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What Do We Do If the Rich Start to Leave?
Real Clear Markets ^ | 04/11/2010 | Bill Frezza

Posted on 04/12/2010 8:19:59 AM PDT by SeekAndFind

Edited on 04/12/2010 8:21:54 AM PDT by Admin Moderator. [history]

The numbers are small. A modern record, to be sure, and an embarrassment to some. But nothing to be alarmed about. Better to just curse their greed, slap an exit tax on their assets, and move on. There are plenty more where they came from.


(Excerpt) Read more at realclearmarkets.com ...


TOPICS: Business/Economy; Culture/Society; Editorial; News/Current Events
KEYWORDS: atlasshrugged; lping; rich; taxes
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To: Zuben Elgenubi

I’d go to Monaco. Virtually no taxes of any kind. No income tax, no sales tax, no property tax, no estate tax....of course there is a price. The cost of real estate if off the deep end since so many of the mega rich move there to avoid the taxes, especially the estate tax. A small condo, say 1200 sq feet, goes for upwards of $3 or $4 million I believe. A real condo goes for close to $10 million.


141 posted on 04/12/2010 9:45:10 AM PDT by Bogeygolfer
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To: Publius6961
I think that that whole direction for the discussion is stupid.

It's not stupid. I am pointing out that under federal law, your income potential is the property of the federal government.

What are they gonna do? Freeze your foreign bound assets and make you come to them. Arrest you the second you step on US soil to visit family. etc. That is if they find out about you.
142 posted on 04/12/2010 9:48:35 AM PDT by laxcoach (Government is greedy. Taxpayers who want their own money are not greedy.)
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To: Bloody Sam Roberts

“I hear Estonia is very nice.”
/////////////////////////////////////////////////////////////

E-Stonia sounds like a Sharia website.


143 posted on 04/12/2010 9:49:14 AM PDT by RipSawyer (Trying to reason with a leftist is like trying to catch sunshine in a fish net at midnight.)
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To: glide625

...and where does this loan, grant and scholarship fairy hang out?


144 posted on 04/12/2010 9:52:28 AM PDT by Publius6961 (10% of muslims, the killer murdering radicals, are "only" 140,000,000 of 'em)
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To: Rockitz

Chile has a VAT tax, did you know ?


145 posted on 04/12/2010 9:56:49 AM PDT by Red Boots
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To: bushbuddy

That’s an interesting list...I always fancied a blue eyed girl with an Irish lilt.


146 posted on 04/12/2010 10:00:02 AM PDT by highlander_UW (First we take down the Democrats, then we clean the Augean stable that is the GOP.)
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To: Publius6961

Federal programs worked through universities. knowing how to work/apply for the grants is an industry in and of itself.


147 posted on 04/12/2010 10:01:13 AM PDT by glide625 (50+% of American Voters Elected Obama: Never Forget; Never Forgive.)
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To: laxcoach
That is if they find out about you.

The US government can put a lot of economic pressure on the countries that are stable enough that the rich might want to move there. Failing to pay the US government their bribe for allowing you to leave the country is the equivalent of some criminal cheating the mob boss.

Sad that the USA has fallen to that level.

148 posted on 04/12/2010 10:02:58 AM PDT by Wissa (Gone Galt)
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To: Pearls Before Swine
I hope you're not implying that a wealth tax would be fairer.

Not at all.

I was simply making a distinction between earned income and wealth. They are very different concepts that the leftists confuse whenever it suits their purposes.

Obama makes it sound like income is never earned. To Obama, the guy working 30 hours at a part time, low skill, low effort job should have the same income as a person working 80+ hours a week starting a new company (and hiring new employees).

149 posted on 04/12/2010 10:03:34 AM PDT by Senator_Blutarski (No good deed goes unpunished...)
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To: SeekAndFind
Chile

1) They'll have to learn Spanish.

2) They have to live under the threat of above 7.2 earhtquakes on the Richter scale.

3) Not sure how safe the country is in terms of crime compared to here.

That's California.

150 posted on 04/12/2010 10:08:45 AM PDT by Gorzaloon (GET him AWAY from the CAMERA!! They are all figuring it out!!!)
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To: silverleaf

“Jim Rogers went to Singapore, to kick back and let his kids learn Mandarin for their future.”

Most people in Singapore speak English, and quite well.


151 posted on 04/12/2010 10:16:00 AM PDT by stephenjohnbanker (Support our troops....and vote out the RINOS!)
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To: SeekAndFind

They’ll call Gordon Liddy and invest only in gold then sit on it. No capital investment equals fewer jobs equals depression equals anarchy. Probably a long road but eventually it gets there.


152 posted on 04/12/2010 10:20:02 AM PDT by Terry Mross (Founding Fathers.....grave....rolling over.)
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To: SeekAndFind

The upper middle class, and the rich have been moving their assets overseas since the election. I have done so as well.


153 posted on 04/12/2010 10:20:42 AM PDT by stephenjohnbanker (Support our troops....and vote out the RINOS!)
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To: Senator_Blutarski
Obama makes it sound like income is never earned.

He feels the same way about wealth, which is the income you've managed to save after all of the taxes! But, a wealth tax has historically been seen as very un-American and hard to implement, which is why I bristled a bit. He'd do it if he could, though.

154 posted on 04/12/2010 10:21:01 AM PDT by Pearls Before Swine
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To: Jack Black
If you are a US citizen and leave the US, you are subject to income taxes for 10 (?) years. You must pay your taxes regardless of where you live, where you make money, and where you park your money.

Says them. But, really, the USA has no ability to force outher countries to follow our laws vis-a-vis former citizens of the USA.

To my knowledge, all member-states of the OECD have "double-taxation avoidance" treaties with each other. That means that if you are a U.S. citizen who is a legal residence of, say, the Czech Republic" and who works there and pays income tax there, you won't have to ALSO pay U.S. income tax (rather, it is offset).

BUT, the disadvantage of that to you, who wants to "go Galt," is that all of these OECD member-states share info about you, the tax-payer, with each other (e.g., when conducting audits).

Bottom line: There is no need for the U.S. to "force" other countries to help "ferret out" so-called "tax cheats." Rather, it's a case of "You scratch my back, and I'll scratch yours."

Regards,

155 posted on 04/12/2010 10:24:11 AM PDT by alexander_busek
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To: alexander_busek
One statement... "so long as..." nullifies all your other pipedreams.

Most countries have people in power, at all levels, just waiting for the delusional foreigners.

156 posted on 04/12/2010 10:24:12 AM PDT by Publius6961 (10% of muslims, the killer murdering radicals, are "only" 140,000,000 of 'em)
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To: ottbmare
Since the U.S. taxes the money U.S. citizens make abroad, some rich people are renouncing their citizenship.

A recently passed law deals with those renouncing their citizenship. One day before it becomes effective, all your property is deemed "sold" and you owe a very large tax to the U.S. government based upon the "deemed" value of that sale.

157 posted on 04/12/2010 10:25:36 AM PDT by Myrddin
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To: Cementjungle
Places like Costa Rica are quite attractive for people at or nearing retirement age.

Unless you are familiar with the place.
Go visit; stay a few months; talk to people who actually live there.

Welcome to reality.

158 posted on 04/12/2010 10:26:29 AM PDT by Publius6961 (10% of muslims, the killer murdering radicals, are "only" 140,000,000 of 'em)
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To: Publius6961
One statement... "so long as..." nullifies all your other pipedreams.

Most countries have people in power, at all levels, just waiting for the delusional foreigners.

I was aware of that. I didn't have the time to list all of the caveats, but, of course, "Quis custodiet ipsos custodes?" must ALWAYS be taken into account.

Regards,

159 posted on 04/12/2010 10:27:50 AM PDT by alexander_busek
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To: Bogeygolfer
A real condo goes for close to $10 million.

Well, that's about twice what I want to pay.

Just kidding. Monaco is out, out, out for me. Maybe Costa Rica tho . . .

[you want on the Golf Ping list?]

160 posted on 04/12/2010 10:37:28 AM PDT by Zuben Elgenubi
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