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

GlobalWealth

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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.
 

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GlobalWealth

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Making the GILTI tax way more burdensome for global American businesses.
This one change under the Trumpster has totally f*cked many of my clients and we had to do a lot of business restructuring.

You gotta love the govts acronyms though, at least they have a sense of humor.
 

GlobalWealth

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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.
 

GlobalWealth

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I expect cash to disappear soon as well. Anything the authoritarians can't control, monitor, or audit is a risk.
CBDC's (central bank digital currency) will be the end of physical cash. Luckily they will also be the catalyst to move all the big money into PDC (private digital currency).

We are living in the transitional phase to a new form of money. Once crypto becomes the dominate form of money, many of the govt control issues are moot.
 

Timmy C

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CBDC's (central bank digital currency) will be the end of physical cash. Luckily they will also be the catalyst to move all the big money into PDC (private digital currency).

We are living in the transitional phase to a new form of money. Once crypto becomes the dominate form of money, many of the govt control issues are moot.
100%
 

redshift

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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.

And what if you are American ? Are you suggesting its not difficult to escape the tax net and that its just conditioning ?

Even if you just consider the amount of US paperwork you would have to file / review per year by moving abroad, that already is somewhat of a negative consequence. But surely, despite all of that and some crazy multi country entity setup, you'll still end up owing US taxes if you have a high income.
 

GlobalWealth

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And what if you are American ? Are you suggesting its not difficult to escape the tax net and that its just conditioning ?

Even if you just consider the amount of US paperwork you would have to file / review per year by moving abroad, that already is somewhat of a negative consequence. But surely, despite all of that and some crazy multi country entity setup, you'll still end up owing US taxes if you have a high income.
I am American.

100% worth it.
 

Raja

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Leaving your country of origin is one of the most effective strategies.
I sometimes think that, but at the same time, I am soo used to the county that leaving it permanently makes me uncomfortable.
I am from India, and it does not allow dual citizenship.
 

MTF

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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.

Lol this didn't age well.

The government just announced a BS New Deal for Productive People to Sponsor the Ones Who Vote for Them. My tax rate increases by 50% (from 19% to 28%).

They sell it as a great upgrade for half of the country (the half that doesn't pay any taxes and is sponsored by the other half, that is).

But of course they don't call it an income tax. That would be too honest. It's a "solidarity" tax which forces me to pay 9% of my income for national health insurance (previously a fixed amount) while others pay 20-30x less. So I'm paying what 20-30 people would pay and getting the same exact national health insurance as others. What a genius deal. Sign me up, I'm all for it!

And this is how you drive out productive people from the country and begin its slow demise.
 

MJ DeMarco

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The government just announced a BS New Deal for Productive People to Sponsor the Ones Who Vote for Them. My tax rate increases by 50% (from 19% to 28%).

They sell it as a great upgrade for half of the country (the half that doesn't pay any taxes and is sponsored by the other half, that is).

But of course they don't call it an income tax. That would be too honest. It's a "solidarity" tax which forces me to pay 9% of my income for national health insurance (previously a fixed amount) while others pay 20-30x less. So I'm paying what 20-30 people would pay and getting the same exact national health insurance as others. What a genius deal. Sign me up, I'm all for it!

Welcome to the American brand of taxation where the productive are penalized, while the unproductive are incentivized to continue their sloth and consumption, with zero production. Labor shortages? Of course, why work when you can get paid to sit home and do nothing but consume resources while tweeting.
 

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