Does the United States have income trust?
823497
if your question is concerning establishing a "trust" in the US the answer is yes.  There are a number of types of trust all of which should be established with the assistance of an experienced attorney.
331332
Let see, we can trust them to short-change the American public, we can trust them to use way more money than is needed and to spend it on useless stuff....\n\nNo seriously, I agree with you, I can not think of 1,2,3,4,or,5 things to trust the government on, we know you coat everything to make it smell or sound sweet, then turns out it was rotten all along, we know they seek to disperse benefits, or profits from here to others first, rather than the citizens here. I dont know, I dont think there is one good thing that we can trust the government on. But I bet you would have a much easier time thinking of what we cant trust them on or with.\n\nThank you
227183
Seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income.
897073
If you look at countries like India, Brazil, Mexico. Wealth in the US is veru well distributed. People in some of those countries have to live with 50 dollars a month. In India they make as little as 63 dollars a year. Think about that.
453308
I just spoke to the principal of an international school about this last week.  His school has worked out a Roth with an office that is in a U.S. territory nearby.  The tax is prepaid so there's no tax or penalty paid at retirement.  Email a investor in the Mainland to see what they can offer.  Some offices are just ignorant of the law, as most folks are for most things like voting, taxes, shipping things to people who are abroad.  You may want to email an investment group someplace like the Virgin Islands, Guam, Puerto Rico...  They're more familiar with policies and retirement programs for Americans living outside the Mainland.
442732
Yes, it's USA common-wealth
568968
IT DEPENDS ON YOUR POSITION. IF YOUR A FAMILY MEMBER IT SHOULD BE FAIRLY EASY TO SPEAK WITH THE FAMILIES ATTORNEY AND GET THE INFORMATION. IF YOU DON'T HAVE A VESTED INTEREST IT MAY BE A LITTLE MORE CHALLENGING, THESE TRUSTS ARE RECORDED BUT AREN'T GENERALLY A MATTER OF PUBLIC RECORD. IT WOULD PROBABLY BE WISE TO DISCUSS W/AN ATTY. IF YOU HAVE A GENUINE NEED TO KNOW A JUDGE COULD GRANT A REQUEST TO PROVIDE INFORMATION TO YOU.
484914
The Tax Office has issued a Practice Statement concerning the tax issues arising when there are distributions of trust income and capital gains to separate beneficiaries.\n\nBased on the technical application of the law, a beneficiary entitled to a share of trust ‘income’ pays tax on that share of the trust’s net (taxable) income. As a capital gain is not ‘income’, beneficiaries entitled to income may be taxed on capital gains distributed to other beneficiaries, although they have no entitlement to the cash.\n\nThe Practice Statement outlines two practical approaches that will be accepted by the Tax Office in certain circumstances.\n\nThe first enables the beneficiary who receives the benefit of the capital gain to bear the tax.\n\nAlternatively, in certain cases, the trustee can be chosen to recognise the tax liability. A written agreement may be required between the trustee and the beneficiaries. \n\nThe Practice Statement focuses on trusts that have separate ‘income’ and ‘capital’ beneficiaries. However, its application to ordinary discretionary trusts is also acknowledged.\n\nOn contrary it differs from country to country with the percentage or the amount, but the basic remains same... check the link...
319922
My wife and I were both previously married.  We have a joint account for the majority of our money and then she has a small separate account so she can buy gifts and stuff without me knowing.  I think a relationship that is based on trust and sharing includes the financial side of things.
442535
No, you won't need a tax ID number for the trust. It will carry the ID of the person who set up the trust (trustee usually).\nIf the trust will be generating income by, for example, receiving rental income, it might need one.\n\nBottom line:  see an estate attorney.
176486
Of course it does.  But actually it the American people who provide Washington money--through Federal taxes--and those dollars are "re-distributed" to the states and then to localities.
939503
None. Too must money to be made in taxes and "settlement" payments.
671820
No it does not. Not even the bank is supposed to see what is inside. It is a secret and does not have to be reported as income or an expense, because it is not taxed.
844841
The US is one of the few countries which tax citizens on income earned overseas.    Most countries tax income of residents, regardless of citizenship (the US does this too) but do not tax overseas income of their citizens.\n\nHowever...  there are deductions in the US tax code related to overseas income.  So long as you are subject to the taxes of your country of residence, you may qualify to deduct approximately $80,000 from your income for the purposes of determining the US tax owed.  If you earn less than the threshold and live the full tax year overseas, no US tax would be owed.  You are still responsible to file, even if no deductions were made and no tax is owed.
781042
It would have to be offset to some degree with higher tax rates, which could further the tax advantages that investors have over wage earners.  If it was done properly, it would be at a rate of around 20% where it is offsetting more income of the lower tax brackets and less income of the higher tax brackets.\n\nIt would encourage domestic investment and increase the savings rate.  It would decrease foreign investments made by Americans.  It would probably slightly strengthen the dollar.  However foreign countries may react to this by decreasing their investments in the US by an amount that would offset any advantages of increased investment domestically.
805110
Trusts don't cause problems, in fact, in most circumstances, they resolve many problems. So, to answer your question, YES, trusts should be allowed by law. Trusts don't generally cause problems in and of themselves and, yes, their benefits far outweigh any disadvantages in most cases.\n\nTrusts are not right in every circumstance, consult a lawyer in your area for details.
349620
It appears that way and makes perfect sense! Why wouldn't they trust? Those with the big bank accounts feel safe with our money hungry govt.- they all on the same page- allow the rich to get richer, provide them with the tax breaks. It's all about the "in group" and the middle class gets left out.