What to do with my Savings.

Originally posted by Rockpuck
reply to post by johnny2127

 

The Repatriation Tax is for Corporations, not Individuals, and it's tax rate is 5.25% at the moment. It's nothing more than a way to convince Corporations to send foreign earnings back home (where our Corporate tax rate is 35% I believe)

If you have money in a foreign account there are special papers to fill out when you file taxes at the end of the year, I believe the total amount in foreign bank accounts must be 10,000 or greater. (since you're getting taxed on interest)

No offense, but this is what I do for a living, and it all depends which country. And individuals and corporations have a tax/penalty of about 50% of the money being brought back in to the country. The exceptions are countries we have waivers with such as the UK.

If you want sources let me know. But this isn't really a debatable point when I face this obstacle with clients, both individuals and corporations, on a consistent basis

reply to post by Rockpuck


Oh one more comment, what you are talking about is the tax on foreign earnings while they are there. I am talking about when you move money to an offshore account, say in the Bahamas. When you take all that money out of the Bahamas and bring it back, that's when you deal with the penalty I am discussing. But yes, while it is there you pay the tax rate you described.

reply to post by notsosweet


Hey, I do love the new avatar. It's different, and makes a contrast to the same ole' same ole'.

First off there is a 10% referral fee for all info shared

No doubt the US economy is fried, and the dollar will be toast in no time.

I personally wouldn't worry about bills, as there are so many People in debt..... The only thing possible when they steal the rest of the value in the dollar will be erasing the debt............ Yes, that is what I said, probably the only one on ATS saying that, but I am sure.

I would do a few things with savings, no doubt they will steal it. One is to simply convert it over to junk silver; which is older 95% silver US coins from the 60's, and older. I'd stay away from gold just because it is worth so much for so little..........how are You going to barter for simple food should You have a coin that was valued in US $ of 950 bucks......... not gonna work.

So, should Your savings be a lot I would actually consider a home outside of the states as an investment. Places such as Mexico, and Central America are a just a couple safe days drive from Texas.

The economies are growing, and People from all over the World are immigrating there to escape pressures in their own govt.

Should You be interested in that u2u me, and I can give more info.

From there I would look into a rural property in the states, or a RV should You need to get out of the larger cities.........RV's are a dime a dozen used. A fairly nice clean older one cost's under 6k.

Between either a rural property, or RV I'd recommend enough food to sustain Your family for 4 months.... Way more than enough to adapt to anykind of serious change.

I have no doubt the US govt. will go down, NONE. I don't think it will be for over a month. Things will get back to a "sense" of normal after that time frame.

It's only a matter of the difference in time You'll need to have the preparations for. So, I wouldn't blow Your savings on perishables.

Rural land, RV, or land/house out of the country.

Did I answer Your question?


[edit on 31-8-2009 by sanchoearlyjones]