Internationalization: Taxes

076: Despite the new ‘plan’, this is -still- a no-brainer tax strategy

Yesterday I recorded a new podcast with my US-based tax attorney to talk about the Trump administration’s new tax plan... or as I like to call it, the plan to have a plan.

Clearly they’re trying to do something positive and significant.

But to say that their strategy is light on details at just a single page would be a massive understatement.

Rather than rehash and recap what has already been[...] Click here to continue reading

Don’t hold your breath for any comprehensive tax reform. But here’s something you can do now

On October 22, 1986, the world was an entirely different place.

The Soviet Union still loomed, as did the threat of nuclear annihilation.

Most people had no idea how to use a computer, let alone even heard of the “Internet” (which at the time was still a military communications project.)

Hardly anyone had ever seen a cell phone. And with a $4,000 price tag, even fewer people owned one.

Microsoft stock[...] Click here to continue reading

How to cut your taxes no matter what your situation

On the plane ride back to Chile last night, I was sitting next to a particularly chatty woman who wanted to know my whole life story and what I was doing in Mexico.

I played along and explained to her that I had been on a cruise for the past week speaking at an investment conference.

“Oooooooh,” she said, and then inquired what I had been speaking about.

That’s when the conversation[...] Click here to continue reading

You can’t rely on Social Security. Do this instead

In the late in the 5th century BC, the government of ancient Rome came up with a new idea that has lasted for thousands of years.

I’m not talking about their roads, republican form of government, or water sanitation.

Their bold idea was to start paying retirement benefits to Roman soldiers.

This was a pretty big deal. In ancient times, you worked until you died. There was no such thing as retirement.
[...] Click here to continue reading

This guy got destroyed by the system

My friend Richard got destroyed by the system.

As a financial advisor in Sacramento, California, he spent years building a thriving firm and has even landed a few celebrity clients.

Richard did well for himself. Successful. Married. Wonderful kids. Financially secure.

But back in 2008 things started to turn sour.

His wife left him and took the kids, along with half of everything else.

The divorce forced the liquidation of[...] Click here to continue reading

About that “Fair Share”

Confiscation
There are two words that kept coming up over and over again over the last 20+ months during the US Presidential circus: “fair share”.

Hardly a day went by without hearing that certain taxpayers “need to pay more of their fair share.”

It sounds really great, and given the voter statistics, this idea resonated with tens of millions of people. After all, who could possibly be against fairness?

When you dive into[...] Click here to continue reading

Legal tax reduction tactics that everyone should be taking advantage of

If you’ve been a reader of this letter for any length of time, you know I hate taxes.

I unequivocally believe that I have a moral obligation to reduce my taxes to the lowest level possible.

It’s not about Maseratis and private yachts (I drive a Volvo and get seasick easily).

I’ve slashed my taxes because I know that tax dollars pay for some of the most vile, immoral things imaginable.

[...] Click here to continue reading

This virtually guarantees that your taxes are going through the roof

Ever since I was a kid, I always knew that cancer runs deep in my family.

My father died more than a decade ago of a horrible brain tumor. His father had cancer. Both of my mother’s parents died of cancer.

I knew all of this before I even understood what cancer was.

Not willing to leave the issue to genetic luck, though, my mother started educating my sister and I to[...] Click here to continue reading

Meet the selfish tycoon who dodged billions in taxes

Chances are you’ve never heard of Chuck Feeney. And he’s worked very hard to keep it that way.

Feeney, who will turn 85 on Saturday, had an incredibly successful business career, amassing a multibillion dollar empire based primarily on duty-free retail shopping.

I know what you’re thinking: he already sounds like a bad person… earning a vast fortune by enabling shoppers around the world to avoid paying sales tax and VAT.

This[...] Click here to continue reading

Why I’m proud that my tax bill is ZERO

I’ll start with a confession.

Based on the returns I’ve just prepared for 2015, my tax bill for the year amounts to exactly $0.00.

In fact, for the second year in a row, I legitimately owe zero tax. And I’m damn proud of that.

(And no, it’s not from any illegal tricks. I’ll explain how I did it later.)

Not a shred of my efforts goes to help finance bombs, wars,[...] Click here to continue reading

Congress wants to seize your passport for unpaid taxes starting January 1st

Sometimes you just have to stand in awe at the level of corruption and incompetence in government.

Case in point, the new highway bill in the Land of the Free. And, trust me, you’ll love this.

The latest version of the highway bill is called the “Developing a Reliable and Innovative Vision for the Economy Act.”

And yes, they abbreviate it as the DRIVE Act.

I cannot even begin to imagine[...] Click here to continue reading

Foreign Earned Income Exclusion: How to earn up to $102,100, tax free

Imagine someone told you this...
I'm going to make you a deal.

For the rest of your life, I'm going to be your silent partner. You're going to pay me 20% of everything you ever make. Forever.

In return, I'm not going to do anything. I won't add value to your life or your business. In fact, I'm actually going to be destructive.

For the rest of your life, I'm going to[...] Click here to continue reading

Here’s what happens when you stop paying taxes [VIDEO]

On June 3, 2010 Joe’s life changed forever when he stepped on an IED in Afghanistan.

As a grunt Soldier deployed with the 82nd Airborne, Joe became one of the all too many people to lose a limb and nearly his life fighting in a pointless conflict.

I told you a little about this a few months ago after I’d had the good luck of meeting Joe and his fiancée while I was[...] Click here to continue reading

I believe we have a moral obligation to starve the beast.

On August 5, 1861, facing rapidly deteriorating economic conditions and a horrible defeat at Bull Run, President Abraham Lincoln signed the Revenue Act of 1861 into law.

It was the first time in US history that the federal government would charge an income tax on its citizens. But Lincoln felt that it was vital to fund what would become one of the most unconscionably costly conflicts in US history.

The original law in[...] Click here to continue reading

How you can move to Puerto Rico and pay almost zero tax [free guide]

March 9, 2015
San Juan, Puerto Rico

[Editor’s note: At the end of the article you’ll find a link to a free report we’ve put together on this important topic.]

It seems almost everywhere you look these days, bankrupt governments are raising taxes.

But no matter where you are, there are always solutions to do something about it.

For example, if you’re an Australian taxpayer, you can move to Norfolk Island[...] Click here to continue reading

How to use a Marshall Islands corporation to avoid foreign estate tax

February 17, 2015
San Diego, California

Jim Morrison used to sing: “No one here gets out alive”. And while few people really expect to die, it happens to all of us.

Death, like Hemingway wrote of going bankrupt, happens gradually then suddenly.

Given the inevitability, it’s always a good idea to have a plan for what’s going to happen afterwards.

Besides, not adequately preparing for what happens to your assets after[...] Click here to continue reading

Hong Kong is doomed—foolishly lowering and even eliminating taxes

February 5, 2015
Sovereign Valley Farm, Chile

The government committee was clear—if nothing was to be done, the government's finances would be doomed in as little as seven years.

The Finance Secretary had some tough decisions to make. Raising more revenue for the government over the next few years is crucial.

He was also being targeted and mocked because his ministry's predictions for economic performance and taxes raised have been consistently wrong[...] Click here to continue reading

How you can avoid dying as property of the state

January 30, 2015
Sovereign Valley Farm, Chile

The Japanese are known for being great savers and for prioritizing family ties. So it’s particularly important for them to make sure that their savings get passed along to their children.

It’s part of human nature to want to pass along our knowledge and our wealth to our offspring so that they can have better lives.

Sadly for Japanese citizens, their government is a miserable[...] Click here to continue reading

024: No, taxes are not what we pay for civilized society…

“Taxes are what we pay for civilized society.”

The famous quote by US Supreme Court Justice Oliver Wendell Holmes Jr. is inscribed above the entrance to the headquarters of the Internal Revenue Service.

Most people don’t have a clue what he meant, or in what context the statement was made. They simply parrot it around to justify the state’s racketeering behavior.

The logic is as twisted as saying “war is the price[...] Click here to continue reading

Estonia- 0% corporate tax and still kicking ass. Why can’t the US learn from this…?

Estonia
July 31, 2014
Tallinn, Estonia

In the absurdly best-selling book The 7 Habits of Highly Effective People, author Stephen Covey wrote about abundance vs. scarcity.

With the abundance mindset, people confidently view the world as full of resources and opportunities... that there’s more than enough to share... and that more success is coming soon.

The opposite is the scarcity mindset, where people view everything as scarce and finite. If you’re winning it’s[...] Click here to continue reading

Four important estate planning steps you should consider

EstatePlan
September 25, 2013
Sovereign Valley Farm, Pencahue, Chile

It goes without saying that parents want the best for their children... and that each generation wishes the next to be even more prosperous and successful.

For the most part, this has been the historical pattern since the Industrial Revolution; every successive generation has enjoyed an almost uninterrupted rise in standard of living, made possible both by the development of new technologies and the passing[...] Click here to continue reading

Why Norway is a BS argument for higher taxes

August 1, 2012
Bergen, Norway

Ah, Norway. Government-loving statists love to hold this place up as a shining example that big government and high taxes are good. Free education. Free healthcare. "Happy" people.

Yes, Norway is certainly one of the wealthiest countries in the world on the basis of GDP per capita... and in a variety of international surveys, it also ranks as one of the 'happiest'.

And yes, Norway is one[...] Click here to continue reading