October 31, 2009
We often are asked where is the best country to live and work in to reduce foreign taxes. Wikepedia has a chart showing the various income tax rates for individuals and corporations in various countries. Check it out here. Of course you can always consider Dubai which has no taxes.
Remember, so long as you are a US Citizen or permanent resident you still must file your US form 1040 with the IRS each year and report your worldwide income. Failure to file timely special forms required for foreign financial accounts, foreign corporations, partnerships and trusts, and other related forms can also result in substantial penalties.
Mr. Schulman is pictured. He is the Commissioner in charge at the INTERNAL REVENUE SERVICE and is primarily responsible for the dramatic increase in international tax regulation at that agency.