Difference between revisions of "Tax Rates Reflect Quality Of Life"

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Revision as of 10:13, 26 August 2026


Even as lots of people breathe a sigh of relief once your conclusion of the tax period, people with foreign accounts along with foreign financial assets may not yet be through with their tax reporting. The Foreign Bank Account Report (FBAR) is due by June 30th for all qualifying citizens. The FBAR is a disclosure form that is filled by all U.S. citizens, residents, and U.S. entities that own bank accounts, are bank signatories to such accounts, or possess a controlling stakes to a single or many foreign bank accounts physically situated outside the borders of north america. The report also includes foreign financial assets, life insurance policies, annuity along with a cash value, pool funds, and mutual funds.

What it is as your 'income' tax has a few tax brackets each using its own tax rate from 10% to 35% (2009). These rates are used on your taxable income which is income for over your 'tax free' salaries.

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Muni bonds should be owned inside your taxable brokerage accounts, and never in your IRA or 401K accounts because income in those accounts has already been tax-deferred.

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Example: Mary, an American citizen, is single and lives in Bermuda. She earns a salary of $450,000. Part of Mary's income will be subject to U.S. tax at the 39.6% tax rate.

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