11–20 of 23 posts
I don’t see how that’s practical when places like Monaco exist and are happy to welcome people who really don’t like paying taxes. It would have to be a worldwide effort.
It's not and its probably not intended to be; its staking an extreme position to spur and frame discussion.
I don’t see how that’s practical when places like Monaco exist and are happy to welcome people who really don’t like paying taxes. It would have to be a worldwide effort.
US taxpayers must pay tax on global income. If we want to explore a wealth tax, securities ownership and transactions take place within the US jurisdiction. Your brokerage or the clearinghouse can send another form to the IRS for public equity, Carta or whomever manages the cap table can do so for private equity. Unless you're only going to hold investment assets in Monaco while trying to relinquish US citizenship an…
Earlier quoted context omitted.
US taxpayers must pay tax on global income. If we want to explore a wealth tax, securities ownership and transactions take place within the US jurisdiction. Your brokerage or the clearinghouse can send another form to the IRS for public equity, Carta or whomever manages the cap table can do so for private equity. Unless you're only going to hold investment assets in Monaco while trying to relinquish US citizenship an…
This is why trust funds exist.
I have a trust (several, actually), and I still know better that it is permitted to exist in its current incarnation, not a perpetual, immutable right or iron clad guarantee.
I don’t see how that’s practical when places like Monaco exist and are happy to welcome people who really don’t like paying taxes. It would have to be a worldwide effort.
US taxpayers must pay tax on global income. If we want to explore a wealth tax, securities ownership and transactions take place within the US jurisdiction. Your brokerage or the clearinghouse can send another form to the IRS for public equity, Carta or whomever manages the cap table can do so for private equity. Unless you're only going to hold investment assets in Monaco while trying to relinquish US citizenship an…
Im expecting someone here will argue that would remove the incentive to work hard.
Earlier quoted context omitted.
US taxpayers must pay tax on global income. If we want to explore a wealth tax, securities ownership and transactions take place within the US jurisdiction. Your brokerage or the clearinghouse can send another form to the IRS for public equity, Carta or whomever manages the cap table can do so for private equity. Unless you're only going to hold investment assets in Monaco while trying to relinquish US citizenship an…
Why relinquish citizenship, instead of e.g., keeping the assets in a holding company somewhere?
Earlier quoted context omitted.
This is why trust funds exist.
Again, it’s just a construct in a system. The rules can be changed at by time, and a piece of paper isn’t going to matter to a nation state political system. I have a trust (several, actually), and I still know better that it is permitted to exist in its current incarnation, not a perpetual, immutable right or iron clad guarantee.
They will do the exact opposite - triple down, take this new enormous opportunity and develop hundreds of new ways to offer US people safe haven for their assets. Thousands upon thousands of new startup consultancies charging just few % fees will be founded and every wealthy person in the US will have to turn off their phones and stop checking the inbox because of all that cold calling and emailing these people will do.
Earlier quoted context omitted.
Again, it’s just a construct in a system. The rules can be changed at by time, and a piece of paper isn’t going to matter to a nation state political system. I have a trust (several, actually), and I still know better that it is permitted to exist in its current incarnation, not a perpetual, immutable right or iron clad guarantee.
Yes, sure - but Monaco, Luxembourg, Switzerland, Liechtenstein etc is definitely not going to adopt the rules just because US did. They will do the exact opposite - triple down, take this new enormous opportunity and develop hundreds of new ways to offer US people safe haven for their assets. Thousands upon thousands of new startup consultancies charging just few % fees will be founded and every wealthy person in the…
Major corporations can’t withstand minor ransomware operators. What makes you think these jurisdictions can withstand superpower nation state efforts?
TLDR good luck, have fun.
Earlier quoted context omitted.
Yes, sure - but Monaco, Luxembourg, Switzerland, Liechtenstein etc is definitely not going to adopt the rules just because US did. They will do the exact opposite - triple down, take this new enormous opportunity and develop hundreds of new ways to offer US people safe haven for their assets. Thousands upon thousands of new startup consultancies charging just few % fees will be founded and every wealthy person in the…
Switzerland conceded to US FATCA reporting. Whomever has the most force wins. I don’t blame you if you’re wealthy and you take a calculated risk strategy (can’t take the monkey brain out of the human), just don’t cry when you fail at evasion. Major corporations can’t withstand minor ransomware operators. What makes you think these jurisdictions can withstand superpower nation state efforts? TLDR good luck, have fun.