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  #1  
Old November 19th, 2001, 07:17 AM
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Interesting question on videsee.com

Should NRI's returning home get a tax refund?
I have been a tax payer in the US for a long time. Now as I prepare to return home, I think of all those dollars I have contributed which would have come to me in some form after I retire. But since I won't be here, shouldn't I get a refund?

What is the policy? Any ideas? Also what is the rule in say Canada.

http://www.videsee.com/forum/showthr...p?threadid=134
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Old November 19th, 2001, 07:26 AM
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I have thought about this and discussed with people, too. The truth of the matter is that Social Security Tax is not considered a savings account (yet). This means that just because you put into it, does not mean that it is your money. It is a tax charged by the govt to support people who are currently eligible for receiving those benefits.

I know, I dont necessarily agree with it either, but I understand.

Look at it this way. We get benefits for stuff we didnt pay taxes on earlier - like roads and highways etc. The taxes we pay do go for upkeepo of these roads, but we did not pay anything for them being built initially. See? Its the same way. Your social security goes towards upkeep of the system. The logic being, when you need it, others will be paying for it.
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Old November 19th, 2001, 07:27 AM
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I agree with smelly. Just because your house didn't catch fire doesn't mean the insurance should refund your premiums. Hayn Smelly?
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Old November 19th, 2001, 07:40 AM
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I agree a large portion of the tax goes towards infrastructure. But certainly there is a social security component. And am I wrong in asking for a refund on that?
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Old November 19th, 2001, 07:48 AM
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I don't know how it is in Canada/USA, but in Switzerland the taxes cover only the infrastructure. For the retirement pension, 5% of the salary goes towards the fund and the employer pays an equal part. A person gets his pension after the age of 65.

Now if a person decides to retire out of Switzerland:

If he decides to settle in Western/Central Europe, he gets his pension in that country. However if he decides to settle down in some other country, he has to stay out of Switzerland for at least one year. He can then come back to Switzerland and ask for the share that he has contributed which is 50% of the total since the employer has contributed the other 50%. The govt. will deduct 10% as administrative charges and give him the rest.
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Old November 19th, 2001, 08:00 AM
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Quote:
Originally posted by videsee
I agree a large portion of the tax goes towards infrastructure. But certainly there is a social security component. And am I wrong in asking for a refund on that?
Vid pai,
The social security tax is separate from the regular Federal Income Tax. But it is used to pay out the current Social Security checks. Any surplus is then put away (the old Lockbox) to account for shortages as and when they occur.

When you think of it as a tax and not a pension plan, it makes sense.
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Old November 19th, 2001, 09:28 AM
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can somebody OPT out of the social security plan?
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Old November 20th, 2001, 08:46 AM
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Talking

not in usa, vats!
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