The New US Tax Plan and Your New 50% Biz Partner (the US Gov)

[MTF]

For $1 million earners in high-tax states, rates on capital gains could be above 50%. For New Yorkers, the combined state and federal capital gains rate could be as high as 52.22%. For Californians, it could be 56.7%.

In Scandinavian countries you at least get something in return. In NY and California, you not only get nothing, you actually keep giving more and get less and less each year. What a great way to attract new talent and keep the one you have lol.

I wouldn't bother investing at all if I had to give more than 50% to the government for doing nothing.

 

[MJ DeMarco]

And now they're talking about applying the 3.8% investment income tax to all S-Corp earnings.

At some point, it will just pay for me to sell everything and contribute NOTHING to the economy and the cancer that feeds off it.

 

[Thrane]

Example:

I’m an American living in Sweden. Here’s why I came to embrace the higher taxes.

6 things I love about Swedish taxes.

www.vox.com

Another article:

Here's what Norway and the other happiest countries in the world have in common

The President wants more emigrants from countries like Norway. Here's why Norwegians are content where they are.

www.cnbc.com

I'm not cheering high taxes, just pointing out they can offer different things in different countries.

Hi MTF

I live in Denmark (Scandinavia). When everything is added up I pay approximately 75% of taxes of my income, and the storytelling from the socialists is that we have a better safety net for let's say.. unemployment. That's just not true, and people are drawing privately made insurances AND paying what looks like the highest tax in the western world. My wife is concerned about having a cancerous nodule and the system's reply is that she can get checked in 3 months - with that result, I pay a private hospital for the checkup AND paying an unfairly high tax.

Denmark (and Scandinavia) is about to destroy competitiveness, and it's a sparkling example of why incompetent people (politicians) never should have access to other people's money.

When I secured myself and my family economically the dream is to move to a country like Switzerland or Austria which operates on a much more decentralized system. Scandinavia right now is killing all creativity and willingness to take risks.

Just my 50 cents.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MoneyDoc]

At this rate, what really is the point in doing anything in life? Imagine you sell a business for $100m, that's almost $50m in taxes! WTF!

$50m in taxes because you used your brain and made something out of yourself while the obese social justice warriors feeding off of welfare get a tax refund? Yeah, let's tax the wealthy because clearly they'll be motivated to produce more for the lovely country.

Instead of taxing the wealthy, they should propose a higher tax on cheeseburgers, a higher prison sentence for looters, a higher prison sentence for those socially influencing trials, and a higher prison sentence for terrorist groups. That's where the focus should be.

Sorry for the rant. I'm not even American and this pisses me off. Biden doesn't even believe in this crap. He "has" to do it because otherwise, tik tok users will get angry.

 

[Kak]

The Individuals Investors Tax Act of 2012 - Act 22 - The 20/22 Act Society

“The Individuals Investors Tax Act of 2012” provides total exemption from Puerto Rico income taxes on all passive income accrued.

www.the2022actsociety.org

I just read over this, looks like it's exempting from PR tax only (I'm not a legal expert, but I'm guessing you still need to pay Federal taxes)

Nope! That’s the cool part! Puerto Rico is one of the few places an American can go and NOT pay US federal taxes because your Puerto Rico taxes are essentially federal.

I had a Puerto Rican tax expert on the show about this! Check it out if you want to learn more about it.

For decree holders it goes like this:
-0% capital gains taxes
-4% corporate taxes for “exported services”
-Flowing after tax corporate profits to you as an individual is not a taxable event.

You have to actually live there though… Which is a deal breaker for many… but sounds amazing to me. A Caribbean island, with a decent sized city, access to the American economy, as an American, and a 4 percent income tax rate? What the hell is not to like?

Of course, talk to an accountant if you’re going to do this yourself like I will in the next few years. America is 90% dead to me.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[GlobalWealth]

I would leave 100%.

I wanted to visit the USA one day as I thought it would be freaking awesome.

I haven't thought that for a couple years now.

Now, I dont want to go at all. Even to visit.

I left about 12 years ago. Best decision ever.

I've lived in several countries and this year I've spent most of my time in Mexico.

It's funny how Mexico is propagandized in America as dangerous with shitty healthcare.

Of course, in some places Mexico can be dangerous, just like places in the US.

But I've found the healthcare to be infinitely better at a fraction of the cost of that in the US. In fact, if I were in the US and needed a doctor, I'd get on a plane and fly to Mexico at this point.

 

[Fox]

I didn't see a thread on this but it looks like it will be big news...

https://www.bloomberg.com/news/articles/2021-04-22/biden-to-propose-capital-gains-tax-as-high-as-43-4-for-wealthy

President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.

For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.

A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than rates on some wage and salary income, they said.

Stocks slid the most in more than a month on the news, with the S&P 500 Index down 0.9% at the close. Ten-year Treasury yields fell to 1.54% from an intraday high of 1.59% before Bloomberg’s report.

The proposal could reverse a long-standing provision of the tax code that taxes returns on investment lower than on labor. Biden campaigned on equalizing the capital gains and income tax rates for wealthy individuals, saying it’s unfair that many of them pay lower rates than middle-class workers.

White House Press Secretary Jen Psaki, asked about the capital-gains plan at a press briefing Thursday, said, “we’re still finalizing what the pay-fors look like.” Biden is expected to release the proposal next week as part of the tax increases to fund social spending in the forthcoming “American Families Plan.”


Other measures that the administration has discussed in recent weeks include enhancing the estate tax for the wealthy. Biden has warned that those earning over $400,000 can expect to pay more in taxes. The White House has already rolled out plans for corporate tax hikes, which go to fund the $2.25 trillion infrastructure-focused “American Jobs Plan.”

Republicans have insisted on retaining the 2017 tax cuts implemented by former President Donald Trump, and argued that the current capital-gains framework encourages saving and promotes future economic growth.

“It’s going to cut down on investment and cause unemployment,” Chuck Grassley of Iowa, a top Republican on the Senate Finance Committee and former chair of that panel, said of the Biden capital-gains plan. He lauded the result of the 2017 tax cuts, and said, “If it ain’t broke, don’t fix it.”

Biden will detail the American Families Plan in a joint address to Congress on April 28. It is set to include a wave of new spending on children and education, including a temporary extension of an expanded child tax credit that would give parents up to $300 a month for young children or $250 for those six and older.

Biden’s proposal to equalize the tax rates for wage and capital gains income for high earners would greatly curb the favorable tax treatment on so-called carried interest, which is the cut of profits on investments taken by private equity and hedge fund managers.

The plan would effectively end carried interest benefits for fund managers making more than $1 million, because they wouldn’t be able to pay lower capital gains rates on their earnings. Those earning less than $1 million may be able to still claim the tax break, unless Biden repeals the tax provision entirely.

The capital gains increase would raise $370 billion over a decade, according to an estimate from the Urban-Brookings Tax Policy Center based on Biden’s campaign platform.

For $1 million earners in high-tax states, rates on capital gains could be above 50%. For New Yorkers, the combined state and federal capital gains rate could be as high as 52.22%. For Californians, it could be 56.7%.

Democrats have said current capital gains rates largely help top earners who get their income through investments rather than in the form of wages, resulting in lower tax rates for wealthy people than those they employ.

Capital gains taxes are paid when an asset is sold, and are applied to the amount of appreciation on the asset from when it was bought to when it is sold.

Congressional Democrats have separately proposed a series of changes to capital-gains taxation, including imposing the levies annually instead of when they are sold.

“There ought to be equal treatment for wages and wealth,” Senate Finance Committee Chairman Ron Wyden, an Oregon Democrat who’s the chamber’s top tax-writer, told reporters in a phone briefing Thursday. “On the Finance Committee we will be ready to raise whatever sums the Senate Democratic caucus thinks are necessary.”

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kak]

Peter Schiff has a bit about the feudal serf.

It was a period in time that was frowned upon because the poor serf was required to essentially rent his land from the land lord and pay him 25% of his production.

It could have been worse, that serf could have been an American. We rent everything, including freedom itself from the government.

 

[Branko]

I didn't see a thread on this but it looks like it will be big news...

https://www.bloomberg.com/news/articles/2021-04-22/biden-to-propose-capital-gains-tax-as-high-as-43-4-for-wealthy

President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6% to help pay for a raft of social spending that addresses long-standing inequality, according to people familiar with the proposal.

For those earning $1 million or more, the new top rate, coupled with an existing surtax on investment income, means that federal tax rates for wealthy investors could be as high as 43.4%. The new marginal 39.6% rate would be an increase from the current base rate of 20%, the people said on the condition of anonymity because the plan is not yet public.

A 3.8% tax on investment income that funds Obamacare would be kept in place, pushing the tax rate on returns on financial assets higher than rates on some wage and salary income, they said.

Stocks slid the most in more than a month on the news, with the S&P 500 Index down 0.9% at the close. Ten-year Treasury yields fell to 1.54% from an intraday high of 1.59% before Bloomberg’s report.

The proposal could reverse a long-standing provision of the tax code that taxes returns on investment lower than on labor. Biden campaigned on equalizing the capital gains and income tax rates for wealthy individuals, saying it’s unfair that many of them pay lower rates than middle-class workers.

White House Press Secretary Jen Psaki, asked about the capital-gains plan at a press briefing Thursday, said, “we’re still finalizing what the pay-fors look like.” Biden is expected to release the proposal next week as part of the tax increases to fund social spending in the forthcoming “American Families Plan.”


Other measures that the administration has discussed in recent weeks include enhancing the estate tax for the wealthy. Biden has warned that those earning over $400,000 can expect to pay more in taxes. The White House has already rolled out plans for corporate tax hikes, which go to fund the $2.25 trillion infrastructure-focused “American Jobs Plan.”

Republicans have insisted on retaining the 2017 tax cuts implemented by former President Donald Trump, and argued that the current capital-gains framework encourages saving and promotes future economic growth.

“It’s going to cut down on investment and cause unemployment,” Chuck Grassley of Iowa, a top Republican on the Senate Finance Committee and former chair of that panel, said of the Biden capital-gains plan. He lauded the result of the 2017 tax cuts, and said, “If it ain’t broke, don’t fix it.”

Biden will detail the American Families Plan in a joint address to Congress on April 28. It is set to include a wave of new spending on children and education, including a temporary extension of an expanded child tax credit that would give parents up to $300 a month for young children or $250 for those six and older.

Biden’s proposal to equalize the tax rates for wage and capital gains income for high earners would greatly curb the favorable tax treatment on so-called carried interest, which is the cut of profits on investments taken by private equity and hedge fund managers.

The plan would effectively end carried interest benefits for fund managers making more than $1 million, because they wouldn’t be able to pay lower capital gains rates on their earnings. Those earning less than $1 million may be able to still claim the tax break, unless Biden repeals the tax provision entirely.

The capital gains increase would raise $370 billion over a decade, according to an estimate from the Urban-Brookings Tax Policy Center based on Biden’s campaign platform.

For $1 million earners in high-tax states, rates on capital gains could be above 50%. For New Yorkers, the combined state and federal capital gains rate could be as high as 52.22%. For Californians, it could be 56.7%.

Democrats have said current capital gains rates largely help top earners who get their income through investments rather than in the form of wages, resulting in lower tax rates for wealthy people than those they employ.

Capital gains taxes are paid when an asset is sold, and are applied to the amount of appreciation on the asset from when it was bought to when it is sold.

Congressional Democrats have separately proposed a series of changes to capital-gains taxation, including imposing the levies annually instead of when they are sold.

“There ought to be equal treatment for wages and wealth,” Senate Finance Committee Chairman Ron Wyden, an Oregon Democrat who’s the chamber’s top tax-writer, told reporters in a phone briefing Thursday. “On the Finance Committee we will be ready to raise whatever sums the Senate Democratic caucus thinks are necessary.”

Very demoralising for the future...
I don't think mr.Biden can robinhood his way into an equality utopia. You can't just go and buy equality. Throwing money at the problem won't help heal its source.

If only there was a way to reorganize the spending of taxpayers money. Either you're investing into the military complex/technology or into the healing of society. Can't have it both ways.

 

[Thrane]

That's terrible. Is it always like that or is it just now because of COVID?

Concerning the tax it's always like that - and it's just getting worse. For example, the politicians discussing new taxes imposed on new cars. Let's consider an extreme example:

My dream car is a Porsche Panamera Turbo S. The price in Denmark is about 3.5 million DKK. (568K Dollars). 1 hour from where I live, in Sweden, the same car is about 1.3 million DKK (214K Dollars). Why the f*uck should I pay double up the money, just because I live in the wrong country? Taxes like these kill initiatives to do something beyond mediocrity.

I don't know how much COVID affected the health system, so I can't really answer that question. But let me display yet another example of the situation. Two years ago I contacted my doctor concerning I might have depression. 2 months later he had time to take me in. The consultation took about 10 minutes, and he referred me to a psychologist. I had to wait half a year for the psychologist to have time for me - which resulted that I dropped it all and healing myself with help from friends that are psychologists.

 

[MJ DeMarco]

So awesome that Jeff Bezos, Buffett, Bill Gates, and Zuckerfuck amassed billions and paid at most, 20% taxes on their empires.

Now due to their political activism, we get to pay 50% on whatever we build.

Now you know why these billionaire assholes are all socialist F*cksticks...

America is 90% dead to me.

That's 9.9% less dead than it is to me.

 

[MJ DeMarco]

Businesses where customers pay in cash. >)

I expect cash to disappear soon as well. Anything the authoritarians can't control, monitor, or audit is a risk.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[GlobalWealth]

I doubt Wesley Snipes will be with you.

It's funny you mention Wesley Snipes. This is exactly how we are all conditioned to believe in the omnipotence of the govt.

They go after high profile targets because they make great news pieces and perfect scare tactics.

In fact, 10s of millions of people opt out of the system each year with no negative consequences.

There are many legal ways to go about it.

Leaving your country of origin is one of the most effective strategies.

You can arbitrage your residency, tax home, company jurisdiction, etc once you leave your home country.

The problem is, we are also brainwashed into believing this is impossible or difficult, or we are incentivized with cheap mortgages and interest expense write-offs to keep up location dependent.

Once you break free of the mental chains, you are free to vote with your feet and starve the beast.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MTF]

What do they get?

Example:

I’m an American living in Sweden. Here’s why I came to embrace the higher taxes.

6 things I love about Swedish taxes.

www.vox.com

Another article:

Here's what Norway and the other happiest countries in the world have in common

The President wants more emigrants from countries like Norway. Here's why Norwegians are content where they are.

www.cnbc.com

Indeed, citizens’ satisfaction is related to what they get for their tax dollars, Sachs tells CNBC Make It: “They are happy because these societies are not only prosperous but also with high equality, social trust and honesty of government. They enjoy long paid vacations, zero out-of-pocket costs of health care, zero or low tuition costs and quality public services for all.”

He adds that, “by the way, they are also environmentally conscious and moving to become zero-emission economies.”

I'm not cheering high taxes, just pointing out they can offer different things in different countries.

 

[MTF]

I'm young. Maybe it would be better to spend my life building a business somewhere else.

If I start from zero in another country (maybe not Switzerland on further investigation - cantons have wealth taxes) and eventually sell, perhaps that would be better than doing it in the US tax farm.

The tyrants in America, like Janet Yellen (at least, she brought up this idea as far as I know), actually want to have global tax systems though and force all countries to have the same high levels of taxation. So there is no escape.

As Andrew Henderson says, go where you're treated best. If entrepreneurship is very important to you but the place where you live makes it very hard, for how long will you be able to tolerate it? How is it going to limit your life? How many experiences you won't have and possible cool projects you won't start because with such high taxes you wouldn't be motivated to work more than necessary?

I currently pay a flat 19% tax no matter how much I earn. Since the set-up is extremely simple I feel pretty good about this.

The government gets its "share" but it could be so much worse in many other countries. Also, the country has been developing pretty well. While I don't like the government and don't want to live here full-time because of the weather, at least I feel that my taxes contribute to something because I can see the economic upward trajectory of the country (people getting richer, infrastructure getting better), not its visible deterioration.

I could possibly structure this differently using other jurisdictions and pay even less but the lifestyle problems may not be worth it (like managing different international companies, having to find a new tax residence, etc.).

BUT if they changed this and I had to pay over 50%, I'd definitely pack things up and set it up elsewhere. And I'm still diversifying myself internationally regardless of how okay things are now.

I like Switzerland. If I didn't mind cold weather and being landlocked, I could definitely live there.

 

[MJ DeMarco]

Own a business as a sole-owner?

Actually you have a partner.

A 50% partner.

In Arizona, if I sell my business, I will be subject to a 49.4% tax. In other states, it's over 50%.

As I've said before, if confiscation of 100% of your effort is slavery. .. when does it STOP being slavery? 90% 60%?

Land of the Free ... blah blah, what a joke.

We've reached the point when non-productive citizens now vastly out number the productive. Now it's only a matter of time when the entire scheme collapses.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Tourmaline]

What none of you understand, is that the higher your taxes, the freer you are.

Why anyone doesn't get this is beyond me. By your master taking more of your money and then giving you back more of the things you need to live, you actually have more freedom.

It's obvious, but sadly too many are blind to understand this simple fact.

Ultimately, you want everyone to be taxed 100%. Until then, we will never have equality, and you will never understand what liberty and freedom truly are.

 

[Kak]

So awesome that Jeff Bezos, Buffett, Bill Gates, and Zuckerfuck amassed billions and paid at most, 20% taxes on their empires.

Now due to their political activism, we get to pay 50% on whatever we build.

Now you know why these billionaire assholes are all socialist f*cksticks...



That's 9.9% less dead than it is to me.

Yes. They already made their money. Their support of socialist nonsense has always been a massive hypocrisy.

Unless they offer to retroactively pay the tax rate they now support, with late penalties, they are egregious freedom thieving hypocrites.

 

[Lex DeVille]

Y'all could just start businesses at the local level where people pay in cash. Told you there was lots of opportunity there.

And just like that, @Johnny boy 's lawn mowing business goes from ew hard work to the next gold rush.

Maybe that's a separate thread to start. Businesses where customers pay in cash. >)

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Johnny boy]

let's go on strike and stop paying taxes. let's get like 50 million people in on it. who's with me?

 

[GuestUser4aMPs1]

Just gonna leave this here...

The Individuals Investors Tax Act of 2012 - Act 22 - The 20/22 Act Society

“The Individuals Investors Tax Act of 2012” provides total exemption from Puerto Rico income taxes on all passive income accrued.

www.the2022actsociety.org

All capital gains accrued after becoming a New Resident will be 100% exempt from Puerto Rico taxes. These gains will not be subject to federal taxes.

 

[socaldude]

At this point even with politics set aside, I don’t see how any self-respecting person with an ounce of intelligence can’t see how big of trouble this country is in.

The government wants to be the one to allocate the resources instead of men and woman. History is unfolding and it’s happening. All with the help of academia and the media.

We should start an expat thread LOL.

 

[Lex DeVille]

I'm thinking it will pay to focus more on yourself during this time and not grow a business as much. Make what you must, but become self-sustaining.

Grow your own food, cut your own wood, don't borrow money from the banks, homesteader lifestyle.

I welcome any thoughts on this subject either way.

I'm kind of with you on this. I personally still want to grow a business but I'm at the same time leaning more and more into the self sufficient lifestyle which suits who I am anyway really (country bumpkin, introverted, love nature and the countryside etc.).

I've become somewhat of an expert on foraging (finding and eating wild food etc) recently and am wanting to build a business around this very soon once my knowledge is where it needs to be (which will be by the end of this year based on how I'm doing and progressing). I'm also learning bushcraft, woodworking, and have a 5 - 10 year vision to own my own woodland a build a small log cabin there, not to live in permanently but as a retreat, also to rent out to others potentially and as a back up plan if the world really goes to pot!

My best friend who is building a really great bee-keeping business is also looking to buy a small-holding within the next year too.

It's interesting isn't it that arguably the most important skills of all (providing yourself with shelter, food, clean water etc.) are not taught in school, thus ensuring you have to keep drinking from the governmental teat!

I think it will be valuable to become more of the kind of person who is not only self-reliant but who also has the skills and ability to influence (which is another form of wealth as @Kak puts it). Having the ability to bring people together around you, or even to bring communities together, may be a particularly useful skill soon.

 

[Guest-5ty5s4]

Would be nice but you'd still owe the 43.4%.

I'm young. Maybe it would be better to spend my life building a business somewhere else.

If I start from zero in another country (maybe not Switzerland on further investigation - cantons have wealth taxes) and eventually sell, perhaps that would be better than doing it in the US tax farm.

The tyrants in America, like Janet Yellen (at least, she brought up this idea as far as I know), actually want to have global tax systems though and force all countries to have the same high levels of taxation. So there is no escape.

 

[AceVentures]

Let's just print as much as we can and then bully all the rich into giving us even moar money. Then, we'll surely have lots of money eh?

Build back better!

View: https://giphy.com/gifs/southparkgifs-l0HlB3FdJCgvQamzu

 

[Madame Peccato]

I don't know how much COVID affected the health system, so I can't really answer that question. But let me display yet another example of the situation. Two years ago I contacted my doctor concerning I might have depression. 2 months later he had time to take me in. The consultation took about 10 minutes, and he referred me to a psychologist. I had to wait half a year for the psychologist to have time for me - which resulted that I dropped it all and healing myself with help from friends that are psychologists.

The same happens here in Italy. Taxes aren't as high as in your country (they are still crazy high), but having public healthcare means having to put up with endless waiting lists sometimes.

Private healthcare is an option, but it's more expenses on top of how many taxes the government already extracts from your labor, so if you're not at least moderately wealthy you can forget about it.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[PapaGang]

Nope! That’s the cool part! Puerto Rico is one of the few places an American can go and NOT pay US federal taxes because your Puerto Rico taxes are essentially federal.

I had a Puerto Rican tax expert on the show about this! Check it out if you want to learn more about it.

For decree holders it goes like this:
-0% capital gains taxes
-4% corporate taxes for “exported services”
-Flowing after tax corporate profits to you as an individual is not a taxable event.

I'm looking at real estate listings now.



Man, this thread has given me the itch.

 

[Guest-5ty5s4]

#iloveeurope

Maybe I should move to Switzerland.

 

[Kak]

From what I understand, the 0% CG rate would only apply on gains after the date you move correct ? So for someone with an existing business worth 10m, you'd still owe the 43.4% on that if you decide to sell and the 0% would kick in only on the valuation delta after the move to PR.

The whole concept of moving to Puerto Rico is bit ridiculous in the first place if you think about it.

Anyone from any other country could potentially just decide to move wherever they want in the world and start paying taxes there instead. So if they would move to a low or no tax country, start and sell a fastlane business within a few years, they would just owe whatever the tax rate is there and be done with it.

As for us, we would still owe the 43.4% or whatever the CG rate is at the time regardless of where we are living (unless its frikkin Puerto Rico lol), and not to mention the mountains of paperwork to be filed in every year which makes living abroad so much more complicated than it needs to be.

Yes, you are correct.

If you hold some very very long term gains there is a pro rated calculation.

As for your businesses… This might require a talk with some tax experts in PR, but you may just be able to shut down your US company and just move your operation to PR under a PR entity.

There is no law that says you can’t shut your business down. And also no law that says you can’t start a new business and use all of your old methods, contacts, and whatnot to “start again.” Of course company owned assets make this a little more of a pain, but this is what we are relegated to now, figuring out how not to be slaves.

There is also the opportunity zone thing to consider. If you rolled into an apartment complex down there or something. You could in theory wrap up your big cash out from a few decades of mainland 1031 exchanges… Cap gains tax free after 10 years or something. That has nothing to do with Puerto Rico though, and everything to do with the opportunity zone stuff.

Yes it’s ridiculous, but we tax on foreign sourced income. I pray that we roll that crap back one day and Americans can just live like a resident of any other country.

For now, you can’t both be an American and not be taxed by the American government. You are their property. Unless of course Puerto Rico or USVI, and maybe a few other exceptions.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Timmy C]

Nailed it, honestly.

My example would include renouncing.

I mean completely cutting ties with the United States and starting your life elsewhere... before it gets worse.

Of course, I would rather see the US improve.

I would leave 100%.

I wanted to visit the USA one day as I thought it would be freaking awesome.

I haven't thought that for a couple years now.

Now, I dont want to go at all. Even to visit.