Now get back to work, you gotta lotta back taxes to pay. Don't complain too loudly about it, or the boss will send some of the boys around to have a little talk wid ya.
Oh, and to the "Love it or leave it" crowd, I'm already doing the research to leave this country. I'm planning to be gone before the next presidential election. There's no future for honest and productive people in America anymore.
So do you plan on never returning, even to visit, or do you intend to pay income taxes on your overseas employment?
Billy_bob_bob: "Oh, and to the 'Love it or leave it' crowd, I'm already doing the research to leave this country. I'm planning to be gone before the next presidential election. There's no future for honest and productive people in America anymore."
"May I suggest checking out www.escapeartist.com?"
I can assure you that you have made a good start. The Escape Artist web site is a great place to start. There are several other very good web sites to check out, as well. Check out the Action America links page - Expat and Sovereign Individual Sites section for the actual links. The links on Action America are just those that I have found to be very useful. I strongly recommend the Sovereign Society for their free A-Letter and their large number of categorized links. The A-Letter editor is former US Republican Congressman and member of the Washington DC bar, Robert Bauman. I have found his insight to be invaluable in planning my own exit strategy.
Although I am not determined to leave just yet, I find that the wildly unlikely criteria for leaving, that I defined in my exit strategy several years ago, is fast becoming reality. The recent passage of the Patriot Act was just the most recent stone in constructing the virtual Berlin Wall of US law that may soon trigger my exit strategy.
balrog666: "Where are you going?????"
Billy_bob_bob: "I'm planning on starting to travel to check some options out next year."
Here is a little FYI. Primary haven nations (including links) for American expats, are nations such as:
(Sorry. There is no single link for Nevis.)
You will note that several high tax countries, such as UK and Canada are on that list. That is because the US is the ONLY country in the whole world that taxes the offshore earnings of both it's citizens and corporations. So, even if the tax rate in the new country is 20% higher than the tax rate here, an investor who earns 50% of his income in neither country can recognize a 25% reduction in taxes on offshore income alone. If you like colder climates, Billy_bob_bob, you might check out Ireland. In fact, if you have enough proven Irish heritage, getting an Irish passport is a snap. If you just like the mountains, but can take the heat, Costa Rica has some great mountains, but you will need to learn Spanish. Belize offers mountains, caves, rivers, rivers through caves, Mayan ruins, deep sea and flats fishing and the best scuba diving on the longest barrier reef in this hemisphere and the national language is English. But, it does get hot there, when you get away from the ocean and they are subject to hurricanes. Trinidad and Tobago offer some of what Belize offers, but is out of the Hurricane path. On the other hand, for those who might still do business or visit the US, Trinidad and Tobago is a 7 hour flight to Miami, where Belize is only 2 hours from Houston or Miami.
Those are just some of the things to consider. Those who have health problems will want to look at medical facilities. Some may be concerned with communications, airports or yacht slip availability. Check out the Escape Artist web site or follow the links above, which all go to pages on Escape Artist, for a more thorough discussion of these issues.
I should note here that I just learned from Bob Bauman earlier today, that Dominica and Nevis are the only two countries still offering economic citizenship. His very popular and comprehensive book on second passports and citizenships has just been updated and that new release is due out soon. It covers just about every country that might remotely be considered a haven nation. If you are considering a second passport, that book is a must-read.
Also, check out the Tax and Economy section of Action America for some interesting articles about how the IRS and other US agencies are driving wealth offshore. In particular, see "Tick-Tick-Tick - The Economy Bomb".
I have been looking at the possibility of expatriation for many years. When I first established my exit strategy, I considered the criteria that I had decided would trigger that exit strategy to be beyond even ridiculous. I knew what it would take to force me offshore. But, I also knew that our government could not possibly get that bad in my lifetime, if ever.
Today, only a few years later, I find myself going through my storeroom and garage, throwing out as much stuff as I can, in anticipation of the criteria I once considered absurd, becoming reality in the near future. In fact, I now strongly expect that the criteria that I once thought impossible, will become reality by the end of Dubya's first term (and hopefully his last). Actually, I would like to stay long enough to vote against Dubya in the next primary, in the unlikely event that we might actually get a real conservative running for President next term. But, I won't hold my breath.
I think that you are doing the right thing in preparing, Billy_bob_bob. The wealthy are already leaving in the greatest numbers ever. Sure, there is always the remote possibility that the NRST will pass and reverse this whole situation, but the likelihood of that is slim, at best, while Dubya is in the Whitehouse. Those who wait until things start to get really bad before they look into expatriation, will find that by that time, it is too late to gather enough information to make an informed decision and maybe even to late to leave.
Freepmail me, Billy_bob_bob, to let me know what country you settle on. I'll do the same for you, should I decide to leave, too.
Good luck.
BTW, thanks Taxman, for giving me a heads up on this article and the expat discussion going on here.
Couldn't help but picture Capt Kirk as the "big boss," in the Star Trek episode, "A piece of the action."