GC Taxes


randb

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I'm trying to decide if I want to get a GC or not. Hoping someone could answer a tax related question for me. Say I have $1000 invested in a penny stock and they come up with a cure for cancer and my stake is worth 100 million. Can I give up my GC, move out of the country, liquidate my position and pay no taxes on the gains? From what I remember, foreigners are not taxed on capital gains in the US. Also, does this apply to dividends as well? How about an ownership stake in an LLC? Do the same rules apply? Once a person gives up their permanent residence and moves out, are they liable for any taxes in the future? How about US citizens renouncing their citizenship?

I'm currently on H1B...

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I am currently a resident for tax purposes. I guess I'll have to talk to a CPA or a tax attorney. My company is looking to sponsor me for a GC and I'm not sure I want it because of the tax liability it might come with. It's in EB3, but if CIR passes, it looks like they will expedite all current cases.

The way I look at it, I got no benefit out of the 16 trillion in debt this country racked up, so I want no part in paying it off.

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You are physically present here. It must be a better place to live than your home country so you have benefited from it. If you do not want to pay the bills, go home. We don't need people whose commitment to the country is only when it benefits themselves. You are a taker.

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First of all dividends and interest payments are not exempt from US taxes for non-resident investors or entities. Also, when you are an offshore investor, taxation depends on the where your offshore company or entity is. US usually taxes the lower of 30% or tax treaty rate for dividends and interest payments. (Profits from an LLC are treated as dividends). In case of capital gains, it will be taxed by the domicile of the offshore entity. To avoid capital gains you might have to incorporate a company in a country that has no capital gains taxes.

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omshiv, I do not know. Older immigrants adopted the US heart and soul; they were willing to fight and die for their new homeland; many had family who died trying to get here. Many new immigrants want to come only for the $$$. The values on which the country was built and defended by the blood and lives of those from the 1600s until now are of no importance. Fortunately, many others are truly wanting to become 100% Americans; these we happily welcome. The people that frustrate me the most are those who take the few GC and USC spots when all they want it for is an easy entry into the US and SS. They deny or delay others who truly want to make the US their home.

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The way I look at it, I got no benefit out of the 16 trillion in debt this country racked up, so I want no part in paying it off.

What you want is irrelevant. This country has tax laws, and you have to follow these tax laws if you invest here.

If you don't want that, don't invest here. It is THAT simple.

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Lets not get carried away here. Almost everyone's a taker. Only difference is that I'm open about protecting my own interests while most folks are hypocrites. Any time there are talks about a deduction (like the mortgage interest deduction) getting taken away, everyone starts complaining. And all the different lobby groups lobbying for benefits for their constituents is an act of selfishness, don't you think?

And just to set the record straight, the US needed (and still needs) me and vice-versa. They made good money off me when I was in college and I got a great education and now they need me for my skills, so no one's doing me a favor. Besides, I'm not cheating the system. I'm asking for legal ways to minimize my tax liability.

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And just to set the record straight, the US needed (and still needs) me and vice-versa. They made good money off me when I was in college and I got a great education and now they need me for my skills, so no one's doing me a favor.

That's the biggest myth. Their are many companies still operating without hiring immigrants and making good profits.

You paid money and you got good education. But no one forced you to stay here, if you feel that you are not getting 'favors' in US then why are you still in US??

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The way I look at it, I got no benefit out of the 16 trillion in debt this country racked up, so I want no part in paying it off.

...

And just to set the record straight, the US needed (and still needs) me and vice-versa. They made good money off me when I was in college and I got a great education and now they need me for my skills, so no one's doing me a favor.

You are living in a fantasy if you think that the U.S. "made money" off you and "needs" your skills. The U.S. provides more to everyone though the myriad of services provided than they contribute back in taxes -- so you did get benefit (not to mention you got a "great education"). Further, virtually everyone is replaceable in terms of their skills and job. Unless you are a recognized, world renown, expert in your field, the U.S. may want your skills, but they do not need your skills.

Between this arrogance and "your friend" willfully living and working in the U.S. illegally and fraudulently without a visa, abusing the immigration system (per your other posts), you are both trying to get a free ride and seem to have no respect for the U.S. as your host country.

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omshiv, I do not know. Older immigrants adopted the US heart and soul; they were willing to fight and die for their new homeland; many had family who died trying to get here. Many new immigrants want to come only for the $$$. The values on which the country was built and defended by the blood and lives of those from the 1600s until now are of no importance. Fortunately, many others are truly wanting to become 100% Americans; these we happily welcome. The people that frustrate me the most are those who take the few GC and USC spots when all they want it for is an easy entry into the US and SS. They deny or delay others who truly want to make the US their home.

When it comes to history you should always talk about facts.

1."Older immigrants adopted the US heart and soul; they were willing to fight and die for their new homeland;"- If this was true then what happened to "NATIVE AMERICANS" or "RED INDIANS"? How did they die? Do you know about "Trail of Tears"?? Do you know "Indian Removal Act of 1830"?

2."The values on which the country was built and defended by the blood and lives of those from the 1600s until now are of no importance"- defended?? As far as my knowledge is concerned I remember only two foreign attacks on American soil.

i. Pearl Harbor

ii. 9/11 attacks

But what about the attacks on others nations by US military?

Cambodian Campaign,Bay of pigs,Attack on Iraq,Operation Desert Fox,Vietnam war,Drones killing innocent Pakistani "children's" and so on. The count of this list is more than my age.

T75, I respect your opinion and your patriotism towards US but what I have mentioned above all are facts.I can mention some more facts but this is not the correct place to do so.

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  • 2 weeks later...

hahaha.....I am talking about their fathers and you are talking about their kids.

These are the kids of those people who have conquered the land from INNOCENT people.

Humans originated in Africa. Every country that existed after that was explored and conquered. Even India was 'conquered' by Romans (especially the Pakistan region) and the Muslims and the Britishers. That way even you are a descendant of some 'outsider'. How long back in history are you going to go back to prove your point?

The point is we need to look at the society now, its much more civilized and it has laws. There are a lot of things happened in the past, that shouldn't affect the current society. Move on.

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Lets not get carried away here. Almost everyone's a taker. Only difference is that I'm open about protecting my own interests while most folks are hypocrites. Any time there are talks about a deduction (like the mortgage interest deduction) getting taken away, everyone starts complaining. And all the different lobby groups lobbying for benefits for their constituents is an act of selfishness, don't you think?

And just to set the record straight, the US needed (and still needs) me and vice-versa. They made good money off me when I was in college and I got a great education and now they need me for my skills, so no one's doing me a favor. Besides, I'm not cheating the system. I'm asking for legal ways to minimize my tax liability.

Logically speaking, you are right about everything you said. Everyone thinks of themselves and their families first. You are also right legally, if you continue to follow the law. But what you said is wrong morally. But again, thats your personal conscience, should not be anyone's business.

By the way, the 16 trillion debt, your children will pay not you. And when they are smart enough to realize that they will have the choice to move to another country (like Australia), just like you moved to another country. Think about your present now rather than your children's future. The world might be a totally different place in 30yrs !!!

I am curious, where would you live with your 100 million?

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  • 3 weeks later...

And if I'm oh so replaceable and if they don't need my skills, why hasn't my company replaced me already? Why do they insist on spending the H1b filing and attorney fees and the GC processing fees (we hire one of the top immigration law firms in the country and they charge a ton of money) when they can hire someone else and not pay for their visas? And I'm sure you'll try to argue this point, so I'll clear it up in advance. I don't work for any consultant. I work for a top financial services company as a direct employee.

I'm not the arrogant one here. The US didn't let me in to study here because they feel oh so charitable. They knew they could charge me out-of-state tuition and benefit from my money going into these universities. So you're delusional to think that they did me a favor. Same goes for the job. They're not doing me a favor.

And even you are getting a free ride then. Because at best, you're not breaking any rules either. So, you're just like me. And since you claim that I'm getting a free ride, so are you!

I don't waste my time with nationalism. In my opinion, that's something politicians use to control people with weak minds.

You are living in a fantasy if you think that the U.S. "made money" off you and "needs" your skills. The U.S. provides more to everyone though the myriad of services provided than they contribute back in taxes -- so you did get benefit (not to mention you got a "great education"). Further, virtually everyone is replaceable in terms of their skills and job. Unless you are a recognized, world renown, expert in your field, the U.S. may want your skills, but they do not need your skills.

Between this arrogance and "your friend" willfully living and working in the U.S. illegally and fraudulently without a visa, abusing the immigration system (per your other posts), you are both trying to get a free ride and seem to have no respect for the U.S. as your host country.

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Logically speaking, you are right about everything you said. Everyone thinks of themselves and their families first. You are also right legally, if you continue to follow the law. But what you said is wrong morally. But again, thats your personal conscience, should not be anyone's business.

By the way, the 16 trillion debt, your children will pay not you. And when they are smart enough to realize that they will have the choice to move to another country (like Australia), just like you moved to another country. Think about your present now rather than your children's future. The world might be a totally different place in 30yrs !!!

I am curious, where would you live with your 100 million?

I don't think I'm being immoral. At least, I'm admitting to it. If suddenly they passed a law mandating a 90% tax rate, how many of these moral people will still stick around? Very few, I'm guessing. Yet, I'm the only one here who does not want to help pay the national debt. I think all the bums that get handouts and all the corporations that get tax breaks should be responsible for paying the debt. I only get my paycheck carved out nicely, for doing everything right.

With my 100 mil, I'd move to the Bahamas, or the Cayman Islands and live a laid back life that's not focussed on materialism and keeping up with the joneses. My gf is a USC so I'd still want to come here as a visitor to visit her parents. And then, the US will be happy to get my tourist dollars. Now don't tell me that they're doing tourists a huge favor by letting them in. It's a business relationship!

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Yet, I'm the only one here who does not want to help pay the national debt.

That's fine dude, no one forced you to do so. If you don't pay taxes, your status will become illegal. Hence you will be deported.

I think all the bums that get handouts and all the corporations that get tax breaks should be responsible for paying the debt. I only get my paycheck carved out nicely, for doing everything right.

Their is a little bit difference between them and us.

We obey law, unlike others who preach something but do something.

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