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DFW

(57,085 posts)
56. I started working full time with my outfit in 1975, and didn't formalize my residence move here until 2011
Mon Dec 9, 2024, 03:06 PM
Dec 9

So, I have put in my time in the States. At least I get something for all those U.S. taxes I paid in, even if Germany gets to take half of it. On that small matter, at least, Germany and the USA are in agreement--the country of residence taxes the Social Security payout (of course, I'm still paying in $10,000 a year, too. It sucks that Germany gets to take 50%´of my benefit, where the USA would be taking 85% of 39.6% (or whatever the max rate is in the USA these days). But at least they aren't trying to take over 70%, which, between the two countries, they are trying to take from most of my current income. Plus, when I made my Roth IRA conversion, I paid the full U.S. tax due on the full value at the time, following the rules to the letter. Under US law, that meant that, after the conversion, if the value went down, too bad for me, I couldn't take a deduction, but if the value went up, then good for me, since the government says the same rules apply: they consider whatever it's worth as tax paid in full. I made the conversion when the Dow was 7800 (Cheney-Bush recession). Obviously, at today's 44000+, the value of the Roth IRA has gone way up. The two governments just have different attitudes toward the Roth IRA. The USA says, "you paid your taxes in full, whatever it's worth now is yours." Germany says "we don't care what the USA or the Double Taxation Treaty says, we will take half of any distribution you take out."

I made the Roth conversion when I was still a full time US resident, so the Germans have no claim on my Roth IRA. Except they say, well, we want half of that, too. I'll forego whatever fun I might have had with that money and leave it to my daughters and grandchildren before I leave it to a bunch of German bureaucrats who, besides giving me NOTHING in return, will only use it to pay for their chauffeur-driven limousines and six week paid vacations. They said they will only tax any distributions when I take them out of it, which have, of course, been zero. Luckily, since I'm still working, I don't need any of it to live on. I consulted a German international tax specialist about the Roth IRA, and he suggested I move back to the USA for a year and a day, so I can take the payout and the Germans would have no claim on it. But I would go nuts if I had to spend a full year (or even most of it) back in the states, when my life and my job is here. At age 32, that might have been considered a sabbatical. At age 72, that would reek of retirement, something I am not yet prepared to do.

Where did you live in Switzerland? I was just down there for a few hours today, meeting with the guy from my office there. He has been with me since 1984. I can hardly believe it. He was 37 then. He's 77 now. But like me, he doesn't see any sense in retiring and sitting around doing nothing all day. He inherited the house he lives in, which is within the city of Geneva, from his dad. He could never have bought it outright, Swiss real estate prices being what they are. But he has no financial worries. Like me he is only terrified of boredom. We met up in Zürich today, since the only flight from Geneva back to Düsseldorf is currently at 9:00 AM, which would have given me the time to step off the plane from Düsseldorf, say hi, and turn right around and hope the security line wouldn't make me miss the flight. Luckily, he thought nothing of making the three hour drive from Geneva to Zürich, and then the three hours back. But since I had to get up at 4:15 in the morning to make the early flight from Düsseldorf to Zürich, I had nothing to laugh about, either.

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What the SC decides on this on this will be a good indicator just how quickly our Democracy will be destroyed. That the JohnSJ Dec 9 #1
Fuck the willing sheep. What is our best course of resistance? Magoo48 Dec 9 #38
So far I am not particularly impressed by some of the Democrats in Congress who seem too willing to NOT to fight. JohnSJ Dec 9 #40
trump said recently he "would TRY to end it." Someone must have told him a Constitutional Silent Type Dec 9 #2
I don't think he cares. In his fluffy little poo-brain, AllyCat Dec 9 #14
Supremes won't give him a chance to violate what is explicitly written in Constitution. Not Silent Type Dec 9 #15
I wish I had your optimism. AllyCat Dec 9 #19
Supremes can insist they are 'originalists', and thus all Ammendments.... 70sEraVet Dec 9 #24
They COULD, but highly unlikely they will. Silent Type Dec 9 #26
All except the 2nd, of course. Aristus Dec 9 #58
The "Supremes" aren't going to do shit against Trump. TBF Dec 9 #35
I don't think the media should report anything. Trump says. Chances are very, very good. It's a lie. Walleye Dec 9 #3
Is the intention just denaturalization BadgerKid Dec 9 #4
No the intent is to deport the American children of the undocumented erodriguez Dec 9 #5
Their plan is to end the "anchor babies" dilemma FakeNoose Dec 9 #12
Lately he's been implying that the undocumented family members either leave - haele Dec 9 #34
Is he going to start with his own family? nt TBF Dec 9 #36
Let's Talk About All of Those Russian Kids Deep State Witch Dec 9 #48
Yes it's definitely abusing our system, and the Russians are doing it blatantly FakeNoose Dec 9 #51
The thing that is totally shocking, is that everyone assumes he means it's only going to apply to Baitball Blogger Dec 9 #6
My Friend's partner is Ukrainian Deep State Witch Dec 9 #49
Our government's Constitution stopped working for us, the day that less than 50% of those who voted, voted Baitball Blogger Dec 9 #50
The media... 2naSalit Dec 9 #7
the media continues to traumatize us with this sort of inflammatory BS LymphocyteLover Dec 9 #8
On day 1 Beachnutt Dec 9 #9
C-SPAN Washington Journal is talking about this now. Emile Dec 9 #10
We already did that. Research the "Real Jobs for Real Americans" Act AZLD4Candidate Dec 9 #11
Really? I'm surprised but thank you NT Tickle Dec 9 #17
I did look that up. 70sEraVet Dec 9 #32
Thank you, 70sEraVet, for the link FemDemERA Dec 9 #53
They are targeting the Constitution dlk Dec 9 #13
tsf also employs crews of undocumented folks, why isn't he arrested and they get deported? lark Dec 9 #16
he has also had many of those 'birth tourists' stay at his properties. mopinko Dec 9 #29
If they get rid of the birthright citizenship. The people without it should not have to pay into Social Security LiberalArkie Dec 9 #18
Everyone pays into SS and Medicare if they work for a legitimate business LittleGirl Dec 9 #21
I have been fighting a mostly lonely battle for many years. DFW Dec 9 #37
We really get the axe from being citizens abroad. LittleGirl Dec 9 #42
I started working full time with my outfit in 1975, and didn't formalize my residence move here until 2011 DFW Dec 9 #56
That mess is why I'm glad my spouse handles all of our retirement accounts LittleGirl Dec 9 #57
Alemannic is a challenge alright DFW Dec 9 #59
Oh I totally agree. I just have a problem with the fact that a person is forced to pay into something that they will LiberalArkie Dec 9 #43
A lot of folks think it will impact someone else IronLionZion Dec 9 #20
It's just s diversion Jughead Dec 9 #22
It's all about the Bitcoins. Chris Hayes had it right. k55f5r Dec 9 #39
No no. It going to happen and they are going to rob America erodriguez Dec 9 #44
this Cosmocat Dec 9 #46
Fine, Donnie can start with all the white folks first Blue_Tires Dec 9 #23
How about the constutution VGuerra276 Dec 9 #25
he'd like to repeal all of the 14th amend. mopinko Dec 9 #31
He can't just repeal a amendment. Elessar Zappa Dec 9 #52
oh, i know. but mopinko Dec 9 #55
Media has no birth certificate, they are not people, they are corporations. bucolic_frolic Dec 9 #27
Media once again obeying Trump in advance. nt Jit423 Dec 9 #28
More projection and hypocrisy. Russian 'birth tourism' -- according to The Week, at Trump condos lostnfound Dec 9 #30
So Melanie and her anchor baby. onecaliberal Dec 9 #33
No, they're white. They can stay. JustABozoOnThisBus Dec 9 #41
All those brown people pissed at the white immigrants are not gonna be happy. onecaliberal Dec 9 #45
Agolf Twitler wants to repeal the 14th amendment because he wants to avoid prosecution for January 6th. love_katz Dec 9 #47
"The Media" is now synonymous with "The Ruling Class" Johnny2X2X Dec 9 #54
Wait till they go after Caesarian births. usonian Dec 9 #60
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