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In case you missed this….
Starting January 1st, 2013, the estate tax law will change dramatically!
Right now, the estate tax is 35% of any assets over $5.12M but on the 1st January 2013, the estate tax goes to 55% of any assets over $1M which is clearly a [b]GINORMOUS[/b] increase.
If you have these kinds of assets you have precious little time to ‘try’ and move them into a legitimate tax advantaged structure like an offshore trust or foundation.
You would still be liable for taxes on the income generated but, once the assets are inside, they can grow estate tax free forever.
Do you think the estate tax is far?
Would love to know ….
Scott
The tax is fair if you believe in free stuff for every American and are one of them., If you are someone that goes to work every day most of your life and does not have your hand out for freebies………….NO IT IS NOT FAIR
[quote=”Scott”]In case you missed this….
Starting January 1st, 2013, the estate tax law will change dramatically!
Right now, the estate tax is 35% of any assets over $5.12M but on the 1st January 2013, the estate tax goes to 55% of any assets over $1M which is clearly a [b]GINORMOUS[/b] increase.
If you have these kinds of assets you have precious little time to ‘try’ and move them into a legitimate tax advantaged structure like an offshore trust or foundation.
You would still be liable for taxes on the income generated but, once the assets are inside, they can grow estate tax free forever.
Do you think the estate tax is far?
Would love to know ….
Scott
[/quote]oh yea.. like all the taxes in the U.S. they are fair and balanced.
a friend of mine just lost his job yesterday.
he makes $100,000 a year. they gave him 6 months severence, plus his year end bonus of $30,000
so he got one lump check today for [b]$80,000 [/b]
oh wait. that was his gross
lets break it down
that lump sump with all the fair and balanced taxes that the U.S. has
[b]40%[/b] was taken out all together ( round out numbers)
[b]-$32000[/b]
balance $48,000
his wife alimoney ( what the heck is this???)
25% of his gross after FICA
-$17,5000
balance $30,500
and this is what he is left for to fend for himself.
if you take in all the taxes you still have to pay after your net income
gas tax
property tax
school tax
homeland security tax
obama phone taxthe list goes on and on and on
etc etc etcyour left in a fetal position with your thumb in your mouth like in that movie the fly
help me… help me..
your probbaly paying 60% taxes by the time your done.
so the tax system is probably the most fair in the world :lol::lol::lol::lol::lol::lol:
I would tell them to take the check and stick it up the buts and
go on welfare, foodstamps, disability..ooohoooo my back hurts.. obama phone and sell stuff on ebay for cash
[quote=”maravilla”]it’s a good argument for living simply and not acquiring wealth.[/quote]
maravilla
sadly we live in a world where money buys options.
forget fancy cars and materials but we need to have great wealth.
money gives you options that one would not have without it.
it gives you the best of everything if needed.
healthcare
legal
time
education
etc
just discussed this with a friend
its best now to be the secret millionaire as you walk among the natives no one would know you have any wealth.
this way you can access it when needed.
the secret millionaire concept has always been my motto. flashy wealth makes you a target for all kinds of unscrupulous people who would like to separate you from your assets. and it doesn’t matter where in the world you live. but you are right; wealth gives you those privileges. i guess the trick is to give it all away just before you croak so nobody has to pay taxes!!!
I like Andrew Napolitano’s concept about taxation: “Taxation is [b]THEFT[/b]”.
As far as the Estate Tax going up, given the current march towards European style socialism and a system whereby Government will take care of everyone every source of potential revenue is on the table so that should not come as any surprise. As Bill Clinton said recently: “It’s ARITHMETIC”. There is simply [b]NOT[/b] enough money in the government coffers to feed all the [b]Takers[/b] so you have to squeeze everything you can out of the [b]Makers[/b].
[quote=”davidd”]… and this is what he is left for to fend for himself. if you take in all the taxes you still have to pay after your net income
gas tax
property tax
school tax
homeland security tax
obama phone taxthe list goes on and on and on
etc etc etc
[/quote]If you like lists regarding taxes, you’ll love this:
[url=http://www.activistpost.com/2012/12/show-this-to-anyone-that-believes-that.html#more][b]Show This To Anyone Who Believes Taxes Are Too Low. By Michael Snyder[/b][/url]
Scott
[/quote]
If you like lists regarding taxes, you’ll love this:
[url=http://www.activistpost.com/2012/12/show-this-to-anyone-that-believes-that.html#more][b]Show This To Anyone Who Believes Taxes Are Too Low. By Michael Snyder[/b][/url]
Scott
[/quote]
scott
that article is mind boggling.
had a meeting with my attorney yesterday and the purpose of planning a strategy for tax avoidance for the next 5 years.
having seen the movie before living in the U.S. once can speculate with good certainty that growth of the Tax police in this country in the next few years
thier powers to intimidate & rob legitimate business will be felt as time goes on. now more than ever you find business that actually have gotten closed down by the hacienda de tributacion.
with thier recent success of the New Corp tax for example; these politicians greed glands will start salivating.
( have you noticed that no matter what revenues the goverment gets everything stays the same???)
the only infrastructure growth seems to come from foreigners like the chinese because they are smart enough not to give this country money directly.. instead they come here and build it for them.
politicians will start to learn how to set up new taxes in such a way that will placed in mandatory services. like marchamos for example.
they will be going after professionals also.
we ourselves will be detaching ourselves from brick and mortar world of doing business. closing our offices and renting a house in a residential community with NO SIGNS or anything as we will go to the client and if we need to meet we can rent conference rooms.
all clients will come from abroad and local clients will be cash only.
this strategy will help us not be victims to the whims of theft via taxation
as we look towards the future and beyond.
the people that will get hit the worst here just like back in the good ole U.S. are the people that try and play by the rules.
the middle class.
[b]WARNING:[/b] Folks.. and if Scott can chime in
if your on a fixed income living in the U.S. or here in costa rica
it will NOT be enough just to live below your means. your fixed income will slowly be eroded and one day you will find yourself asking
what happened????
you will have to eventually augment your income and create cashflow. so learn some new skills..
if you think you cannot. the take a look at this video
[quote=”Scott”]In case you missed this….
Starting January 1st, 2013, the estate tax law will change dramatically!
Right now, the estate tax is 35% of any assets over $5.12M but on the 1st January 2013, the estate tax goes to 55% of any assets over $1M which is clearly a [b]GINORMOUS[/b] increase.
If you have these kinds of assets you have precious little time to ‘try’ and move them into a legitimate tax advantaged structure like an offshore trust or foundation.
You would still be liable for taxes on the income generated but, once the assets are inside, they can grow estate tax free forever.
Do you think the estate tax is far?
Would love to know ….
Scott
[/quote]So now what we need is information on how to set up a foundation or trust here in CR that will protect our assets – wherever they are. What information does anyone have on setting up something like that?
Scott, to answer you question….no, there’s nothing “fair” about it. The middle class will be taking the brunt of this tax. Those in the financial league of Warren Buffet will not be paying these taxes as they have people on their payroll to ensure they don’t. And I say good for them. The poor don’t have the assets, which leaves the middle class.
Those who have family businesses, ranches, or farms will, in many cases, lose their property/business just to pay the taxes. Having assets isn’t the same as having cash/wealth on hand.
Scott, I don’t think the taxes are too high (ok, sarcasism off).
The sad thruth is we now have turned the corner on more takers than givers, once that happened it acts like a turbo boost to the bottom. The gubment needs to siphon the remaining wealth from the middle class now to continue to pay for the takers. The time clock has officially started now to the nastyness that will hit the US like a ton of bricks to the forehead.
I own a business in the US, fortunatley my “pay” structure equates to under the $250K for tax increases, however, I will be hit with higher corporate taxes and the wonderful health care plan taxes. All in all I expect a 15-20% tax increase when it is all said and done. Fun times!
The easiest and cleanest solution to escape the clutches of the IRS is to renounce US citizenship. What is the value of keeping a US passport? What is the intrinsic value of US citizenship if just about anyone with a pulse can become one?
What protections do the US government offer you if you are also a Costa Rican citizen?[quote=”sprite”]The easiest and cleanest solution to escape the clutches of the IRS is to renounce US citizenship.
Not as easy as that, before you renounce the IRS does a full investigation of ALL of your tax filings from birth, then if they don’t get you there, you are taxed on your current assets at 35%. They treat it as if you sold everything you own and the tax man cometh. This is their last chance to tax you so I assure you they will find something (even fabricated) to take all they can from you. Once that is done, then you can renounce, you cannot renounce until the IRS signs off on you. Comforting isn’t it.
[quote=”kwhite1″][quote=”sprite”]The easiest and cleanest solution to escape the clutches of the IRS is to renounce US citizenship.
Not as easy as that, before you renounce the IRS does a full investigation of ALL of your tax filings from birth, then if they don’t get you there, you are taxed on your current assets at 35%. They treat it as if you sold everything you own and the tax man cometh. This is their last chance to tax you so I assure you they will find something (even fabricated) to take all they can from you. Once that is done, then you can renounce, you cannot renounce until the IRS signs off on you. Comforting isn’t it.[/quote]
that is if your still a prisoner in the country.
a smart person would be planning this a few years in advance and act accordingly.
then when your ready to renounce
your physically NOT located in the U.S.
you do it in the country where you already have residency with citizenship in process
then you can metaphorically tell them to kiss your tucus
obviously you will need enough $$$ to manage this correctly to sustain your life when you do leave.
The U.S. has become agreat place to visit as a tourist BUT not be a citizen
especially with so many emerging countries
not saying costa rica is the greatest.. but its a good start.
it all depends on what will make you happy and what you want.
I have a millionare friend that sold everything he owns and now he rents
he rents 3 months in tuscany
he rents 3 months in germany
this is how he lives with his wife
he travels the world and lives in each for a period of time to enjoy the culture and such and then they move on
sounds cool
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