Posted on 06/29/2008 4:41:06 PM PDT by Coffee200am
Nothing there to catch.
/johnny
I guess that’s own own Iron curtain then.
This doesn’t conflict with the U.S. Constitution at all does it.
Who grants power in this nation? The people or the government...
How can I become judgment proof?
For years, acknowledged expatriots have faced a levy of several years' income tax based on prior years' earnings.
Let your assets precede you, grasshopper.
I'm considering it.
The USA is 'way down the freedom index scale and sinking further every day.
The walls and fences around East Europe were all to keep people in.
It gets scary when government begins putting up obstacles to supposedly free people leaving.
I'm not a lawyer.
/johnny
Be poor.
Later
Tough to do that when poor.
Broke is one thing, poor is another.
/johnny
“The USA is ‘way down the freedom index scale and sinking further every day.”
If Obama gets his way with his proposed tax increases, our upper income bracket will be the 6th most taxed in the world.
I suspect there will be plenty jumping ship should that happen.
This country was founded by tax protesters and evaders!
I’ve been seriously considering giving it all up and moving to Ireland. Guess I’d better send all my money and goodies there way beforehand....lol.
Or the other option is dispersing your money in $12,000 allottments to every person you could ever trust, tax free. Then collecting it the next year. Well, assuming you move to a country that will allow you to receive monetary gifts tax free.
You have not seen anything yet. The rats will be desperate for tax revenues when the humongous tax increase does not generate the anticipated revenue. The rats will unleash the IRS with vicious intent. Capital will flee to countries with economic freedom.
For the super rich, movement of assets and relocation is not difficult. For the reasonably wealthy, it seems that relocation and movement of assets is not easy. If the situation here gets bad enough, I may consider relocation for retirement. I really like this country and lifestyle so it would be very difficult for me to leave.
Not that it would amount to a hill of beans, but it would just be nice to know who these first class A*holes are.
“Congress just passed a new law that will stop your capital — or at least a good portion of it — at the border, should you decide not to be a U.S. citizen anymore.”
Ping
Set up a company in Hong Kong - tax free if your income is NOT made in HK. Then move to the Philippines. Great place to live, low cost, and your income can be tax free.
Setting up an HK company - with an HK bank account and nominee shareholder and director - is around $1500, and $500 each year thereafter. Use a nice, international bank like HSBC and you can access your funds anywhere in the world. And because you used nominee shareholders and directors, your name doesn’t show up on any government-filed paperwork.
Move money and income to the HK company - you’re now a consultant for them, and have management fees to pay your HK company. Sure, you earn $6,000 per month, but your HK firm you work for charges you $5500 in management fees. So you can send $5500 overseas as a professional fee, meaning you can do it with pre-tax dollars. This gets your money overseas.
Then sell your house and car to your company, getting the cash and depositing it into your HSBC account, tax free. Foreign ownership of your own property. It’s not yours, it’s a company in HK who owns it, and you lease it from them for the ongoing money you send to them.
The cost and difficulty to move your assets overseas is very low today, and anyone with any significant net worth (like a house) should consider it. The tax man really has limited bite if you have no assets to levy or lien against.
And your taxes are greatly simplified to start with - a sole proprietor filing a 1040 EZ. Allowable deductions such as professional fees mean you get to deduct most of your income since you pay it overseas.
bttt
I want to keep a large part of what I earn and I want to be able to eat, drink and smoke in the same building without being arrested by the calorie, smoking or neo-prohibitionist police.
That leaves me with Estonia (for the time being).
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