US double tax its USC working and living abroad. Multinationals prefer to hire non-USC as the are not double tax, so cheaper and much easier to hire. You have voted for TTFC but have forgotten the people who work for these corporation. Please vote for TTFI so US is competitive.
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I’ve heard directly from a Vice-President of a well known tech company in Asia that they won’t hire talented US persons due to having to deal with USA’s tax code. Every other nationality is considered for the job.
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what headache tech company will face for hiring US person as long as person does not have signature authority on company bank accounts? Headache i believe is more to US individual than non USA tech company.
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Indeed. As long as the person is not a major owner or signatory, and if they pretend no difference with their other co-residents, a company is free to hire them (or not) on an equal basis with their peers. The rub is certainly on the individual. Let's examine that, though! /1
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Fundamentally, a US Person employee will necessarily be poorer than his peers. In a tech company, the hit comes from personal filing costs, differing treatment of stock-based compensation (which is very common), and lack of investment opportunities. /2
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The stock-based comp hit is particularly galling. E.g. An ordinary Estonian resident (where I live) gets a flat 20% income tax when a benefit is realized. In a year with more windfall than others, a US person may get a 30% total tax hit quite quickly: poorer than his peers. /3
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But that's not the bad scenario. The big catch is on different moments of tax assessment. Recall, Estonia will tax at realization of profit. The US will tax RSUs the year they vest. So with bad timing or lack of professional advice (more $$) a USP employee gets double-taxed. /4
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All of this is in addition to treatment of pensions (again: different tax treatment) means a tech employee must negotiate a higher salary to achieve the same quality of life as his untainted (non-US person) peers. To the extent they do, tech employers are less able to hire them.
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US can NEVER be competitive in global economy while maintaining non-resident tax'n &
#FATCA. Exporters,#SmallBiz, workers can't bank outside US, can't hire Americans to promote US goods/services abroad b/c of citizen tax.#TaxReformpic.twitter.com/sbnmVfrRy7Thanks. Twitter will use this to make your timeline better. UndoUndo
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And just how do you expect the American taxpayers to pay for the permanent tax breaks? By deducing Medicare, Medicaid, and Social Security. Trumps supporters better start paying attention to what Republicans are doing to them and their futures.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Shuffling numbers is not reform. Your fake tax reform slightly changes the impact on American, without any real improvement, and with increased debt. Pass the
#FAIRtax Act (HR 25), then you can talk about reform.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Under the
#FAIRTax Act (HR 25), a man with a wife and and two children, earning $15.63 an hour, working 40 hours a week, will take home his whole paycheck, get a monthly tax rebate of $631, and never file any tax forms. Do you have a plan better than this?#Phase2FairTaxpic.twitter.com/cST2cqMsu4Thanks. Twitter will use this to make your timeline better. UndoUndo
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Are tax codes supposed to be competitive? Is this a race to the bottom against Ireland, Luxembourg, and your donors' Caribbean tax havens?
#GOPStopThanks. Twitter will use this to make your timeline better. UndoUndo
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