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Cicada

(4,533 posts)

8. US would let Depp reduce US tax by French tax

Reply to alp227 (Original post)

Fri Sep 14, 2012, 09:51 PM

Sep 2012

Depp probably would get a full US credit - the foreign tax credit - for French tax on doubly-taxed income.
So his US tax on such doubly taxed income would be zero. But I think France does plan a 75% french tax. There IS a point where the Laffer curve kicks in and this may be the point.

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Ever heard right wingers spreading the story of Johnny Depp leaving France due to taxes? [View all] alp227 Sep 2012 OP

No it wouldn't be over 100%, nor could it dems_rightnow Sep 2012 #1

correct. reduces your tax exposure dollar for dollar. NYC_SKP Sep 2012 #2

good to know, i think i would probuably give up my US citizen if i moved to europe and had to pay US loli phabay Sep 2012 #11

Of course after deductions and write-offs that the rich here get... jenw2 Sep 2012 #3

when did i ever defend that fact? alp227 Sep 2012 #4

Didn't he break up with his long time French GF, Vanessa Paradis? MrScorpio Sep 2012 #5

yeah that's true as well, but he broke up the year after that interview. alp227 Sep 2012 #6

#1-Depp has owned an island in the Bahamas since 2004. Honeycombe8 Sep 2012 #7

I agreed with almost everything you said truebluegreen Mar 2014 #12

US would let Depp reduce US tax by French tax Cicada Sep 2012 #8

Usually income earned in France would burrowowl Sep 2012 #9

How would I respond? "Where are Romney's tax returns?" WinkyDink Sep 2012 #10

The US allows expats to exempt the first--I think--$95,000 in income per year truebluegreen Mar 2014 #13