The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / FIRE Wannabees

URL:  http://boards.fool.com/lt2-lower-taxes-yes-really-ltswoongt-i-20168840.aspx

Subject:  Re: Retiring to Scotland Date:  1/17/2004  11:43 AM
Author:  Nils44 Number:  1794 of 5056

<2. Lower taxes. Yes really. <swoon> I have calculated that we will live on approx. $35K a year (no mortgage) and will not pay any income tax if I manage our withdrawals carefully. NO income tax.>

Sorry about replying to an old posting, but I just happened to see it. I found the entire thread very interesting. I am curious regarding the fact that you don't have to pay any income taxes. My understanding was that U.S. citizens as well as Resident Aliens have to pay U.S. income taxes no matter where in the world they live. The only way to get around this was with the Foreign Income Tax Credit. But this only applies non-passive income.

So, I would be very interested in learning more regarding the no-income tax. Thanks in advance.

Nils
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us