Mish's Global Economic Trend Analysis Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Jim McMannis who wrote (22144)	1/25/2005 2:07:01 PM
From: Elroy Jetson	Read Replies (1) of 116555

The initial law, which taxed Americans for 19 years who renounced their citizenship, was enacted a couple of years after John Templeton left for the Bahamas in 1968. This happened during the Nixon Administration. One of the motivations for Templeton was he wanted to sell most of his long-held portfolio of stocks and was able to do so free of tax. Warren Buffett achieved a similar result by purchasing insurance companies. From what you say, it would appear the tax law for Americans renouncing their citizenship was tightened further in 1996. The original law certainly did little to stem the flow, as witnessed by the list of those who renounced their citizenship since the law was passed. Personally I think the tax-free status afforded U.K. expatriates is more reflective of the continuing class system in England than a rational tax policy. The only place I can obtain citizenship more or less automatically is Switzerland, which is hardly a tax-haven. You also need to be in agreement with the Swiss need to "do things the right way" - which is easier when you are older than younger. Also the military tax, in lieu of service, cuts off at age 58, if memory serves. .

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next