The Millionaire Man Exodus

The dirty little secret is American millionaires have been exiting the country during Obozoâ€™s reign AND they are renouncing U.S. citizenship. I think it was 1,200 last year and 2012 is ahead of 2011. Tax the rich, Barry. Watch the stampede accelerate.

This reminds me of one of a true story from my business days. A European senior finance executive of a mid size privately held multinational company was sent to the US headquarters for an assignment. He was one of the executives with a significant ownership stake. Near the end of his US assignment the company was purchased by a publicly held US corporation. The executive received shares of common stock in the US company for his shares of his old company. The transaction was not considered taxable until he sold shares of the publicly traded company. He asked for and obtained the shares in certificate form, not electronic.

When he was reassigned to Europe he flew to an offshore country for a vacation before flying home, carrying his paper stock certificates with him. While there he sold the stock and deposited the proceeds. The transaction was not taxable in the US as he was not a US citizen and was no longer working in the US. The transaction was not taxable in his native country because he received the shares while in the US and he was not yet physically back working in his native land. The sale transaction had to occur in his native country, while he was technically a resident, to be taxable. As he had not yet arrived home from his foreign assignment he was not technically a resident for tax purposes. The offshore island nation did not tax the transaction because it was happy to have foreign money flowing through its banks.

A unique situation in which timing was perfect to avoid millions in taxes without breaking the law.

“Why it is Republicans aren’t using that as a couter-position is beyond me. “

You still believe the GOP is on our side?

The dirty little secret is American millionaires have been exiting the country during Obozoâ€™s reign AND they are renouncing U.S. citizenship.

Barry's Regime has decided to make life rough for banks that accept deposits from U.S. citizens.

I think it was Rush last week who told us that Swiss banks are no longer accepting U.S. deposits less than $30,000,000 because smaller accounts are too much of a hassle.

I don't know how true and how widely true that is. USG may have some sort of hammer to hold over the Swiss arising out of tax-evasion cases a few years ago.

I think Eritrea is the only other third-world, socialist sh!t-hole that taxes citizens on their worldwide income.

The long arm of the Eritrean IRS is probably less fearsome and efficient than Uncle Sam's. I doubt Eritrea sends demand letters for client lists to banks and threatens their banking privileges. I doubt that Eritrea follows its citizens around, unless political feuds are involved--and then income isn't really the issue.

There are still ways to shelter money to keep the IRS at bay. You're right about the Swiss; their banks caved-in to the U.S. Feds. However, there are other havens such as the Cayman Islands that have told our Feds to take a hike (they know where the money is and they're not telling).

The other thing is the surrender of U.S. citizenship. When U.S. citizenship is considered a burden of monumental proportions and getting citizenship in another country is preferable, there IS a problem. However, this dual problem of giving up citizenship and sheltering funds in “safe” foreign banks is something the U.S. Treasury wants to hide at all costs lest people start asking: “Why?”

You still believe the GOP is on our side?

I like to think that at least they are on their side.

Here’s what I would do if I were in this squeeze:

I would pay off all my large debts, to the best of my ability. I would use funds I already had paid taxes on and would pay off my property/house—car—and whatever other debts I had that I could pay off with about 35% of my accumulation of funds. I would take the vast majority of the rest of that 65% and convert it to cash or silver coins and have a safe installed at my home. I would keep as much as possible at my home, hidden.

IF I were running a company, I would then pay myself just enough to pay day-to day and month to month bills. I would drop myself into a tax bracket which would leave me paying nowhere near the taxes I had been paying. Where I might have been paying myself $200,000 a year for my efforts, investment & expertise, I would drop that down to a month-to month minimum. I would probably also increase certain life insurances with the owner of the policy a person who could get the benefits without any taxes.

Mentally, or even on paper, I would record the shortfall I was holding back from paying to myself. When Obama and his plans were proved completely wrong, and I could go back to my usual salary paid to myself, I would add back into that salary the shortfall I underwent in the meantime.

I would also make sure that ANY and ALL employees of my company that voted for Obama or vocally supported him were removed from my employment. If any of them held a really important slot, I figure I can find someone in the ranks of the unemployed who is a true conservative.

IF I have to ratchet down the volume of business I am doing, I will do that also.

I will refuse to continue feeding the pig.

Here’s what I would do if I were in this squeeze:

I would pay off all my large debts, to the best of my ability. I would use funds I already had paid taxes on and would pay off my property/house—car—and whatever other debts I had that I could pay off with about 35% of my accumulation of funds. I would take the vast majority of the rest of that 65% and convert it to cash or silver coins and have a safe installed at my home. I would keep as much as possible at my home, hidden.

IF I were running a company, I would then pay myself just enough to pay day-to day and month to month bills. I would drop myself into a tax bracket which would leave me paying nowhere near the taxes I had been paying. Where I might have been paying myself $200,000 a year for my efforts, investment & expertise, I would drop that down to a month-to month minimum. I would probably also increase certain life insurances with the owner of the policy a person who could get the benefits without any taxes.

Mentally, or even on paper, I would record the shortfall I was holding back from paying to myself. When Obama and his plans were proved completely wrong, and I could go back to my usual salary paid to myself, I would add back into that salary the shortfall I underwent in the meantime.

I would also make sure that ANY and ALL employees of my company that voted for Obama or vocally supported him were removed from my employment. If any of them held a really important slot, I figure I can find someone in the ranks of the unemployed who is a true conservative.

IF I have to ratchet down the volume of business I am doing, I will do that also.

I would cherry pick out the very best customers I have accumulated & discard the ones who pay late, want fast service when they have brought me the work late, and in general, refine my customer base. That would reduce my gross, but will also reduce my stress in working with the jerks.

I will refuse to continue feeding the pig.