I don’t think it’s ever going to pass, but there are rumors that Biden is going to try and pass a 39% capital gains tax for those that make over a million dollars a year. If that happens you will see a mass exodus of millionaires claiming residence in other countries. And the rich will just get more creative on their taxes. I’m all for fair taxes. Higher taxes on high earners. But that amount would be ridiculous. “Millionaires are rich, who cares?” Rich people reinvest. They don’t hoard. They keep the money flower. The government wastes. They throw money around like darts and claim success when one of the darts hits the middle. If they want to raise more money they need to close the write-offs. Make Apple and Amazon pay normal taxes. Not make the rest of the high earners make up for what Amazon isn’t paying because they play the tax game. They literally get away with not paying tens of billions in taxes.
It’s the same with the inheritance tax. It’s ridiculous that I have to pay taxes on my business when my Dad dies. The state and US gets paid because someone dies? The business continues to earn tax revenue, employ dozens of local people but they want us to pay 30-50% of the value in taxes upon death? It’s ridiculous and kills generational businesses. All because of greedy politicians that can’t balance their own books. We go 5 generations because we can and they try and take it . Again, I don’t think any of this will pass but I’ll be living in Portugal with Drew if it does. 🙂
PS: Ford came back so maybe I will make that million dollars.
Quote of the Day: “Great things are done by a series of small things brought together.” – Vincent Van Gogh
Domains of the Day: ZDU.com and XVS.com Not one but two expiring LLL.coms. Godaddy is just printing money
Remember to click the links to see the current prices and if you are going to pay for a name do it while visiting DSAD.com. It pays for the gas to run the ship.
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Namejet, Sedo, and Catched.com Names at Auction
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Xelon.com Expiring name. Taken in 21 extensions
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Godaddy Domains with One or No Bids
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I just watched a video about this topic prior to coming here haha.
I have had the idea of renouncing my citizenship in the back of my mind for a few years now once I started making good money online. Although I am not in the millionaires club yet I’m on my way to joining it very soon. I only think the taxes will continue to rise here in the US as well even if the tax changes don’t happen this time. All Western countries are trending in this direction. I also keep hearing rumors of a ‘wealth tax’ and even a possible ‘retroactive tax’ for those who do renounce and move from the US to another country. The US is already one of the only countries that taxes you regardless of where you live in the world, and if you want to avoid that ‘double taxation’ you’d basically need to find loopholes or renounce.
I completely agree with you about the inheritance tax. You’re spot on about it killing generational businesses, and potentially even generational wealth. You’re also right about Amazon and Apple.
Personally, I’ve got duel citizenship in Brazil (which is a mess right now), but it’s a more tax friendly country. There are certainly other countries that are way more tax friendly, but I’d be paying about 12% less in taxes there. That might not sound like a lot, but my money goes a lot further there and would probably end up being around 115,000 reals in tax savings alone in the local currency there due to the favorable exchange rate. You can live a good life there off 115,000 reals alone (just the tax savings!). I also already own a beautiful home there that’s in a nicer/safer area than my home here in the states is as well haha.
I’m a veteran and fought in Iraq for this country and nearly was killed doing it. I do love the USA, but it almost feels like they’re pushing me out in a way with the proposed and even current tax laws even though I’d like to remain a US citizen.
*Sorry for writing so much – this has been on my mind A LOT haha
39% capital gains tax… 30-50% inheritance tax … This country is going insane!
I think it’ll just keep going up Mike. If you look at the Western world as a whole that’s the direction they want to go. The government has failed to manage money for decades and just prints more and more. Rather than politicians cut back on outrageous military spending that lines their pockets they’ll just try to tax people more..
The wealth disparity has gotten worse and worse over the last (40) years. It is reaching unsustainable levels now.
“Despite making up the largest portion of the workforce, millennials controlled just 4.6% of U.S. wealth through the first half of 2020, according to data from the Federal Reserve.
“In 1989, when baby boomers were around the same age as millennials are today, they controlled 21% of the nation’s wealth. That’s almost five times as much as what millennials own today.”
I really feel sorry for the billionaires that made trillions during a pandemic while so many other suffered. I have a lot more respect for self-made gains, not gains made via connections, inside information, and privileged opportunities.
People who have disproportionately benefited in the gains, need to pay more.
You don’t even need to really raise rates, you just need an AMT so the rich actually pay their fair share. They can’t accountant trick their way out of what they owe.
When you have companies paying $0 in taxes on billions in profits…
When you have people making $100M a year paying a lower effective tax rate than a normal worker…
We have a problem.
Brad