English translation: where worldwide income is taxed
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Explanation: that's U.S. policy... for U.S. residents, income earned anywhere in the world is taxed in the U.S. That's why we freelancers have to report income earned in Europe, even if we performed the work in our U.S. home offices.
Explanation: that is what I understand, but does this make sense? Only if you interpret that the interests on the loans to other countries have their incidence on the local taxes assesed, which could be true, since most countries of the world are indebted to the USA.
Robert INGLEDEW Argentina Local time: 22:13 Native speaker of: English, Spanish PRO pts in pair: 1940