fifth of the FDI that the US receives. In fact, the BRIC countries combined only see 62% of the FDI the US receives. So, you were saying?

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And despite all that discouragement, there's no country on the planet attracting anywhere near the FDI that the US attracts. More than 15% of all FDI worldwide comes to the US. FDI to the US is almost as much as that of the next three countries (France, United Kingdom and Germany) combined. China, by comparison, receives only a fifth of the FDI that the US receives. In fact, the BRIC countries combined only see 62% of the FDI the US receives. So, you were saying?

And what are the trends (say, over the last 15 years) for those same numbers?

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And despite all that discouragement, there's no country on the planet attracting anywhere near the FDI that the US attracts. More than 15% of all FDI worldwide comes to the US. FDI to the US is almost as much as that of the next three countries (France, United Kingdom and Germany) combined. China, by comparison, receives only a fifth of the FDI that the US receives. In fact, the BRIC countries combined only see 62% of the FDI the US receives. So, you were saying?

15% would be good except that we have 25% of the world's GDP. So we're underrepresented. And, as was mentioned, where are things heading?

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Filed: Citizen (apr) Country: Russia
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Then perhaps there's no capital gain to be taxed?

None the US Govt. knows about.

And there is no way that the US would penalize me for not investing in the US or tax my foreign investments.

Exactly.

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15% would be good except that we have 25% of the world's GDP. So we're underrepresented. And, as was mentioned, where are things heading?

But that has nothing to do with taxes. The EU has a slightly higher GDP than the US, generally sports higher taxes than the US and yet their combined FDI far exceeds that of the US. How can it be that France, Germany and the UK alone attract more FDI than the US if cap gains taxes in the US are 15% while they are >30% in France and >25% in both Germany and the UK? I'd submit that FDI has nothing to do with cap gains taxes.

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Are FDI returns taxed by the foreign country, or are they taxed by the country of residence, or both? All my foreign investments are through shares bought in funds, and all tax deferred, so I have no idea.

But that has nothing to do with taxes. The EU has a slightly higher GDP than the US, generally sports higher taxes than the US and yet their combined FDI far exceeds that of the US. How can it be that France, Germany and the UK alone attract more FDI than the US if cap gains taxes in the US are 15% while they are >30% in France and >25% in both Germany and the UK? I'd submit that FDI has nothing to do with cap gains taxes.

Are you talking per capita? I can't believe Germany has a higher GDP than the US.

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Are FDI returns taxed by the foreign country, or are they taxed by the country of residence, or both? All my foreign investments are through shares bought in funds, and all tax deferred, so I have no idea.

Ask Mitt. I suspect there's a tax related reason why he's parking millions in the Caymans.

Are you talking per capita? I can't believe Germany has a higher GDP than the US.

I don't think I said Germany has a higher GDP than the US. It doesn't. The EU has a slightly greater GDP than the US, however. Few more people, too.

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Ask Mitt. I suspect there's a tax related reason why he's parking millions in the Caymans.

The last person I knew that was parking millions in Caymans was one of the officers shortly before the company's assets were seized for something...something...something... :whistle:

I wonder what happened to that guy. :unsure:

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The last person I knew that was parking millions in Caymans was one of the officers shortly before the company's assets were seized for something...something...something... :whistle:

I wonder what happened to that guy. :unsure:

Mitt can't do that. Just as he can't employ illegals. Remember, he's "running for office, for Pete's sake".

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Ask Mitt. I suspect there's a tax related reason why he's parking millions in the Caymans.

Funny you should bring that article up and suggest that we ask Mitt. Although the article doesn't quote Mitt, it does state that tax experts agree that Mitt is still subject to taxes on his foreign investments as he is a US citizen. The reason that the fund is based in the Cayman Islands is that foreign investors would be subject to US tax law if the fund was based in the US. In other words, those who set up the fund believed that they could attract more investors if they didn't base the fund in the US because of the US tax code. So this article directly supports the claim that the US tax code discourages investment in the US.

Obviously taxes aren't the only factor that determines foreign investments so you won't find a direct correlation.

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Funny you should bring that article up and suggest that we ask Mitt. Although the article doesn't quote Mitt, it does state that tax experts agree that Mitt is still subject to taxes on his foreign investments as he is a US citizen. The reason that the fund is based in the Cayman Islands is that foreign investors would be subject to US tax law if the fund was based in the US. In other words, those who set up the fund believed that they could attract more investors if they didn't base the fund in the US because of the US tax code. So this article directly supports the claim that the US tax code discourages investment in the US.

Obviously taxes aren't the only factor that determines foreign investments so you won't find a direct correlation.

Mind the source of these claims you repeat there. That's the Romney campaign saying this. What are they supposed to say? That Mitt is evading taxes? Just so happens that that is how the tax experts and tax lawyers describe it. You would have learned that had you continued to read past the campaign propaganda. This is tax evasion via tax havens 101. Nothing more, nothing less.

Rebecca J. Wilkins, a tax policy expert with Citizens for Tax Justice, said the federal government loses an estimated $100 billion a year because of tax havens.

Blum, the D.C. tax lawyer, said working through an offshore investment vehicle allows the investor to "avoid a whole series of small traps in the tax code that ordinary people would face if they paid tax on an onshore basis."

Wilkins agreed, saying the "primary advantage to setting those funds up in an offshore jurisdiction like the Cayman Islands or Bermuda is it helps the investors avoid tax."

"It helps U.S. investors avoid U.S. tax," said Wilkins, "it helps foreign investors avoid taxes in their home country, so it's not illegal or improper to set those funds up in a foreign jurisdiction, but it makes it more attractive to investors because it helps them avoid paying taxes on that income."

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