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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Jim McMannis who wrote (22144)1/26/2005 4:06:47 AM
From: Amy J  Read Replies (3) of 116555
 
Jim, "A tax law was passed in 1996 that said anyone who gives up their citizenship and is worth $500,000 or more, must be doing it to dodge taxes."

This sounds inaccurate to me. It would be rather arrogant to assume people move out of the USA and give up their citizenship only for this reason, as if the underlying assumption is everything about the USA is perfect. Greenspan is reckless and weak with easy money and deficits.

They probably look at the country a person goes to - if it's Belize they probably are correct in scrutinizing the person. But if it's a different country that charges taxes, they probably don't bother because when you don't live in the USA the IRS only charges you tax above and beyond what you are aleady paying to the foreign country. But it would be most unusual for them to charge a person 10 years worth of taxes while you pay taxes in a foreign country and use the services of the foreign country rather than the USA - sounds like they are trying to double dip. They fix one problem but created a bizarre and unjust tax code on the other hand.

I hear half of the homes bought in SD are thru interest only loans. Meanwhile, Greenie doesn't do a thing about it. So are taxpayers going to bail out the banking system again? Whose holding these mortgages that will default when people walk away from their interest-only homes. I'm not paying for that - no way. Greenspan can take a hike. Don't you agree?

Regards,
Amy J
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