4 ms·
Carried (really, any) interest: income. Investment gains: income. Charitable contributions: good for you. Foreign income, less taxes paid upon repatriation: inc
by carsongross 15y ago
Carried (really, any) interest: income.
Investment gains: income.
Charitable contributions: good for you.
Foreign income, less taxes paid upon repatriation: income.
House purchase: congratulations.
The tax code is complex because it gives the government power over us, because there is a huge industry built around it and because rich people can use it to their advantage.
- ebiester 15y agoAgreed except for foreign income: we have treaties with most countries to avoid double taxation: If I've paid taxes to Turkey for money earned in Turkey, why do I pay it again in the US? Now, things get more complicated with foreign investments. If you've paid taxes on the investment in Ireland, you've likely paid less than you would in the US -- so that doesn't quite work. That's where things get complicated.
- adavies42 15y agoshould all work like multi-state commuter taxes--i live in NJ, work in NY, and my NY tax is credited against my NJ liability (leaving no liability to NJ, as NY rates are higher (at least with the extra NYC tax thrown in)). tax treaties (as exist between many states) just make the revenue sharing easier from the governments' point of view.