Double Taxation
Double taxation still occurs within these tax-sheltered investment arrangements. For example, foreign dividends may be taxed at their point of origin, and the IRS does not recognize this tax as a creditable deduction. There is some controversy over whether this violates tax treaties, such as the Convention Between Canada and the United States of America With Respect to Taxes on Income and on Capital.
Read more about this topic: Individual Retirement Account
Famous quotes containing the words double and/or taxation:
“I know [my label], in any case: a double face, a charming Janus, and underneath, the house motto: “Be wary”. On my business cards: “Jean-Baptiste Clamence, actor”.”
—Albert Camus (1913–1960)
“Every diminution of the public burdens arising from taxation gives to individual enterprise increased power and furnishes to all the members of our happy confederacy new motives for patriotic affection and support.”
—Andrew Jackson (1767–1845)