US expats feel the burden of FATCA: IRS Reaches Out

[bjnash888]

Heard of FATCA?

http://www.swissinfo.ch/eng/politics/US_expats_feel_the_burden_of_FATCA.html?cid=35932576

bj

[NeverSure]

Yep. Pay your taxes. All of my income comes from the US anyway and I get 1099's which makes it easy. Taxes are low in the US, especially if your residence state has no income tax, or if you're not a resident of any state.

The US government pays me about US$2500 per month (about 80,000 baht) in social security, and then taxes me about 15% on it. All of my other income is investment withdrawal, capital gains, etc which averages about 15% tax overall, except investment and savings withdrawal which isn't taxed.

Also, the US government contributes about US$1,100 pm toward my medicare advantage health insurance, and I kick in a little over $100 pm myself.

What's the big deal?

[Suradit69]

Heard of FATCA?

http://www.swissinfo...ml?cid=35932576

bj

If you do a search for "FATCA" you'll see it's been discussed in a number of threads before.

Millions of people don't know what fbar is. don't report fbar and they can take your money.

Guys, I think if you are an American, it s time for you to go back home or find a way to get a thai passport and relinquish your US passport. Before this they will do a check on your past 8 years and if you fail to report one dollar, you are screwed.

It 's going to be worse even if you comply at 100%.

Millions? Go back home? Nonsense.

If you file your income taxes, especially if you use something like TurboTax, you are reminded to file Fbar reports with the Treasury if you meet the requirements.

If you're all that worried, sleep with a night light.

Edited August 25, 2013 by Suradit69

[ericthai]

On top of this, non USA bank risk heavy fines (by millions $) if irs discover they have USA person as client.

Where do you get this? First the US has no control over other countries banks, it all depends if the government for that country wants to work with the US.

The US tried to put pressure on Singapore for their banks to release names of accounts for US holders, Singapore told them to take a hike.

Second as long as you are not trying to avoid taxes it is not a problem.

As for the FBAR, You only need to submit an FBAR if the aggregate total for the account is over $10,000.

Why are you making comments about things you have no idea what you are talking about. People come here looking for advise.

Making these types of comments can make someone that does not know anything worry.

[ericthai]

Yep. Pay your taxes. All of my income comes from the US anyway and I get 1099's which makes it easy. Taxes are low in the US, especially if your residence state has no income tax, or if you're not a resident of any state.

The US government pays me about US$2500 per month (about 80,000 baht) in social security, and then taxes me about 15% on it. All of my other income is investment withdrawal, capital gains, etc which averages about 15% tax overall, except investment and savings withdrawal which isn't taxed.

Also, the US government contributes about US$1,100 pm toward my medicare advantage health insurance, and I kick in a little over $100 pm myself.

What's the big deal?

Just wanted to let you know. This year 2013 the capital gains tax is being increased to 20% for anything over $400,000 if you are single and $450,000 for a couple. Also they are now adding a I believe it is 3.8% tax (might be 3.6%) on top of capital gains to help fund medicare.

Last on your Medicare advantage plan you might want to check around.

You should be able to find a plan that has no premium. Just the $104.90 they take out of your SS. I know in Florida they even have some plans that offer a give back. The give back ranges anywhere from $50.00 up to $96, however that was for this year, 2014 might change. Of course with the give back plan your co-pays for hospital stay, medications etc are a little higher. The AEP for plan changes is coming up which is from October 15 until December 7th. You might want to get with you insurance agent and see what options you have. If he only handles one or two providers you might want to check around. No sense in paying an extra $100 a month if you don't have to. I suspect you don't use the plan that much if you are in Thailand most of the time.

[maxman71]

Very big deal. I don't think people realize what it means. People don't seem to care.

2014 irs will take 30%of your non reported income.

Even a 1$ mistake in any account, give them the authorisation to freeze your account and take up 30%of your non reported accounts.

On top of this, non USA bank risk heavy fines (by millions $) if irs discover they have USA person as client. They have even forced to close the oldest swiss bank. Do you think banks are willing to comply with these blackmailers?

In Europe, millions of us persons have been asked to take their money and go away. Around 6 millions usa expats and millions of guys with green cards.

I heard Thailand is not accepting us person anymore.

Millions of people don't know what fbar is. don't report fbar and they can take your money.

Guys, I think if you are an American, it s time for you to go back home or find a way to get a thai passport and relinquish your US passport. Before this they will do a check on your past 8 years and if you fail to report one dollar, you are screwed.

It 's going to be worse even if you comply at 100%.

Cheap Charly...Where are you getting your information??? You "heard" that Thailand is not accepting US persons anymore??? From where or whom did you hear this from??? I have read up a lot about FATCA, and previous to that, I have read up and posted on this forum about the IRS' aggressive efforts to get US citizens/Green Card holders to report their offshore accounts via the FBAR, report their overseas income, etc. This has been going on since 2009.

The information I have read comes from numerous sources; tax expert blogs, The Nation, BKK Post, Singapore Straits Times, South China Post, Wall Street Journal, the IRS, my own tax professionals in the US and others, says ASEAN (of which Thailand is a member) will comply with FATCA. Singapore already does. Thailand says they will, but they need more time, and the IRS has extended the deadline from Jan. 1 2014 to July 2014 for foreign banks to meet compliance regs; the regs and compliance measures are indeed arduous. But there is simply too much trade going on between various overseas countries and the US for those overseas countries and their banks to simply walk away from accepting US citizens' bank accounts. Some overseas banks may opt to refuse US citizen bank accounts, but others will continue to accept them; it's too lucrative of a market. What I do suspect will happen is the banks that continue to accept US citizen bank accounts will charge a fee for doing so in order to cover the cost of complying with FATCA.

What I have noticed is the "wealth management" products i.e. brokerage/investment services, are not being offered to US citizens in Thailand. FATCA compliance in those types of accounts is extremely complicated.

Further, the US is not the only country cracking down on offshore accounts; the UK has also been doing the same thing.

The "oldest Swiss bank" that you claim was forced to shut down as a result of FATCA is inaccurate. The Swiss bank you are referring to was a Cantonal bank that was actively selling tax evasion products to US citizens and got nailed with heavy fines and criminal charges for doing so; not for simply having US citizen bank accounts. An example of such a case is in the link below:

http://www.justice.gov/opa/pr/2011/December/11-tax-1589.html

Charly, if you are just now becoming aware of FATCA, I suggest you dig deeper in obtaining the FACTS. I suspect you are going on bits and pieces of information, rumors, etc. The IRS has been after unreported US citizen/Green Card holders' accounts since 2009; it is not "new".

What is new is there a lot of US citizens and green card holders who still are not aware of all the compliance regs, or they are aware and have ignored them. And if they have not been in compliance, they are indeed in for a world of pain if they get caught, which is becoming more and more likely with the implementation of FATCA.

[maxman71]

No problem at all unless you have $50,000 USD or more in an offshore bank...

bjnash888...The threshold for reporting offshore accounts is USD 10,000 and above for the aggregate of all offshore accounts for a US citizen/green card holder. This USD 10,000 aggregate balance only needs to be met for as little as one day in any calendar year to trigger the reporting requirement.

[Pinot]

I thought the US were a free country?

Yea, well said. ???

It's not worth it to screw around with what the US is requiring. Some have decided it's better to renounce citizenship. In some cases, it makes sense. The reporting aspect of the law can get complicated. For the vast majority of US expats, renouncing citizenship is ludicrous.

Want to collect social security? Follow the rules. You're flying under the radar if it's less than $10,000 in a Thai bank, to start with. I file my US taxes every year with SS and income from investments, I have yet to pay the IRS anything.

[leisureboy]

Jeezus Cheap Charlie. None of your links back up your horror stories. And I think Americans renouncing their citizenship has less to do with reporting foreign bank accounts than that they can't accept that there's a black man in the White House.

[maxman71]

Jeezus Cheap Charlie. None of your links back up your horror stories. And I think Americans renouncing their citizenship has less to do with reporting foreign bank accounts than that they can't accept that there's a black man in the White House.

leisureboy...I agree that CheapCharly is playing Chicken Little re: FATCA. I disagree with you that people who are renouncing their US citizenship are doing so just because of a black man in the White House. Obama has shown himself to be just as bad, if not worse in many ways, compared to Bush. It has nothing to do with Obama's race, but more so with his character, or lack thereof.

[Naam]

Very big deal. I don't think people realize what it means. People don't seem to care.

2014 irs will take 30%of your non reported income.

Even a 1$ mistake in any account, give them the authorisation to freeze your account and take up 30%of your non reported accounts.

On top of this, non USA bank risk heavy fines (by millions $) if irs discover they have USA person as client. They have even forced to close the oldest swiss bank. Do you think banks are willing to comply with these blackmailers?

In Europe, millions of us persons have been asked to take their money and go away. Around 6 millions usa expats and millions of guys with green cards.

I heard Thailand is not accepting us person anymore.

Millions of people don't know what fbar is. don't report fbar and they can take your money.

Guys, I think if you are an American, it s time for you to go back home or find a way to get a thai passport and relinquish your US passport. Before this they will do a check on your past 8 years and if you fail to report one dollar, you are screwed.

It 's going to be worse even if you comply at 100%.

On top of this, non USA bank risk heavy fines (by millions $) if irs discover they have USA person as client.

pure refined nonsense! banks are forcing US clients out because they are not willing to comply with the cost intensive reporting to the IRS.

the oldest Swiss bank had to close down (actually its business was absorbed by another Swiss bank) because it assisted US clients to evade taxes.

[NeverSure]

Yep. Pay your taxes. All of my income comes from the US anyway and I get 1099's which makes it easy. Taxes are low in the US, especially if your residence state has no income tax, or if you're not a resident of any state.

The US government pays me about US$2500 per month (about 80,000 baht) in social security, and then taxes me about 15% on it. All of my other income is investment withdrawal, capital gains, etc which averages about 15% tax overall, except investment and savings withdrawal which isn't taxed.

Also, the US government contributes about US$1,100 pm toward my medicare advantage health insurance, and I kick in a little over $100 pm myself.

What's the big deal?

Just wanted to let you know. This year 2013 the capital gains tax is being increased to 20% for anything over $400,000 if you are single and $450,000 for a couple. Also they are now adding a I believe it is 3.8% tax (might be 3.6%) on top of capital gains to help fund medicare.

Last on your Medicare advantage plan you might want to check around.

You should be able to find a plan that has no premium. Just the $104.90 they take out of your SS. I know in Florida they even have some plans that offer a give back. The give back ranges anywhere from $50.00 up to $96, however that was for this year, 2014 might change. Of course with the give back plan your co-pays for hospital stay, medications etc are a little higher. The AEP for plan changes is coming up which is from October 15 until December 7th. You might want to get with you insurance agent and see what options you have. If he only handles one or two providers you might want to check around. No sense in paying an extra $100 a month if you don't have to. I suspect you don't use the plan that much if you are in Thailand most of the time.

Remember, in the US health insurance companies don't sell across state lines. They pay in any state. I have Blue Cross and the premium could be very little or lots more depending on what I choose. Do I want dental and eye care? Do I want low or high deductible? So my approx. $100 a month is based on what I chose. I think it's a good deal considering that the gov't pays about $1,100 more for me, and if I have a serious illness and can set foot on US soil, I have good health coverage in any state.

As I am retired and only draw money as needed, and have some contract income on which only my interest amt is taxable, I don't expect to withdraw enough money to get hit with $400,000 in capital gains. Geez I'd have to withdraw a lot of money - remember the original invested money isn't taxable.

One more time. Just pay your taxes. As for any wise ass who says something about the US being "free," show me a country with real opportunity and lower taxes.

[NeverSure]

No problem at all unless you have $50,000 USD or more in an offshore bank...

bjnash888...The threshold for reporting offshore accounts is USD 10,000 and above for the aggregate of all offshore accounts for a US citizen/green card holder. This USD 10,000 aggregate balance only needs to be met for as little as one day in any calendar year to trigger the reporting requirement.

What's the big deal? If I walk into any bank in the US and withdraw $10k or more in cash I have to fill out an IRS form. That's been the case since I was a banker many moons ago. It doesn't make the money taxable, it just reports it and originally it was for track money laundering.

The US has the lowest tax rates of any developed country I know especially when you figure the lack of import duties, etc. For all I get including litter free and beautiful highways, I'd call it a bargain.

The paperwork is no problem at all. I use TurboTax and it walks me through it in an hour and prints my tax return.

Just pay your reasonable taxes and sleep well. Nothing in life is free.

[Loptr]

Jeezus Cheap Charlie. None of your links back up your horror stories. And I think Americans renouncing their citizenship has less to do with reporting foreign bank accounts than that they can't accept that there's a black man in the White House.

Congrats on turning a financial discussion into a racial rant. You only show your own bigotry with that one.

[ericthai]

Yep. Pay your taxes. All of my income comes from the US anyway and I get 1099's which makes it easy. Taxes are low in the US, especially if your residence state has no income tax, or if you're not a resident of any state.

The US government pays me about US$2500 per month (about 80,000 baht) in social security, and then taxes me about 15% on it. All of my other income is investment withdrawal, capital gains, etc which averages about 15% tax overall, except investment and savings withdrawal which isn't taxed.

Also, the US government contributes about US$1,100 pm toward my medicare advantage health insurance, and I kick in a little over $100 pm myself.

What's the big deal?

Just wanted to let you know. This year 2013 the capital gains tax is being increased to 20% for anything over $400,000 if you are single and $450,000 for a couple. Also they are now adding a I believe it is 3.8% tax (might be 3.6%) on top of capital gains to help fund medicare.

Last on your Medicare advantage plan you might want to check around.

You should be able to find a plan that has no premium. Just the $104.90 they take out of your SS. I know in Florida they even have some plans that offer a give back. The give back ranges anywhere from $50.00 up to $96, however that was for this year, 2014 might change. Of course with the give back plan your co-pays for hospital stay, medications etc are a little higher. The AEP for plan changes is coming up which is from October 15 until December 7th. You might want to get with you insurance agent and see what options you have. If he only handles one or two providers you might want to check around. No sense in paying an extra $100 a month if you don't have to. I suspect you don't use the plan that much if you are in Thailand most of the time.

Remember, in the US health insurance companies don't sell across state lines. They pay in any state. I have Blue Cross and the premium could be very little or lots more depending on what I choose. Do I want dental and eye care? Do I want low or high deductible? So my approx. $100 a month is based on what I chose. I think it's a good deal considering that the gov't pays about $1,100 more for me, and if I have a serious illness and can set foot on US soil, I have good health coverage in any state.

As I am retired and only draw money as needed, and have some contract income on which only my interest amt is taxable, I don't expect to withdraw enough money to get hit with $400,000 in capital gains. Geez I'd have to withdraw a lot of money - remember the original invested money isn't taxable.

One more time. Just pay your taxes. As for any wise ass who says something about the US being "free," show me a country with real opportunity and lower taxes.

About insurance companies selling across state lines that is somewhat true. Companies can only sell in states they have registered and submitted plans for. The plans they submit can be for the whole state or just some counties in that state. Each plan that is submitted needs to be approved by CMS which is the regulating body of Medicare. Example Humana Healthcare has plans in all 50 states, now what is offered by them in Florida may not be available in Georgia. Your comment that you can use your plan in any state, please be careful as this all depends on the type of plan you have and agents have been know to lie. If it is a medicare advantage HMO plan then that is not a true statement unless it's an emergency. If it's a medicare PFFS, PPO or a medicare supplement (sometimes referred to as medigap)policy then yes it is accepted anywhere that original medicare is accepted. With your reference to adding Dental etc I'm thinking you might have a medicare supplement policy as those are the only types of medicare plans that can add vision, dental etc. as a PPO, PFFS or HMO have set coverage so there is no selection. Medicare supplement you can choose the level of coverage to the level of co-pay and premium you want. However if you need/want prescription drug coverage you need to get a Prescription drug plan on top of the supplement plan as a supplement plan does not include prescription drugs. What is nice with these plans the coverage is good, easy to use (no referrals needed) and is portable as you stated can be used in any state at any place that original medicare is accepted. I do hope that you will have no need to use you medicare plan. OP sorry for getting off topic..

Edited August 26, 2013 by ericthai

[craigt3365]

A bunch of off topic, rants and posts with incorrect information have been removed from view. If you want to discuss conspiracy theories, there are plenty of other websites out that that cater to this. But not Thaivisa.

Please keep your posts on topic and factual. We don't want others making financial decisions based on incorrect information.

[1Ping1]

All.

Will start by admitting I'm not sharpest tool in shed anymore. Been blown up a few to many times.

Having stated that, I'm trying to come to terms w all this and have read everything but for better or worse. My memory sucks.

My situation is very similar to neversure. I also have an account in states that does my taxes. Ok. Here's my question. I do have a savings account at SCB bank. I only though use it to transfer roughly 100,000 baht per month into it and then quickly dump it into my wife's account each month. I am not sure but it pays little to no interest.

Based on this do I need to even claim I have a forigen account in my tax prep form. For US accounts I think you only have to claim if you earn over ten bucks in interest or something like that.

By luck more than anything I think I'm ok as I do not like funds in a bank in a country that is not FDIC insured. Is my assumptions correct. I'm ok as u do not earn enough,if any to be "declairable" interest or dividends?

Thanks in advance and would greatly appreciate advice so I not worry about it.

[craigt3365]

All.

Will start by admitting I'm not sharpest tool in shed anymore. Been blown up a few to many times.

Having stated that, I'm trying to come to terms w all this and have read everything but for better or worse. My memory sucks.

My situation is very similar to neversure. I also have an account in states that does my taxes. Ok. Here's my question. I do have a savings account at SCB bank. I only though use it to transfer roughly 100,000 baht per month into it and then quickly dump it into my wife's account each month. I am not sure but it pays little to no interest.

Based on this do I need to even claim I have a forigen account in my tax prep form. For US accounts I think you only have to claim if you earn over ten bucks in interest or something like that.

By luck more than anything I think I'm ok as I do not like funds in a bank in a country that is not FDIC insured. Is my assumptions correct. I'm ok as u do not earn enough,if any to be "declairable" interest or dividends?

Thanks in advance and would greatly appreciate advice so I not worry about it.

FATCA is different from FBAR.

FATCA info: http://www.irs.gov/Businesses/Corporations/FATCA-Information-for-Individuals

FBAR info: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-%28FBAR%29

I doubt FATCA will have an impact on you, unless you have financial assets here greater than 50,000 USD.

Same with FBAR as the threshold is 10,000 USD in accounts at any one time.

With that being said, if you did receive interest, that needs to be reported. However miniscule.

Experts: Please correct me if I am wrong!!!

[1Ping1]

Thanks Craig, still would love to hear from others if I even have to report account exists if its earning little to no dividends or interest.

Is it simply because its an offshore account and so treated differently than US accounts. In US, if under 10 or 20 bucks, I do not think you even have to file the 1099 form. Please correct me if I'm wrong in this.

[craigt3365]

Thanks Craig, still would love to hear from others if I even have to report account exists if its earning little to no dividends or interest.

Is it simply because its an offshore account and so treated differently than US accounts. In US, if under 10 or 20 bucks, I do not think you even have to file the 1099 form. Please correct me if I'm wrong in this.

Yes, it would be good to hear from others as this has an impact on me also!

What I've been doing: I only bring in money a few times a year, so the one time amounts are generally over 10k. Makes me file an FBAR, but TurboTax helps me with this and you can now file that form electronically. Pretty easy.

I've not had an interest earning account here yet, so not worried about my 1040. But, if I did earn interest, I'd report it on my 1040 just to be safe. Even if only 1,000 Baht. I get 1099s for my various bank accounts. I have gotten them for amounts less than $1. I report all of them. You have to.

I don't worry about FATCA, though I wish I had to! 555555

[1Ping1]

Thanks again Craig, and Neversure, first I love your stance in general on all your points. Second. We are blessed and have earned the very good plan options we have given the low tax rates we have.

Love to hear your view on if I even need to file this darn thing.

[Cheapcharly]

You guys are still OK until July 2014, automatic reports and confiscated accounts(30%tax on unreported bank accounts ) has been delayed until this date.

After, expect thai banks to report everything to irs without your authorisation. That' s going to be very interesting with all the guys who are totally clueless of what' s going on.

if there is a mismatch between what you report via fbar and their fatca automatic exchange informations, you may trigger an audit for non consistency.

Edited August 27, 2013 by Cheapcharly

[NCC1701A]

FATCA Information for Individuals:

http://www.irs.gov/Businesses/Corporations/FATCA-Information-for-Individuals

Types of Foreign Assets and Whether They are Reportable on Form 8938:

http://www.irs.gov/Businesses/TypesofForeignAssetsandWhetherTheyareReportableonForm-8938

FAQ:

http://www.irs.gov/Businesses/Corporations/Basic-Questions-and-Answers-on-Form-8938

Edited August 27, 2013 by NCC1701A

[hawker9000]

All.

Will start by admitting I'm not sharpest tool in shed anymore. Been blown up a few to many times.

Having stated that, I'm trying to come to terms w all this and have read everything but for better or worse. My memory sucks.

My situation is very similar to neversure. I also have an account in states that does my taxes. Ok. Here's my question. I do have a savings account at SCB bank. I only though use it to transfer roughly 100,000 baht per month into it and then quickly dump it into my wife's account each month. I am not sure but it pays little to no interest.

Based on this do I need to even claim I have a forigen account in my tax prep form. For US accounts I think you only have to claim if you earn over ten bucks in interest or something like that.

By luck more than anything I think I'm ok as I do not like funds in a bank in a country that is not FDIC insured. Is my assumptions correct. I'm ok as u do not earn enough,if any to be "declairable" interest or dividends?

Thanks in advance and would greatly appreciate advice so I not worry about it.

If you have a foreign account under US$10K, there's a simple yes/no question on your US Income Tax Return. No additional forms or information required - just check the box - but there IS that one question. It doesn't ask anything about interest earned; only whether you have a foreign account, and whether it was worth more than $10K. TurboTax takes care of it for me. Sked B think. If your foriegn accounts aggregated to more than $10K at any time during the tax year, then you get into the FBAR thing, and there is a report you should be filing - Form TD F 90-22.1, which is not part of your tax return and has a different due date., but again, there IS still a checkbox on your return asking whether you have an account over $10K. I wouldn't want to be in the position of having years worth of falsely answered questions, or failure to file the required report for having over $10K in foreign accounts.

So based n what you've said, you should be filing a Sked B and checking the block for having the SCB account, even though it's less than $10K. But I think that's all (unless your wife is a US national and has to file with the IRS, too).

Edited August 28, 2013 by hawker9000

[Cheapcharly]

Tic Tic Tic...

3 months left then your account will be closed.

" My Thai banker has asked me to consolidate and just have one account because they will have to report all my accounts to the thugs at the IRS, and they need to try and cut the paperwork. I am just nervous for the day when they way they need to consolidate to no accounts for Americans to save on paperwork. What a wonderful world it is to have the Internal Revenue Service following me clear on the other side of the world to make life difficult for me."

[NeverSure]

Yep. Pay your taxes. All of my income comes from the US anyway and I get 1099's which makes it easy. Taxes are low in the US, especially if your residence state has no income tax, or if you're not a resident of any state.

The US government pays me about US$2500 per month (about 80,000 baht) in social security, and then taxes me about 15% on it. All of my other income is investment withdrawal, capital gains, etc which averages about 15% tax overall, except investment and savings withdrawal which isn't taxed.

Also, the US government contributes about US$1,100 pm toward my medicare advantage health insurance, and I kick in a little over $100 pm myself.

What's the big deal?

Just wanted to let you know. This year 2013 the capital gains tax is being increased to 20% for anything over $400,000 if you are single and $450,000 for a couple. Also they are now adding a I believe it is 3.8% tax (might be 3.6%) on top of capital gains to help fund medicare.

Last on your Medicare advantage plan you might want to check around.

You should be able to find a plan that has no premium. Just the $104.90 they take out of your SS. I know in Florida they even have some plans that offer a give back. The give back ranges anywhere from $50.00 up to $96, however that was for this year, 2014 might change. Of course with the give back plan your co-pays for hospital stay, medications etc are a little higher. The AEP for plan changes is coming up which is from October 15 until December 7th. You might want to get with you insurance agent and see what options you have. If he only handles one or two providers you might want to check around. No sense in paying an extra $100 a month if you don't have to. I suspect you don't use the plan that much if you are in Thailand most of the time.

Yeah, like I have more than $400k per year in capital gains.

The tax increase you are talking about is actually the return of an existing tax which was reduced for a few years to "stimulate the economy." It applies only to the first about $105,000 per year and after that it's gone. So if you make $400k all in, it's only about 1%.

I really don't think you know much about Medicare. "No premium, just the $104.90 they take out of your SS." Medicare A is free, and B is That approx $105. "A" covers overnight hospital stays but not doctors or meds, and "B" covers doctors including office visits. Both have reasonable deductibles and co-pays. Those are government plans.

C is Medicare Advantage which you buy from a private insurance company. The federal government pays that company about $1,100 a month to take on all the risk, plus you pay a premium, depending on your choice of companies, and what you choose from their menu.

F. is added to A and B, but all is taken over by a private company. It will cost $290 per month total, but there are no co-pays and no deductibles except for a small co-pay on prescription drugs. Never another dime out of pocket for those who have major medical bills for life.

Again, all averaged together, I pay about 15% income tax, period.

This is what makes it relatively cheap to live where I am. No sales or VAT tax, low property taxes, and low vehicle registration costs, and low federal income taxes.

Edited October 21, 2013 by NeverSure

[Cheapcharly]

I pay 0% tax....

Jealous?

[khunron13]

I pay 0% tax....

Jealous?

Just glad you can't claim to be an American.

[craigt3365]

I pay 0% tax....

Jealous?

Everybody pays taxes. One way or another.

[Spaniel]

Good info. Guess I'll have to look more closely!