Youtube comments of Jeremy Barlow (@jeremybarlow2291).
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They are most definitely upset about digital nomads in Europe, Canada, and the USA extricating themselves from the Western tax base by for Europeans and Canadians, moving to Dubai & setting up a free zone company, and either living there for a year or living briefly in a country with rules that allow them to be tax resident in a low or no tax country while living there for 2 months or less. After you are no longer in the European or Canadian tax system, until you legally become resident there again, I do not presently see the UAE chasing you down to tax you while you continue a digital nomad lifestyle seeing the world.
The US is upset that backpackers earning up to $120k a year or maybe a bit more if they utilize travel expenses appropriately and add the right income channels to their mix of strategies are escaping the US tax system to a large degree. They are far more upset that those people are using the tax savings to buy a Caribbean passport and renouncing their citizenship, but what they really hate is money is being spent by those "citizens" ie slaves, in other countries. What they really don't like now is that people because of YouTube are seeing people who grew up in their "first world countries" experiencing a better quality of life in poor "third world countries" with lower tax burdens, more to do, lower costs of living inspiring others to leave the rat race they created in their countries.
I mean the "first world" already has a labor shortage because Westerners are telling people in the "third-world" the opportunities are better or at least as good in your home country as they are in the "wealthy" countries. Those same people are seeing those same videos in their country. They have labor shortages exacerbated by the fact that a person with a laptop and an Etsy store can make up the salary or wages from their low wage job selling trinkets and trash online while working 10 hours a week.
They have the problem of many people ditching apartments and houses for life in a Van because minimalism and an unencumbered simpler life allows people to work less not only fueling a labor shortage, but also hurting the real estate investor market.
But when people begin to decide to leave for greener pastures by deploying those minimalist strategies, they know they cannot allow travel to be as easy as it has been in recent years. It is very bad for their incumbent player advantages.
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“We choose to go to the moon. We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard, because that goal will serve to organize and measure the best of our energies and skills, because that challenge is one that we are willing to accept, one we are unwilling to postpone, and one which we intend to win, and the others, too.”
JFK said that on Sept. 12, 1962. In February of the same year the USA had put John Glenn on a rocket and sent him orbiting around the earth 3 times. That was the first time we had successfully orbited the earth. Less than 7 years after Pres. Kennedy’s speech we landed two human beings on the surface of a foreign planet , the moon- for the first time in July 20, 1969.
We did that not because it was necessary, but because we just decided to go.
In October of 1939 Alexander Sachs met with President Roosevelt to discuss Einstein and Leo Szilard’s letter about that atomic bomb and the need to build one.
No one has ever even refined uranium or causes a chain reaction controlled or otherwise with the material at that point anywhere on earth. It was theory.
At that time most of Europe and Asia were already at war. Most people thought the US would be drawn into the conflict and many believed that Hitler was developing the weapon as Heisenberg the leading nuclear physicist on the planet was in Nazi Germany.
While Heisenberg was working on a bomb the entirety of teams working on the bomb in Germany, Japan, and the Soviet Union included 11 human beings in total.
The American physicists were correct about how powerful the weapon would be if it were created. What they hadn’t thought about was the consequences anyone who would have convinced Hitler or Stalin to invest in such a weapon and failed to deliver would have suffered.
120,000 people went to work on the bomb project in the US, Canada, and the United Kingdom and on July 16, 1945 the trinity test in Almagordo was a success.
These projects were impossibilities.
We didn’t know how to achieve them. We didn’t have the technical know how, merely the will to succeed and we achieved those goals in a matter of less than 6 years for the A-Bomb and 7 years for the moon landing.
The bomb was arguably a necessity in the minds of the scientists building it because if the Nazi’s had built one first the world would have been decimated. The moon shot was just a whim.
Anyone who thinks that we cannot achieve a goal we know how to meet technologically, we don’t need to create new tech- and do so in 12 years also missed the entirety of the New Deal era which in less than 12 years gave all of rural America electricity for example.
We know how to go 100% green. We have the technology. We have the resources. We simply need the political and economic will to do it. We could easily accomplish this goal in 5 years if we decide to do it.
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It's possible for a US person who has renounced US citizenship -preferably obtaining another citizenship first, if they hold a college degree, I would highly encourage a CBI in one of the OECS countries then using their membership in Caricom to obtain a skilled worker certificate to secure freedom of movement rights in Barbados, Belize, Trinidad & Tobogo and other Caricom countries. If that US person is a permanent resident of the US or a temporary worker under an H1B or similar visa, then by ending their residential connection with the US to use a US based LLC -preferably in one of the state corporate & income tax free states, Wyoming, Texas, Washington, Nevada for example, and have a tax free operation, if they live in the right country as a tax resident, and manage the company ie hold formal annual board meetings in the right country or countries.
I suggest the Caricom citizenship because under the US-Barbados tax treaty, holding a board meeting for a US organized company in Barbados doesn't make a company tax resident in Barbados. As long as there are no employees or contractors in the US, legal precedent in the US does not make this pass through entity subject to US tax, necessarily.
Under the US-USSR tax treaty which the US recognizes, but Georgia does not, the tax rate on even royalties from a US business to Georgia is a 0% withholding rate.
A company not managed and controlled or organized in Georgia with no permanent establishments in Georgia is not subject to tax in Georgia under Georgian law currently.
A high networth individual with $3 million in assets or over about $65k a year in income for the last three years who owns requisite property in Georgia and has a residency permit due to that property ownership can avail themselves of tax residency in Georgia by not being tax resident elsewhere and proving they have a high networth and maintain residency in Georgia.
This would give a digital nomad the ability to move rather freely. The republic of Georgia does not tax individuals on offshore income.
The US tax resident company per the US-Barbados treaty as a pass through entity under US law would only be taxable in Georgia under current US law if the pass through owner was tax resident in Georgia.
In this instance, even royalty payments typically subject to a 30% withholding rate in the US would have a 0% withholding rate under the US-USSR treaty which the US recognizes and as the owner & not the company would be considered the owner of the royalties, even some of the most difficult income to extract from the US tax free could pass tax free to a Georgian resident through this US LLC.
So long as a digital nomad in this scenario did not become tax resident elsewhere, by holding annual board meetings for the US LLC in Barbados, it would not be taxable in Barbados under the treaty or Georgia under Georgian law, but would be a foreign company as a US LLC.
It would still have nonresident reporting requirements to the IRS, but should not be a taxable entity, and as long as the nomad does no work in Georgia, they should not be taxable on the company profits in Georgia either.
The US LLC provides fairly easy access to good online transactional banking for an operating company and a Wyoming LLC provides strong asset protection both against liabilities of the company to the owner, and liabilities of the owner in regards to assets of the company with charging order protection.
This means if the owner got into a car wreck in a country where that being their fault could be costly, it would be almost impossible for a judgement creditor whose claims exceeded the nomad's liability insurance to liquidate the LLCs assets.
I bring this up, because it always makes me laugh that a US LLC is one of the best tax haven assets in the world for people who are not US citizens if they plan how to use it correctly.
In terms of US citizens reducing taxes, a C or S Corp or a foreign corporation in a zero tax jursdiction where economic substance requirements are not an issue with proper use of foreign residence exclusion, foreign earned income exclusion, per diems, health insurance deductions, health savings accounts, IRAs and 401(k)s, along with travel expenses can get a US taxpayer north of $200k a year tax free. The combination of a US C or S Corp with the right zero tax foreign entity as a subsidiary using a check the box election can be useful -if you can get banking for that zero tax entity.
The recent introduction of economic substance requirements in many zero or low tax jurisdictions to satisfy the OECD and avoid being blacklisted from participation in international bank clearing of transactions has made a lot of low or zero tax jurisdictions nearly impossible to use because bank accounts are hard to get, or economic substance requirements are costly to comply with in ways they did not used to be. There are exceptions, but if you want to be a nomad, then it is harder than ever before.
The way around this is proper planning, structuring and use of the right entity types in countries that are not on any blacklists which are easier to secure banking for than headline rate zero tax countries.
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@thebigpicture2032 I need a car maybe 40 minutes a day if I'm the average commuter. If I'm the average retiree I need a car maybe 1 hour a week. If I'm self-employed and work from home -a growing segment of the population, again, maybe 1 hour a week I need a car. Which means if I'm the average commuter that in a year, I will need a car 200 hours out of 8,670 hours at the high end when you factor in special trips. If I'm not a big commuter, I will need a car maybe 60 to 70 hours per year out of that same 8,760 hours.again factoring in special trips. If you take a big road trip to visit family across the country or to see sights, maybe add 40 hours of trip time for the car usage.
Now let's assume that the ride share companies with the reduced fleet costs of self-driving EVs and the reduced fuel costs of solar powered charging, and the reduced costs of no longer needing a driver can charge $0.60 per mile for their service and be profitable. That means if I'm a commuter and I'm not in a car sharing version of the service which car pooling would likely become more common in this scenario reducing costs to maybe $0.20 per mile for a daily commute, that means I can spend $4,800 per year to get back and forth to work at the high end, or $1,600.00 per year at the low end with car pooling.
If I'm self-employed or retired, I can spend $1,440 per year at the high end with no car pooling -more likely in this scenario, and $480 at the low end with car pooling.
To buy a car at the $35K range which is not super expensive these days, you are going to spend easily $7,500 to $8,000 per year just to pay for the vehicle or more if bought on credit. You are going to spend another $1,200 per year or more maybe less depending on the state and city of residence for insurance. Those are fixed costs for the commuter and the retiree or self-employed work from home person. You are also going to spend $0.04 per mile on electrical costs, or $0.10 per mile for gasoline costs on average so $320 for an EV or $800 for a gas car if you are a commuter. The self-employed work from home person or retiree will spend $96 for electricity for the EV or $240 for the gas car.
What economically rational actor will buy a car in that economic reality, especially when wages are falling or stagnant for most people?
Now with the number of people living in vans, on your other point, I would say you are onto something, but people will fall into one of two camps. They will either be van dwellers who save on having the expenses of a house, or they will be house dwellers or apartment dwellers who save on the expenses of having a car. Oh, and one more thing, in many cities, the cost of parking a car makes this equation even more of a no brainer for the apartment or house dweller.
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Antigua is the CBI passport I would look at first in terms of bang for the buck. I would think about North Macedonia before Turkey because while I doubt it will ultimately join the EU, it might, but it gives you Japan. You don't get Thailand, but a Thai Elite Visa or a Thai Investor visa can take care of that. Would Turkey give you a few more countries visa free, sure, but are they countries likely to be at the top of your list of places to visit? Aside from Thailand which is not that difficult to obtain a visa for, not really. Kazakhstan? Mongolia? If you have the money to buy a CBI, you have the money and income to go to a Mexican consulate and get a Permanent Residency Permit for Mexico for your Antigua or North Macedonia passport which would put Mexico back on your list.
Now after that, Bulgaria or Portugal become appealing for getting an EU citizenship, but you need to structure your investments correctly if you are going to become tax resident in either one. They are mostly appealing for non-EU citizens. If you are already an EU citizen, having a backup citizenship like any of the Caribbean citizenships is probably a good idea in the event they ever adopt a US style citizenship based tax regime.
If you are single, then spending vacation time in any of the EU countries that offer citizenship to spouses of their citizens after a set amount of time, regardless of the location of your residence becomes appealing because your spouse potentially gives you the ability to live and work anywhere in the EU which can be helpful for structuring transactions.
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Bank accounts are the tip of the iceberg. There are also permanent establishment issues, the new economic substance test regimes, the clout to avoid banking issues or not, and the ability to benefit from double tax treaties. Where are your personnel working from is a vital question thanks to the new economic substance tests. Where is the IBC registered to operate is another question. I mean yes you are BVI corporation, but are you only authorized to do business in the BVI, or have you registered as a foreign corporation elsewhere? You haven't? Where are your personnel in the BVI, how many of them are there? Where is your managing director located? Who is that person? What ownership stake do they hold in the company? Do they have checkbook authority or are they merely a nominee director ie are they a sham?
Most of the jurisdictions which had IBCs excluding the truly territorial tax jurisdictions, ie Panama, Hong Kong and the like will tax the worldwide profits if the business is actually operating in their jurisdiction, and if you aren't, well where are you registered to do business otherwise?
It takes a lot of planning of various parts to avoid taxes as a multinational corporation which is what you personally must become to avoid taxes.
Find a video explaining the Double Irish with a Dutch Sandwich or the Double Irish with a Single Malt to begin understanding the kind of thinking that is actually involved. If you are an American add to that complexity GILTI and Subpart F, but also add to it foreign tax credits, FBAR, FATCA, and the foreign earned income exclusion. If you are in the EU -not the UK, Brexit was clearly about their overseas tax havens, but the rest of the EU, get ready for something like the US worldwide tax regime to take effect soon, and understand there are a lot of moving parts to consider.
You have to think like a multinational corporation's tax attorneys and tax consulting accountants. You need to be reading KPMG, Deloitte, and PWC reports on various countries corporate and personal income tax regimes. You need to understand how to obtain residency in favorable tax jurisdictions. You need to figure out which countries have favorable double tax treaties with the country where you situate you primary business, and which countries have regimes that will allow you to have subsidiaries with favorable transfer pricing studies to hire employees at the lowest wages and get the best performance while paying the least tax on the profits those companies must show for the services they provide to the primary company. You must figure out which country has the economic might to avoid issues with the EU blacklist. You need to figure out how to get money out of major markets with withholding regimes like the 30% tax the USA imposes on most transfers of money out of the country, except to jurisdictions who benefit from favorable double tax treaties and you must probably find such countries which have favorable double tax treaties with your primary country for your business because they likely aren't the same country.
You also need to figure out how to get proper transfer pricing studies done to make sure that the countries in question do not take issue with transfers out of their country of the profits those subsidiaries earned without taxes inside those nations being imposed.
You are going to need to understand IP licensing, loans and interest payments for this, or you are going to need to find low tax jurisdictions for this to work.
There are a million moving parts to international tax planning, and that is what Andrew is trying to say, without saying it.
You can figure this all out on your own if you are a lawyer or an accountant working at an international tax planning consultancy. If you aren't and you have the 120 IQ needed by most to complete graduate school, you can probably figure it out too, but it will take a lot of reading and research. It will probably take hiring translations for various treaties and statutes as well because there will be a lot of languages that laws and treaties you need to worry about are written in that you probably won't be able to read.
Hell there may even be treaties in effect as far as one country is concerned that another country disregards that would be a huge advantage to you which you will need to figure out how to use regardless.
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"Nothing will fundamentally change." -Joe Biden to a room full of well to do contributors.
So far the leadership in Congress and his own actions have shown his policies & their policies do not differ significantly from those of the Trump Administration.
This to me means that the destabilizing effect on democracy that the previous administration had on the United States is likely to worsen. The US has been a flawed democracy for quite some time & the failure of leadership & vision inside the United States to address the challenges facing the nation due to crony capitalism's consolidation of power & anti-competitiveness, the failure to alleviate pressures stemming from income inequality by implementing policies that will alleviate overly burdensome healthcare expenses on American business while providing better coverage for all Americans by implementing sensible employment taxes & regulation in place of the current private insurance scheme that is creating a disunity in the populace is hurting the country.
What I find interesting is that a country like Singapore, and a country like Uruguay have been able to implement a fairly low territorial tax system, while also creating systems of universal healthcare & creating an environment that has not priced most of their citizens out of the housing market either as buyers or as consumers of quality housing, yet the United States is failing in this mission with far more land, far more resources, and a highly productive people.
The reality it occurs to me is that no political leader in America has said, we can have a tax system that provides better for the basic social welfare needs of it's citizens AND costs less for both workers & business owners than our current system.
Not one political leader in the United States has said, we can provide a system of universal healthcare and have low taxes. Singapore does this with very little government spending and has some of the best healthcare in the world with a system that is universal. Uruguay's healthcare is not the enviable system that Singapore has, it isn't even as solid as it's slightly poorer South American neighbor Chile, nor fellow Latin American territorial taxed neighbor Costa Rica whose universal healthcare system, like Chile's places it ahead of the USA.
Why am I mentioning healthcare so prominently as an issue that is causing the problems in the US?
Because it is THE issue which to a large degree stifles enterprenuership in the USA. It is also one of the two leading issues that creates significant income inequality, this despite the fact that the current system which not only leaves too many people without care, costs American business FAR MORE than all of their competitors around the world.
Can the USA adopt the Singaporean healthcare system entirely today? No, it really can't because of how the current system is designed, but it can redesign the current system to transition towards a Singaporean style system over the course of two generations. It will easily take forty years to make health savings accounts the major source of payments rather than insurers, be they private or public, but it can be done.
Hell the US could adopt an entirely territorial tax system & it would probably increase revenue returns to the treasury so long as the destabilizing pressures of the poorly managed healthcare system were addressed.
Are there other issues in regards to crony capitalism that need to be dealt with to get the US on the right track, yes, but no one in either of the two main parties in the US are in any way prepared to address them because the political leadership of the country in both parties is owned by a myopic group of kleptocratic crony capitalists who are blind to the risks the failure of the US as a democracy will have on their consumer base & long term business interests.
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My plan is to get a business that earns most of its income through royalties functional, move to Portugal on a D7 visa and residence and earn an EU citizenship while benefiting from the NHR and Social Security Totalization Agreement as an American self-employed in Portugal. A royalty based business has few litigation risks, and most litigation risks that could apply would not be protected by a corporate liability shield regardless, so it is a practical way to operate in terms of tax efficiency and asset protection. After gaining Portuguese citizenship, the options for how to operate and where to live become a lot easier to deal with, especially as it opens up multiple EU jurisdictions for corporate structures and tax planning because as an EU citizen I could work as a board member in any EU country. Ireland, Hungary, and Cyprus offer some solid structuring strategies. The potential tax savings while living in Portugal may also allow enough savings to purchase a Caribbean citizenship, assuming the programs remain open. Dominica's current visa-free access is probably the most appealing as a supplement and compliment to Portugal. Securing a Skilled Worker Certification for Caricom would be part of the strategy when obtaining any Caribbean citizenship.
After obtaining Portuguese citizenship, a residence permit in Mexico, Malaysia, Thailand, the Philippines, Uruguay, Costa Rica, Barbados, or Georgia would all be likely possibilities. Cyprus, Ireland, and Malta might also be in the mix for residency.
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Antigua & Barbuda is also part of the Eastern Caribbean States treaty with more expansive free movement than Caricom. Caricom has free movement to more countries, but only for skilled workers -which is a select category or professions, but also college graduates with I believe at least a bachelor's degree that must be authenticated and approved for classification as a skilled worker. The Eastern Caribbean States is less countries, I believe Antigua & Barbuda, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, Grenada, and Dominica are the ECS countries. Not all Caricom members have signed or been accepted as part of the skilled workers free movement regime, but all six ECS countries are part of it, as are I believe Belize, Trinidad & Tobago, Barbados, Suriname, Guyana, Jamaica, and I believe Haiti is part of the single market, but may or may not be part of free movement, and while Montserrat is part of Caricom, as a British Overseas Territory I don't know if they are part of the single market or free movement, and the Bahamas is part of Caricom, but I don't believe it is a participant in the free movement regime.
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Not to mention the fact that even in regards to tariffs which are the less sexy part of tax avoidance, products are specifically designed, and the process of creating a product is phased out amongst specific countries just to avoid tariffs, let alone the effort required on the part of a multinational via transfer pricing studies to minimize the tax in each jurisdiction where components are manufactured.
The problem with journalists is they have an agenda and nowhere near the understanding of the complexities he as an entrepreneur in the trenches just explained in regards to the amount of taxes these companies actually pay.
Who pays the VAT, the consumer or the company? Well at the end of the day, the company makes the payment to the tax man, the same with the corporate tax rate, but who really pays either of them, or the tariff?
The consumer pays. Every dollar in tax that a company avoids is a dollar in tax consumers do not pay. The same goes with sales tax. I mean you as a consumer get to see the tax bill in the US in the case of sales tax, but every tax on business is actually another hidden tax on consumers.
If they wanted to tax capital disbursements or capital gains at 90% and they stopped taxing businesses, the working class would no longer be paying most of the taxes.
The problem with the current system is that good business people who are keeping prices down for their consumers are being villianized.
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The one big benefit Turkey offers with it's passport is their excellent consular protection as compared with many countries. If your Turkish passport was lost in just about any country that Turkey gives you visa free, visa on arrival, of e-visa access to, it is a safe bet you could walk into a Turkish consulate and obtain assistance getting a replacement passport.
The Caricom countries that offer CBI are personally lacking in terms of consular protection, but as member states of the British Commonwealth, the UKs extensive consular protection network offers similar benefits to the Turkish embassies and consulates around the world. Interestingly enough, the UK Commonwealth's extensive network of embassies is often useful for Canadians, Australians, and New Zealand because while the CNA countries of CUNA like the US are quite selective about who they allow to visit or reside in their territories, their embassy networks are no where near as extensive as the US or the leading European powers of the UK, France, or Germany. While it is unlikely anyone would obtain citizenship by naturalization in Singapore or Malaysia, it is good to know that the extensive network or diplomatic missions those nations which do not allow dual citizenship are backstopped by the UK's nearly universal network of diplomatic missions as member states of the British Commonwealth. Like the US, the UK's network of consulates has a few minor gaps in countries that are not likely to be high on anyone's list of places to visit, but there are some gaps, but Turkey has an embassy in most of those countries.
A lot of Latin American countries where you may obtain citizenship through naturalization fairly quickly have good consular protection, but not as extensive as Turkey or the British Commonwealth provides, nor as good as the US consular protection coverage generally although the US leaves something to be desired in a few places you might suspect, but they are countries where travel on an American passport would likely be a poor decision.
Citizenship in an EU country typically provides not only an excellent travel document, but also consular protection not only from your country of citizenship, but also every other EU country in the event your home country does not have a consulate in a particular country. This means that France or Germany will likely be able to provide assistance if your home country cannot.
I believe the consular protection considerations are something people should consider when obtaining a second citizenship, but also, something to consider when planning to obtain a portfolio of passports.
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There may be others, and we know for sure St Lucia and Comoros, and likely Antigua & Barbuda now. Serbia seems likely, Georgia also seems likely. Morroco and Angola being available visa free leads me to believe likely Russian citizenship because your wife is both Russian and Armenian, and you have said you would not want to obtain Turkish and Armenian citizenship because of the historical conflict there, but Turkish citizenship is not out of the question with your properties there. As your adopted sisters are Russian by birth, that seems likely, but it would also mean this needs updating because the country formerly known as Zaire, now is it Congo or Democratic Republic of the Congo has added e-visa access to Russia and Turkey. I mean both Russia and Turkey have e-visa access to Mexico, and a Colombian residency permit gets you access to Mexico too, so your Colombian residency explains that, but with the changes in African access for many passports in the last few months, I suspect this needs some updating whether or not I am correct. Some countries have lost some African access and others have gained some.
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If you can work anywhere & earn that amount, move to a territorial or zero tax country where you can get residence. If you work for someone else, make sure it doesn't make them tax liable where you live. If necessary pay taxes where you are at & with savings from the Foreign Earned Income Exemption save to buy a CBI, or move to a country where you will obtain citizenship & a second passport. You may even consider moving to an EU country where you can obtain citizenship even if you must pay the tax.
Once you have a second citizenship, your options become more open. If you are working for yourself and earning that and can work anywhere, get yourself to a tax free country like the UAE, you probably can't afford the pricier zero tax countries yet.
The first plan of attack should be figuring out how to get a second citizenship. If you have access to a citizenship by descent somewhere do the work and get that citizenship. If you cannot, then figure out how good your passport must be. Do you want a Tier A or is Tier B+ or A- good enough? Is Tier C good enough?
If you want to live in the Philippines long term getting a passport from even Ecuador with no access to Europe might be good enough for you. If you will never get wealthy, Argentina might be fine, because they have talked about a global wealth tax on citizens regardless of where they live and you cannot renounce Argentine citizenship. If you want to move to a zero tax country eventually, Portugal may not be the place because of their five year tax rule when you move to a blacklist country. They will say you are a Portuguese resident regardless of physical or family ties remaining in Portugal. Luxembourg will tax you a lot while you are there, but won't chase you when you leave. Sweden will chase you. Mexico consider you a resident as a citizen even after you leave if you have a home there. You have to examine the quirks and figure out what citizenships suit you best. the reason St Kitts is so popular as a CBI is because they don't tax you even if you live there, but may tax your company under the current rules if it is managed there.
I recommend reading PWC's reports on countries to figure out the broad tax rules there or Deloitte's highlights and looking at naturalization and residency rules for countries.
You should of course examine the visa requirements for citizens of the countries you might want to obtain citizenship from and understand they change. The US now needs a visa to visit Bolivia a few months ago that was not the case. Once you have it narrowed down, examine the short list more closely by talking with immigration and tax attorneys in those countries. Many will be able to meet with you by something like Zoom, many will not, but a phone call is possible. You need to get practical advice from professionals in the jurisdiction. You will also want to speak with a US tax lawyer who is versed in international tax planning and a similar US accountant especially if you have a US based business. The 2017 tax reforms made moving existing US IP assets most businesses have offshore, more difficult in terms of tax planning for example.
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Gitlab, Buffer, Automattic, Stripe, Zapier, Bandcamp, FlexJobs, just a few companies you may have heard of that were remote only and remote first from day one. You can start billion dollar companies that never have a set physical office, a few of them are on the list and they are not the only ones.
The only thing a business needs is a bank account, the right paperwork sitting in an attorney's filing cabinet somewhere a registered agent in your jurisdiction of choice, and perhaps a mail forwarding service to receive correspondence from the state, vendors, or customers and those do not require you to do much more than sign a low cost agreement with one of hundreds of mail forwarding companies around the world or registered agent service providers.
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Whether or not you are tax resident somewhere outside the US really depends on the rules of each locality. I mean Spain is going to do everything to say you are resident there. Thailand may not consider you a tax resident even if you have lived there two years on say the Thai elite visa. You have to examine the tax residency rules of each locality and structure your lifestyle, business and assets to ensure you aren't tax resident in multiple places, preferably for Americans structured in a way where you aren't tax resident anywhere else, or if you are tax resident somewhere else, it is in a country with a double tax treaty with the US that allows you to structure your affairs to avoid US taxes, and minimize the local taxes too. The US has a lot of DTAs and several Social Security Totalization Agreements that can prove helpful. The country where you decide to become tax resident in such a scenario would be one that it would be most beneficial to have its own Double Tax Agreements with the other countries you intend to spend time in, especially ones that make it clear qualifying for residency in your first choice excludes you from residency in the other place or places.
I mean the general rule would be a short term rental in a place like an AirBNB for 3 months is less likely to make you tax resident than a year long lease you only live at for 3 months, while a place you own and live at for 1 month a year is more likely to make you tax resident than the rental, or at least maintain a tax residency.
There are a lot of broad strokes that vary by country and general rules always have exceptions. I means for Americans the other thing to think about is are you still tax domiciled in the state you lived in before you left. You may be unless you properly severe ties and establish a nona fide residency somewhere else. In some instances it may even make sense to move to an income tax free state particularly one like South Dakota that allows you to obtain a driver's license with a one night hotel stay as proof of residency and a mail forwarder before leaving to severe ties with a state that will continue to tax you like New York or California. You may also need to get rid of storage units, and property ties like a vehicle titled in those states because they want to keep taking a pound of flesh as long as they can.
Exiting the US correctly is phase one. Using the foreign earned income exclusion and foreign housing exemption and foreign tax credits is step 2 of dealing with exiting the US. Not becoming tax resident in the wrong jurisdiction is step 3, becoming tax resident in the right jurisdiction if you must is step 4.
I've looked at the broad stroke tax guides published by Deloitte and Price Waterhouse Coopers for easily 50 or 60 countries to winnow it down to a handful of countries I would even think about becoming tax resident in and amongst those you still have to decide what the tradeoffs are and if the tradeoffs are worthwhile.
I mean the Bahamas, Turks & Caicos, Cayman Islands, and the UAE all have great tax rates at 0% for the most part, but a) do you have the capital to move to them, b) do you want to live full time on a island or in the desert, c) if you can afford one and want to live there can it help you get citizenship in a reasonable period of time if you want or need an alternative passport?
Then you look at a place like Argentina, the tax rate is terrible, it is difficult to exit it's tax net. It has a wealth tax too, but you can get citizenship there in a handful of years potentially and it is relatively inexpensive with a world class city in Buenos Aires and a multitude of climates in the country.
You look at a place like Belize, and it has a mediocre passport for the most part, a tax system that can be very favorable to you, but you wouldn't want to bank there and the Cayes seem relatively safe with the Caribbean beach lifestyle as does Placencia. It takes a fairly long time to get the passport at over 6 years, but it is a relatively easy place to immigrate to, and so are some other places.
You can move to Thailand or the Philippines relatively easily, but you are unlikely to ever get citizenship in either country and if you do, they are not great passports and dual citizenship is a no go for naturalized Filipinos. If you structure your affairs correctly you are unlikely to be liable for tax in either country even if you are there almost all year. It's not impossible to become tax resident in either country, but taxes can be avoided even as a resident with proper structuring.
Mexico has a great passport, it's relatively easy to move there if you have some location independent income, you can naturalize in about 6 years or so, but taxes are extremely high in Mexico and even with a double tax treaty with the US it has a lot of tax risk for a US citizen who becomes resident there and leaving can be hard with its own exit taxes.
Portugal has the NHR which can be beneficial for taxes, but you have to structure your affairs very precisely to benefit from it and you may have exit taxes to pay when you leave on capital gains. It has a fantastic passport which you can get in six or so years of living there, but you have to structure things just right not to get hit with high tax bills if you become tax resident there. If you can afford the golden visa investment you can be resident for the purpose of pursing the citizenship and may not become tax resident, but I think that to obtain the citizenship will involve spending more time there than the minimum to maintain the golden visa, but maybe less than the 183 days in 12 months to become tax resident, but you still might be found to have Portugal as your center of interest, and if that happened on the second year you were there, no NHR for you and really high Portuguese taxes.
All of this is to say the risk reward ratio. Has to be examined for anywhere you are considering and you need to know what does and does not make you tax resident. You also need to know the incentive options available to immigrants if any. You need to figure out it you want to pursue s citizenship by naturalization and residency anywhere or save up and obtain a citizenship by investment.
I mean Dubai is an expensive place to live, but it offers a pretty great tax benefit if you can afford to become tax resident there and can structure a company properly. If you structure trips to other places during the hottest parts of it's year, you can avoid the heat and maintain a tax residency there and with the tax savings maybe buy a CBI.
Figuring out what place interest you, what the tax rules for each place are and how to avoid residency where you don't want to be resident, or become resident in a favorable jurisdiction if you want that is about doing the research. PWC and Deloitte have good resources online to start researching the taxes. Wikipedia does a good job of telling you what countries have what visa free access where to help you figure out where it might be a good place to get a second passport. The next step after that is a lot more google searching and talking with local lawyers and accountants in the countries you are interested in.
This is not a one size fits anyone process.
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Darren Sweden literally has the largest and most successful tech community per capita in the world. Bigger than Silicon Valley per capita and the second largest in the world when per capita is not considered. They created the database software that runs most of the web. Spotify is Swedish, Volvo, IKEA, Saab, Husquevarna, H&M. There are more billionaires per capita in Sweden than anywhere else on earth EXCEPT Iceland. The Swedes are also home to Electrolux, Skype, and Ericsson. Truecaller is a Swedish tech firm, SoundCloud is Swedish, Tictail is Swedish, Mojang is a $2.5 billion Swedish video game company. King, the company behind Candy Crush is Swedish. Klarna a PayPal killer valued at over $1 billion is Swedish.
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I mean if you have a residence in a tax friendly place with solid banking like the Channel Islands or UAE or Switzerland and you have ties with a country such as a permanent home -that is in fact a vacation home as opposed to your true habitual abode, a d that higher tax country has a double tax treaty with the residence you want to be your primary tax home it may well make sense to have your banking in that primary tax home. You will want to have your banking there, your driver's license there, your doctor there, you will want your children if you have any enrolled in a school there, you will want to make it clear under most treaties that where you have a residence is your center of vital economic interest and your primary banking account that you pay bills from, perhaps not all of your money, but your operational accounts for you personal life at the very least ie a current account that pays your living expenses should be there especially if you are for example a citizen of the country where you have a primary residence. The tie breaker rules in Malta's Double Tax Treaties with those three even more tax friendly places will not resort to where you are a national to decide your tax residence if your center of interest is clearly in the other jurisdiction. If that jurisdiction is a solid banking jurisdiction as Switzerland, Jersey and Guernsey or the Isle of Man, and the UAE are, then baking there makes a lot of sense to secure tie breaker benefits under a tax treaty. You don't want Malta to consider you ordinary resident and domiciled there when you could have your money taxed at a zero rate in UAE or a lump sum regime at a favorable rate in Switzerland or even a capped rate in the Channel Islands that is similar to the Swiss lump sum regime.
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@steveb7600 Monaco, Bahamas, Brunei, Kuwait, Bahrain, United Arab Emirates, Bermuda, Turks & Caicos, Anguilla, Cayman Islands, British Virgin Islands, St Barths, St Kitts & Nevis, Antigua & Barbuda, Vanuatu, are the ones I can think of off the top of my head, there are at least a dozen more that can be zero tax with proper planning and structuring of your affairs, including a lot of countries with very high headline taxes, that offer great incentives for immigrant tax payers.
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Maybe the Philippines does what Panama did with a "Friendly Nations" Retirement Visa replacing the SRRV. I could see it catering to the South Korean military retirees that the original 35 age limit was set for especially as 37-38 is the age for the earliest US military retirees with 20 years of service. I mean the EU, US, Canada, Japan, South Korea, maybe other ASEAN member states, Australia, & New Zealand citizens being offered the visa on friendlier terms with a stricter investor-retirement visa being offered for countries they find less desirable seems likely to me to end up being the case. I can see Malaysia doing something similar with MM2H v 2.0, and Thailand following suite with a new version of it's Elite Visa with an even higher dollar requirement. I can also see each country adopting a formal Digital Nomad work visa & local tax regime for income earned or remitted into the country. My suspicion for version 2.0 of these new Friendly Nations style retirement visas would include proof of a passive annuity, overseas rental income, or overseas royalty income, in addition to the bank deposit.
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If you are subject to the exit tax and likely even if you are not, your 401(k), or IRA will be taxed upon renunciation as if you cashed it all out in the date of expatriation. If it is a Roth & you are over 59 and 1/2 and have held it for five years, zero tax. If it is a traditional IRA or 401(k) it will generally be taxed as it would have been, including penalties if held less than five years or under age 59 and 1/2. If you qualified for social security so long as you are not living in one of a handful of countries that it cannot be paid to, you will collect it and it will be taxed in accordance with any double tax treaty or at the FDAP rate of 30%. If you have a pension from a private company, the same rules generally apply. Of course there are variables, and individual advice is better than someone explaining the general rules, but as I understand those are the general rules and this is not legal advice. Once you cash out the IRA or 401(k) you could invest in in a brokerage account elsewhere and that country's capital gains rules will apply and if invested in the US FDAP income ie dividends and interest will be taxed at double tax treaty rates or the standard FDAP rate of 30%. Of course Irish UCITS ETFs are a good way to get around that if you have a European brokerage account and are in a country where the 30% rate would apply, FOLLOWING EXPATRIATION. If you are still a US citizen UCITS are a bad idea because they a Passive Foreign Investment Corporations to the IRS, even if they are not strictly speaking Corporations which have penalties.
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Nicaragua, Honduras, Guatemala, Costa Rica, Panama, Belize, St. Lucia and Uruguay all have territorial tax regimes. The Cayman Islands, Anguilla, the BVI, Turks and Caicos, and the Bahamas all have zero tax regimes, then Antigua and Barbuda, and St. Kitts and Nevis have zero tax personal regimes, so the tax free options in the Americas are not too shabby with the right planning.
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I think if I move anywhere it will be either the Algarve in Portugal, or Buenos Aires in Argentina. The most likely scenario is Portugal followed by Argentina after obtaining citizenship in Portugal, but I will probably be in Argentina some of the year on a tourist visa, Uruguay also on a tourist visa, probably a residency permit in Paraguay and probably a residency permit in Mexico with a rotation. Chile, Peru, Ecuador, Panama, Costa Rica, Colombia, and Brazil may end up in the mix some of the time too.
Why Portugal first, because if operations are structured correctly, I could probably cut social security taxes in half, despite the higher topline rates in Portugal, and reduce the income tax by as much as 90% or more.
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If you aren't thinking about a plan like the legal & accounting department at a large multi-national corporation, you are probably doing it wrong. I mean you need to worry (from an American perspective) about IP issues regarding transfers of any IP assets to a foreign company under the new rules surrounding GILTI which are designed to make it hard to expatriate a trademark, patent, copyright, or goodwill of a business. You have to look at the impacts of the offshore jurisdiction where the company is headquartered on GILTI liability now and give years from now when the rates become more punitive. You have to examine merchant account processors that will work with a given jurisdiction. You have to examine banks for the jurisdiction where the company is headquartered. You need to look at international double tax treaties with your primary market to see what jurisdictions can benefit you and how to possibly use multiple jurisdictions to get money out of a primary market without withholding and to your headquarters without a withholding from the jurisdiction you use to get money out of your primary market. You need to examine relationships potentially amongst multiple countries to make sure you can access markets other than the jurisdiction for your primary market. I say this because in this day and age most people going offshore I would assume have a business which is somewhat location independent thanks to the Internet. You need to examine payroll taxes in those various countries and local labor costs. You need to examine transfer pricing rules and controlled foreign corporation rules for jurisdictions where you may actually live, or with the trifecta approach you suggest you may need to make sure you can move between location a) b) or c) in a given time frame to avoid triggering tax residence in an undesirable location for you personally, or plan around that ever becoming an issue. Figuring out how to get company accounts is important, but so to are personal accounts for the places you want to live, which likely means residence permits are an issue too. I mean if you want to go to one jurisdiction and live in that jurisdiction and bank in that jurisdiction it may be easier, but if you want your company in one jurisdiction and you in other jurisdictions it becomes harder. If you want those two things and access to a specific target market without withholding issues regarding your customers from a given jurisdiction it is something else entirely. I mean if your target market is the US for your app or your SaaS and you want to get money out of the US without withholding taxes, that is going to take a lot of planning and probably multiple jurisdictions. You are going to be reading double tax treaties and local laws. You are also going to be looking at payment processors like a Stripe or a PayPal for jurisdictions that they freely work with and you will be looking at merchant account providers likely including high risk merchant account companies. On top of those logistics challenges you will also be looking for banks that will take your business in the approriate jurisdictions and nothing about any of this should ever seem cookie cutter to anyone. There may be solutions that are cookie cutter for certain scenarios, but a solution for a SaaS company is not going to look like a solution for an FBA company or a company that is manufacturing physical products where navigating tariffs may also become a significant issue beyond labor costs and tax implications. Let's not even get into transfer pricing and using a wholesaler to warehouse to export from the point of manufacturer take profits and resell to the import market.
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@dlukton GILTI makes it much harder, not impossible, but much harder to keep money offshore without it being taxed, so yes big multinationals with an army of attorneys and accountants will be able to take advantage of some savings, but loopholes are being closed all over the place. The biggest Irish loophole the Double Irish with the Dutch Sandwich and the Double Irish with the Single Malt was closed, and even if it weren't closed, the GILTI tax regime would bring any income taxes below 13.5% currently and 16.5% in a few years up to at least 21% for C Corps and as high as 37% for any individual owner who doesn't make a an IRC 962 election if they personally are considered a US shareholder of a controlled foreign corporation. It is making it much more complex for smaller firms, but it is making it a lot more complex for larger firms too. Between FATCA and CRS, along with the EU blacklist regime and the OECD's efforts to close loopholes and the new economic presence tests which have been adopted for sales tax and vat being pushed into the income tax realm as well, a lot of international tax planning will become increasingly complex, not just for those seeking to minimize their taxes, but also for those simply attempting to comply with increasingly complex laws when they are operating any business connected with the Internet for example. Basically the tax code is becoming an excellent way to stifle free speech.
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The fact that the ACT 20 company MUST provide services for EXPORT should not be lost in the HYPE. This is especially true in light of new Treasury Regulations which are beginning to source the income of digital sales at the point of consumption. AT LEAST for downloadable digital content, ie non-SaaS software and/or eBooks, or downloadable videos. This could dramatically hamper the potential tax benefits of the ACT 20 NOW ACT 60 loophole. Let's be honest it is a loophole and Congress is very good at plugging loopholes. What about this plug for the hole, they grant Puerto Rico statehood and it loses its tax advantaged status.
Don't get me wrong, Puerto Rico looks good, in fact, today, with the rise of CRS and FATCA, the EU blacklist and the OECD forcing its economic substance requirements on the tax favorable jurisdictions of the past, there is a lot to be said for ACT 20 and ACT 22, now ACT 60 as I understand it, but it is likely to be a short term solution. In fact, by law, IT MUST BE A SHORT TERM SOLUTION, 30 years maximum if the 10 year renewal is granted at the 20 year mark. What good does ACT 20 do for the business person who wants to sell real physical products to actual human beings? Yes, you can convert a portion of the profits from such an enterprise to service based income by providing marketing services to your physical products company, but wouldn't you rather pay the 9% corporate tax rate on the profit from selling those goods in Montenegro and not have to worry about how the income is categorized by the IRS in a dispute, and maybe pay Zero Percent on the dividends you receive for those distributions as a citizen and tax resident of St. Kitts & Nevis, or a tax resident of Panama or Malaysia receiving those dividends at your home in one of those countries where you have the option of pulling up stakes and changing your tax residency if needed to minimize your taxes, or where you have the option to move the company from Montenegro for a better deal if you find one. I mean the piece of paper creating a corporation can sit in any drawer in any country.
As long as that country gives you access to banks that let you move your money and use it freely, it doesn't matter what country the corporate articles are sitting in at the end of the day.
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Imagine what the police could investigate if drugs were all decriminalized and fully legalized and they no longer wasted time investigating prohibition cases which are not crimes. Imagine what police could investigate if prostitution likewise were legalized and decriminalized as it was in several European countries, most of Australia and New Zealand. Sex trafficking and any form of forced labor can of course remain a crime on the books, but that is a different beast than consensual self-employment in the sex work industry, but the point is, when they made alcohol and prostitution illegal in the US 100 years ago, the police had just finally started implementing scientific investigatory techniques to solve real crimes, like robberies, burglaries, arson, rapes, and murders, but 50% of murders go unsolved, 95% of citizen reported robberies, burglaries and crimes that are not against corporate enterprise is barely investigated as you pointed out with examples from your own life Cenk, yet we have about 3 million Americans incarcerated mostly for drug crimes, and our actual crime rate has fallen to record low levels, but we don't investigate actual crimes and we don't prosecute actual crimes, and we don't investigate those actual crimes because the government cannot confiscate wealth by investigating actual crimes. That doesn't seem right to me. I don't think it seems right to most citizens on any side of the political spectrum, but are we having a discussion about that issue?
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As a six year old in 1982 I fell in love with George Carlin when he said, “I was listening to my Rice Kryspies the other day, and I distinctly heard snap, crackle, fuck him.” Yes, my family is very libertarian about language and the truth and demands people think rigorously about the world. I thank my late aunt who was babysitting that night for bringing George into my life at such an early age. He was a genius. His last special was strong. And Jeselnik is wrong. I watched the special he claims is only available as a bad recording.
I think these guys hate the fact that they will never be as funny as old Georgie. George Carlin only ever had one heir apparent in his lifetime and Bill Hicks died of cancer as a very young man.
There are people who were inspired by George and Bill who will tell you they ain’t as good, like Jimmy Dore and Lee Camp, then their are putzes like this who will never compete with the guy whose star is at the corner of Selma and Vine because where now stands a Bed Bath and Beyond once stood the radio station in LA that gave George his first job in Hollywood. Not his first job in radio, but the first one in Hollywood. He went there with no contacts after doing radio in Louisiana, Boston, and Dallas for a few years, knowing no one and within 5 months he was doing the Tonight Show back when there were three channels and he had booked a national comedy tour.
No one could hold George’s jock strap as a stand up!
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In terms of obtaining a long term multiple entry visa to China the US, UK, and Canada provide that more easily than most countries. If you can obtain residence in Canada it's a little bit more than 3 years living there to obtain citizenship.
Argentina is another country with a 10 year multiple entry visa available, but Argentina has a lot of things to make you leery of obtaining their citizenship, so if you are okay with that and willing to put a couple of years in on the ground there, it's an option for a long term access via a visa.
I bring those up for people who want to maintain the US level of access.
A few other potential alternatives via the APEC Business card if you were a citizen of Peru, a little more than 2 years to naturalization, at least theoretically, Mexico, a little more than 5 years to naturalization, or Chile, a little more than 5 years on the ground to naturalization.
Also Australia and New Zealand potentially provide APEC Business Card access to China.
There are a few routes to making travel to China easier, but it's not necessarily as interesting of a place to visit as it was a decade ago.
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@TrueEarth369 Thailand has territorial tax so if you are not working and your passive income is earned outside Thailand as long as you keep it in a bank account outside of Thailand the year the dividend is paid, my understanding is the money will not be taxed because they use a remittance based system as well. Thailand has a few double tax treaties with some countries which may also prove beneficial. If you are not an American, but you have US dividend paying stocks for example, I think the Thai treaty will reduce your withholding rate in the US from 30% to 10%. In other words they may or may not be as beneficial as some other countries, but they are not bad. As I understand it, in SEA Hong Kong, Thailand, the Philippines, Malaysia, and Singapore all have a territorial tax regime. In Latin America, Uruguay, Paraguay, Nicarauga, Honduras, Panama, and Costa Rica are territorial tax jurisdictions as I understand it. To a degree, ie no CFC rules, Ecuador is as well if you are not taking money out of a company that is based overseas, but Ecuador has some exit tax risks and does tax worldwide income of individuals. St Lucia in the Caribbean along with Belize in the Anglophone world of the Caribbean are territorial tax, as is Dominican Republic in the Latin American Caribbean. Georgia in Europe/Asia depending on where you draw the line, has a personal territorial tax regime, but a worldwide tax for local companies. On the zero tax front you are looking at Turks & Caicos, the BVI, the Cayman Islands, Anguilla, -for personal income only Antigua & Barbuda, and St. Kitts & Nevis, but their management and control rules regarding corporations may bite you without proper planning. You have Monaco, St. Barthalemy -with some exceptions for zero tax options, Vanuatu as well. Then you have the Gulf states, UAE, Bahrain, Qatar, Oman, Saudi Arabia, and Kuwait, but only some have realistic residency options. If you want low tax, Barbados is good for companies, but not so much for individuals. Labuan likewise is good for companies, but I'm not as sure it works in terms of living in Malaysia. I would want advice from local tax counsel about the treatment of dividends & salary paid by a Labuan company to a resident of Malaysia.
Then you have Lump Sum tax countries or lump sum tax countries for travelers with Anguilla, Gibraltar, Malta, Switzerland, Jersey, and Guernsey in the Channel Islands. There is also a lump sum regiment for Italy, and there is a 10 year NHR in Portugal that may be zero tax if you have the right circumstances in place.
My take is with the right planning SEA provides great options for low or no tax living. If you are somewhat nomadic ie not anywhere for more than 4 months a year, then the territorial tax countries would be great and making a St. Kitts or Antigua your country of citizenship and spending a month or two there may provide you a tax residency certificate if you need it with a bank that is helpful, otherwise in the right circumstances even less time in Georgia may give you one. With the right lump sum payment like 1 month a year in Anguilla will get you.a tax certificate if you aren't in any other country more than 183 days a year. Antigua has a similar deal for non-citizens. Malta has such a deal too. Cyprus may have some non-domiciled residency benefits I haven't quite figured out yet myself.
There are a lot of ways to play it, but I will say if your business is structured properly, and you are not actively working in the business Thailand has some potential. If you are working in the business, with the right structuring Thailand could work, as long as you comply with foreign branch rules and hire enough locals to get you a work permit. But it is going to add the expense of transfer pricing studies and may be a giant PITA, although it may be worthwhile. If such a scenario is necessary, ie you working for the business, then a Labuan company in Malaysia might put you in a 3% tax bracket. The Philippines would have the same PITA regarding transfer pricing studies that Thailand would have.
Of course if you are living on portfolio income and dividend from publicly traded companies, that is a different story.
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My French ancestors were in Quebec before the French & Indian War. My Dutch ancestors were in New York when it was still New Amsterdam. My Mohawk ancestors are in no way helpful with a citizenship by descent especially since they are too small a percentage of my Great Great Grandparents to allow me to be a member of the tribe even. My Irish ancestors moved to Canada at the height of the potato famine, so that means it was my Great Great Grandparents. My Great Grandfather moved to the US & if I knew when I was a kid what I know now, I would have told my grandfather & father to claim their Canadian citizenships so that I could claim mine potentially, but they were both proud soldiers in the US Army who respectively fought in World War II, and Vietnam & the first Gulf War, so that would probably have not went over well with either of them. My maternal Great Grandparents all came to the US from Sweden early last century along with my matrilineal Great Great Grandmother who had been a doctor in Sweden. I have a relative who traced my matrilineal line in Sweden back to a Grandfather born in the 1770s who lived to see the US Revolution & the US Civil War's beginning. I can tell you all that, but as Andrew I am sure knows, Sweden's cruel ironic punchline for me is that while a Swedish mother has always been able to pass citizenship to their children, my Grandmother born in America in 1923, even if her mother never became an American citizen was born an American so unless she went to Sweden before the age of air travel and before she was 21 & opted to be Swedish, she and my mother are both American citizens. Hmmm what was happening in the world by the time my grandmother was 6 years old, a worldwide depression, hmm. As a young adult what was going on in Europe? A World War? If Sweden alters their citizenship by descent rules to allow the descendents of Grandparents born of Swedish ancestry, I'm probably Golden, but as a country that only recently recognized dual citizenship, unless I've read their citizenship by descent statute wrong, and I don't think I have, citizenship by descent for me is a cruel, cruel joke. In no small part because my ancestors were mostly in the United States before it was a country, or Canada before it was a country, left Ireland before it was a country, & well too long ago for British citizenship to apply as well. Canadian citizenship was potentially obtainable in my lifetime, but my grandfather & father would have needed to take some actions. That is a cruel irony because I could be at the Canadian border in 25 minutes & my father routinely went to the Canadian auto-racing track 40 minutes away to work on cars and even played fast pitch softball in a cross border league when I was a kid.
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I think the more interesting question for an American obtaining a Caribbean CBI is how easy is it to obtain a Canadian visitor visa. I know the typical Canadian visitor visa is a multiple entry visa that allows many trips over 10 years and if you can obtain a residency permit in Mexico for your Caribbean CBI, there are enough direct flights from Mexico city to Vancouver, Toronto, and Montreal to allow you to transit to Europe from Canada without having to obtain a US visa if you can visit Canada.
I ask this because unlike obtaining a visa for the US you could at least theoretically arrange a Mexican residency permit for the CBI before renouncing and also obtain a Canadian visitor visa for the CBI before renouncing and if you can visit Canada and reside in Mexico at least part of the year, even if you cannot obtain a US B1/B2 visa or with Grenadian citizenship an E-2 nonimmigrant investor visa you could still fairly easily visit US relatives who have visa free access to Canada or Mexico in those US neighbors. Having Canada as a transit option on their 10 year multiple entry visa would not be a bad thing to have either before renouncing.
Sure Sao Paolo, Mexico City, Panama City, and St Maarten provide pretty good access to Europe, Africa, and Asia, but Toronto, Montreal, and Vancouver are not the worst places on earth to be able to transit through.
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In the US, the best way to avoid the capital gains tax you presented would be to have structured the company as a C-Corp early on and held founders shares under 1202 of the code as a qualified small business, at least after 2010 when the current exemption rate was put into place. In that scenario, assuming the company stock was held 5 years, up to $10 million of gain or 10x the original basis, whichever is greater is exempt from capital gains tax assuming the company has less than $50 million in assets. Why would anyone sell a business with $50 million in assets for $12 million?
That would mean instead of paying $2.4 million in federal income tax, the seller would pay $400k in income tax under the current 20% federal capital gains rate.
Assuming arguendo the founder is a resident of a zero income tax state like Nevada, Florida, Wyoming, South Dakota, Texas, or Washington, that would be the entire tax bill due.
The 1202 provisions of the code make a C-Corp a smart move for any business owner with an exit strategy that has an eye towards selling the business.
A healthy salary can eliminate any double tax issues and given the discount presently available for dividend income on Qualified Dividends, that isn't much of an issue these days.
The C-Corp also provides additional avenues, especially for the offshore founder to greatly reduce taxes with expenses such as per diems, the FEIE, the Foreign Housing Exclusion, and other travel related business expenses, and or insurance coverage provided by the company to the founder as a means of getting money out of the company with the lowest tax impact.
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If you are earning enough "passive income" which could be dividends or distributions from your own business Portugal, Argentina, Ecuador, Costa Rica, Nicaragua, & Mexico spring to mind as departure points for residency and potential citizenships. If you are a freelancer, Germany, Spain, Croatia, or the Republic of Georgia may provide a path to residency and citizenship. If you can teach English, Japan, South Korea, Taiwan, and Thailand may provide residency permits, but the path to citizenship is much more difficult.
Figuring out how to operate a location independent business that brings in at least $2k to $3k a month is your best bet for making an exit long term.
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Heath Fletcher how about being taxed once?
Do you think Jeff Bezos has ever paid taxes on 99% of his wealth?
No, do you know why? Because he invested X dollars in Amazon when it started and owns Y amount of Amazon stock because of that investment.
As the value of the company has grown, so has the value of the stock from his initial investment. He has also gotten stock options which have vested and grown in value. The “strike price” ie the value of those options at the time they were issued has been deducted from Amazon’s income against its tax bill. The company created money to pay Bezos out of thin air in doing so.
As the value of the stock that can be bought with those options is now worth more than their original “strike price” the value of Bezos wealth has grown.
Bezos paid income tax on the “strike price” of that stock which under current rules had to be priced at the market price of the stock on the day the options were issued, but if Bezos was paid $100,000 in stock options that are now worth $10,000,000, he has not paid income tax on $9,900,000 of that income if he has not sold those options or executed them and bought the underlying stock.
If he invested $500,000 to start Amazon and his initial stock is now worth $125,000,000,000 that’s $125 billion -because he has not sold the stock, he has not been taxed at all on the growth in value or the unrecognized income.
Under the estate tax rules, the heirs get what is called a “step-up” in basis in the value of the assets they inherit. That means that while Bezos May have paid income tax on $2 million of the $150 billion in value of his estate, $149,998,000,000 of that estate has never had income tax paid on its value.
It gets worse with wealth real estate investors such as Donald Trump. Under IRS rules investors pay no income tax on money they are loaned, but they do pay income tax on the money they pay to pay down the principle of the loan and get at tax deduction for the interest they pay for loans to buy or improve investment properties; however, they also get to deduct phantom depreciation losses from income to account for declines in value of a building from its wear and tear to nearly zero -only the value of the land itself cannot be depreciated. They also get to write off repairs and maintenance costs of the property essentially defeating the phantom depreciation losses.
This happens even if the actual underlying value of the real estate is growing through appreciation.
In other words, real estate investors could literally have never paid one penny in income taxes for their value of the assets they own if they manage their taxes correctly, but under the rules of the estate tax laws their heirs could get a “step-up” in basis to the market value of the underlying properties and never pay one penny in income tax on the gains from the income of selling those properties at the market value of the property that the original investor never paid any income tax on while buying the property.
This is why the rich get richer in the first place -because they never pay taxes on 99% of their unrecognized capital gains while workers pay double taxation in the form of social security and Medicare taxes plus the general income tax on all of their earned income.
Do you still oppose the estate tax?
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Montenegro's biggest value that I see is the fact that citizens of Montenegro are eligible for Panama's Friendly Nations Visa, so for the American who wants to renounce, and wants to run their business from Panama because its territorial tax regime is beneficial, Montengro citizenship also provides a fairly decent travel document as passports go. Does Grenada give you more Visa Free countries? Yes, but it gives you access to Vietnam relatively on par with the US, and it gives you Russia Visa Free. Grenada is a much better passport value, but If you could couple Montengro with Turkey, then Mexico, South Africa, Morrocco, Thailand, and Japan along with Mongolia and the other former Soviet Republics Turkey gives you would probably rival Grenada in terms of value as a travel document, but it also gives you a beautiful coastal region of Europe on the Adriatic and a very low tax rate of its own versus a tiny Caribbean Island nation as a potential home base. If you were building a passport portfolio that also included potential home bases Montenegro would be a useful place to be able to live. If you could combine it with Turkey, and Grenada it gives you access to most of the visa free world. Is Grenada a better cost for more access, yes, as would be most of the Caribbean CBI countries, but the ability to inexpensively add Panama via the friendly nations residency has some value I believe that the Caribbean CBI countries do not have.
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The problem with these idiots is that they don’t understand how polling works. When they say that Democrats are “plus 12 nationally” that doesn’t matter. When they say that Beto O’Rourke is up 2 amongst registers voters and down 9 to Cruz amongst “likely voters” that matters. When you tell Republicans in Texas that Beto is up, every single one of them will show up for Cruz. When you tell Democrats that Beto is up 2, half of them will stay home because they don’t understand math.
Clearly the TYT crew like the Clinton team don’t understand gerrymandering or the electoral college.
Al Gore garnered 500,000 more votes than GW Bush and if the entire state of Florida has been recounted he would have won that recount too -thanks Supreme Court for aborting that count. But Bush got 270.
The Democrats have routinely garnered several million more votes for Congress and the Senate than the Republicans, but that is because just 18% of the US population controls 50% of the seats in the Senate. All of those small states are over represented in the Senate and the House.
Are there some offsets?
Yes, Democrats have Rhode Island, Delaware, and Vermont, but Republicans have Alaska, Wyoming, most of the plains states and most of the mountain west and there are no people there. The Democrats represent more people in the Senate with either California or New York than is represented by all of the people in that 18% of people making up 50% of Senate seats.
The Congress hasn’t increased its numbers from 435 in the House in over 100 years. When it was set at 435, about 200k people were in each district. If we had similar numbers today, New York would have 90 seats in the House. Wyoming would get 2 possibly 3. California would have like 185 seats in the House. Yes, Texas would have many more representatives too, as would Florida, Ohio, Illinois, but our system represents empty land, not people.
The Democrats will probably get 5 million more votes for House and Senate than Republicans this year and lose seats because of gerrymandering and which states they have to defend in the Senate. Gillibrand will win by at least a million if not 2 million vote margin in NY. Nelson will win by a couple of touchdowns in Florida thanks to Gillum, then McKaskill will lose, Hietkamp will lose, and Tester will lose. Cruz will win easily. Arizona and Nevada will stay red. Manchin will have a close call or may lose in W Va. because Trump people will GOTV to protect him from impeachment. The same will happen in Indiana where the Democratic incumbent will face a nail biter.
The fact is that even Sherod Brown in Ohio is going to have a tougher slog than expected because the Trump faithful will GOTV to protect their guy from impeachment.
He has delivered on more of his promises than any President in my lifetime.
I disagree with 90% of what he has done, but he has mostly done what he said he would do and that is going to GOTV amongst his supporters and they live in places that he won.
All those Senate states are places that he won handily -save Nevada, but they have an incumbent Republican and tie goes to the incumbent usually.
I say this all as a hard left leftist.
The problem with progressives is that they think we live in a democracy. We don’t. We live in a Republic that was designed to protect slave owners and their land.
Absent a Tahrir Square style peaceful revolt with a strong democracy movement calling for abdications, resignations, and a New Democratic Constitution, there will be no change until the places that are dying in America kill the places that are still economically viable. Ie rural America killing off the urban economies.
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@wrockd perhaps I worded it wrong, but I was talking about connecting to the VPN via Tor network, not tunneling through VPN to get to Tor, I probably didn"t state it all that well, but even if your ISP knows where you are headed initially, they don't know where you are going. Even if you land on 2 honeypot Tor nodes, they still know next to nothing about you. I mean it is going to be hard to figure out who you are with the hotspot, but the hotspot through Tor, to a quality VPN in a genuine privacy jurisdiction paid for with Monero that you purchased in a non-KYC manner through Tails on a public WiFi is going to be very hard to link to you. The same goes for the MiFi Hotspot when you use your attorney's office with a pseudonym as a confidential mail drop. This is the type of OpSec you would use if you were building say a true DeFi crypto exchange and you did not want any entanglements with either the IRS or the SEC. This is assuming it is an entirely programmatic exchange that you are not planning to benefit from, but which you have zero desire to be questioned about for writing the code for example.
I mean the code is not unlawful. If you are not benefiting from it financially, you are not necessarily subject to any licensing rules or personal liability, but if you wanted to pull a genuine Satoshi Nakamoto disappearing act off, you would want to start with at least that level of OpSec for it's deployment.
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Linux is complicated because it's greatest strength is also it's greatest weakness. The abundance of choice is Linux's great strength, but that is it's weakness too. if you give people 3 choices they can pick one. I mean Windows, Mac, or Linux would be an easy choice, but it's not Windows, Mac or Linux.
It's Windows, Mac or Arch, Manjaro, Gentoo, Fedora, CentOS, Debian, Ubuntu, Pop! OS, Linux Mint, MX Linux, Zorin, Redhat Enterprise Linux, Hannah Montana Linux, etc. But the choices don't end there. While one Mac looks mostly like another with minor tweaks between updates, and this same holds true with Windows for the most part, with Linux you get to decide if you like a tiling windows manager, or a more traditional desktop environment. Do you want Gnome, Cinnamon, XFE, KDE, Pantheon, Mate?
Oh the choices don't stop there, what theme do you want with that desktop environment? Oh, is that file manager not your cup of tea, well maybe you should try Nautilus or Dolphin, or whatever the myriad of other choices may be.
Yes, it's great that you can make Linux work for you the way you want it to work, which makes it complicated, but it also makes it a tinkerer's operating system and a coder's operating system that is never quite ready for the masses.
Are there Distributions that would be great for mass market adoption? Absolutely. There are super stable and fairly easy to use offerings fro. The Ubuntu, RHEL, and Debian lines amongst others that would meet most desktop users needs are great, but unless and until a company chooses one distro and tweaks it to be absolutely perfect to sell to schools, or government agencies, or businesses for office work and really puts a sales force on the ground to secure big contracts, Linux will never gain mass market adoption on the desktop.
The smartest move Apple made was aggressively going after the public school, college and university markets in the 1980s and 1990s.
A Linux hardware company choosing a rock solid distro with the bells and whistles to make desktop Linux easy to manage for school IT admins would be the smart move.
System 76 would be better served employing a sales team to get Pop! OS desktops and laptops I to schools than building a new DE in Rust.
Google Chrome has made inroads to the school sales market because it's an easy system for school IT people to administer, but with state and federal educational privacy laws, Linux is far better positioned to take those contracts. A company just needs to go after those sales.
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I would make a bet that the Tax Fairness for Americans Abroad Act has a better chance of passing in the next 4 years than an increased tax on the wealthy. A) the Democrats will never end the Social Security cap, because it is too easy for real business owners to avoid the tax by taking their earnings in dividends, while even though loan-out companies make it relatively easy for celebrity actors, musicians, and athletes to avoid as well, it could hurt new celebrities who haven't put their financial plans in place and there is no way the Democratic Party is going to hurt their donor base B) Making a case for ending Taxation Without Representation strengthens the case to admit Puerto Rico and DC as States. The Tax Fairness for Americans Abroad Act creates a new valuable loophole for the Uber wealthy that the Democratic and Republican donor base highly support. If rates were to go up, the TFAAA would definitely be the pressure relief valve for the Uber wealthy. You would almost immediately see a Mark Cuban, a Mark Zuckerberg, and a Bill Gates dividing their time between newly acquired homes or previously owned homes in the Bahamas, St. Kitts, Guernsey, Gibraltar, Anguilla, BVI, Vanuatu, European residences, New Zealand, Australia, and South and Central America deploying your Trifecta strategy while their tax residence is an Anguilla, UAE, BVI, St. Kitts, Gibraltar, Monaco, Guernsey, Jersey, Isle of Mann or some other baseline zero tax or territorial taxed residence where they have no business holdings. I mean Singapore, Malaysia, Thailand, Panama, the Philippines all with high top line, but purely territorial taxes would be common place. New beach house construction in the Caymans would boom.
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A Tiblisi fee zone company with common shares owned by the entrepreneur and preferred shares owned by an Antigua & Barbuda company looks like an interesting way to potentially avoid most taxes. It will cost a little over $5k a year in company fees and free zone license costs to keep the Georgian and Antiguan companies in good standing, but if you took a $12k a year salary from the Georgian Company, then depending on whether or not a non-resident employee of the Antiguan company is that same entrepreneur director of the Georgian Company could likely pay up to the limit the Foreign Earned Income Exclusion and it would likely cost about $8k or so to set up the structure. No one would think that the Antiguan company with a 25% corporate tax rate is saving you money, but if the Antiguan social security taxes don't apply even with annual licensing and company fees you are at 6% tax and with those Antiguan social security taxes you are still lower than just the US social security rate on a US based salary, like 12% overall, but I suspect the social security tax will not apply to such an Antiguan company. That requires more research. Of course anyone other than US taxpayers have less issues to think about here, but if structured properly an American can reduce their taxes a fair amount with this structure for a company that isn't a start-up, but isn't a really large enterprise yet either. I mean a blogger or online marketer with a solid low six figure business could save on tax while growing the company and saving up for an economic citizenship for example. Even though Georgia doesn't recognize the legitimacy of the old US-USSR Tax treaty, the US does, so operating servers through AWS won't create a permanent establishment in the US. Georgia's tax treaties with Ireland and Singapore allow a SaaS start-up to make use of AWS servers in those countries too and avoid a permanent establishment. Georgia looks very good indeed for a bootrapped start-up if you structure the company correctly and take advantage of it's free zones. If an American entrepreneur positioned themselves to be able to renounce US citizenship and travel on say a St. Kitts passport even, they could with a proper buy-sell agreement executed at the time of purchase between the Antiguan company and the Georgian Company reacquire the preferred shares and close down the Antiguan company. If the company became a big success and the entrepreneur was earning more than $200k a year they could easily take advantage of short term stays in Georgia for the purpose of tax residency coupled to the permanent residency that should be available by operating their company to travel the world quite freely without too many tax concerns, except of course spending too much time in the wrong country. If they are staying in Malaysia, Thailand, the Phillipinnes, Panama, Costa Rica, Nicaragua, other territorial tax countries, or if they move to the Caymans, BVI, Anguilla, Antigua, the Bahamas or St. Kitts, their tax free lifestyle would be very easy to maintain. I mean once they have permanent residency in Georgia there is no reason to draw a salary when they can be paid tax free with dividends from a free zone company. Upon closer inspection the Antigua plan has a problem. That problem is the lack of deductibility of salaries.
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@utube7917 Google is your first friend. Start looking at PDF files that Deloitte publishes annually for most countries. They are called Deloitte Highlights. They will be labeled by year, 2019, 2020, etc. Start looking at the Price Waterhouse Cooper's website again Google is your friend. Look up a country and withholding tax. You will find standard withholding rates on the Deloitte Highlights, but PWC's site will usually tell you country specific withholding rates. This begins showing you which countries have tax treaties with other countries. Google the two countries' names and double tax treaty. In many instances you will be able to easily find the double tax treaties of the parties. Some times they are harder to find. The IRS has them for the US. Ireland has a good collection of theirs. The Republic of Georgia does well providing text of theirs, Singapore & Hong Kong both do a good job of providing their double tax treaties. Canada does a good job of providing theirs. Countries that are unexpected tax havens are places like Malta. You should read their tax treaties, and look into information on tax residency, tax domicile and articles or videos about how it is seperated. The usual suspects locations like the Caribbean have almost all been forced by the EU blacklist & restrictions on their banks to adopt economic substance rules that make things tough. You should read a few articles on how territorial tax works & you should review how it works specifically in Panama - pay attention to how Panama's management & Control Rules work in regards to taxation. You should read or watch a video about the Double Irish with a Dutch Sandwich. You should read up on the Single Malt & realize that the EU & Ireland & Malta have implemented some rules to shut those loopholes down & read how to get around the efforts to close the loop holes. I highly recommend close scrutiny of Malta's tax treaties en masse. Google and read a few articles more academic the better about "web servers as permanent establishments." Read the OECD postion on the webserver as permanent establishments. Carefully read the permanent establishments sections of double tax treaties. Look for subtle differences. Compare Barbados US tax treaty with the Barbados Canada one closely.
Countries that could be big players in any strategy using some of the complicated structures that may need to be deployed are Singapore, Hong Kong, Malta, Ireland, Luxembourg, Barbados, Laubuan companies in Malaysia, read the Australia Malaysia treaty to see how troubling Laubuan can be to some of the Tier A countries. The UAE of course & their tax treaties. Google free zone companies & read various statutes on Georgia Free Zone & Virtual Zone companies. Google economic substance act or laws in Cayman Islands, BVI, Barbados, Anguilla, Turks & Caicos, Bahamas, Bermuda. Google how to get a bank account for an XYZ company for any country you are interested in deploying as part of a structure. Today this is often the hardest part. Getting a bank account for operations & payment. Next start thinking about work permits & residency in countries you would want to or need to operate from. I mean getting a work permit for your Thailand Representative Office of your Philippine subsidiary of your UAE holding company for your Singapore company that is managed & controlled from Malta not to mention work permits & residency visas for Malta, Thailand, & the Philippines while finding a resident director for that Singapore company who lives in Singapore could present some challenges, not to mention the costs of maintaining the UAE company. Work permits for the people you need to operate that Cayman Islands company you were thinking about may be tough after you read the economic substance laws. Do you have a university degree? That Saint Kitts citizenship may have some added benefits under the CARICOM Freedom of Movement & Establishment rules & laws. You may want to think about how big the CARICOM workforce is & the benefits of Barbados vs the Caymans if you really want that Caribbean lifestyle. You may also want to carefully read Barbados's tax residency rules for companies. Read a few of the Companies Acts in the various old school tax havens. I mean compare Bahamas & Cayman or BVI to Vanuatu. I mean what constitutes doing business where. Can you hold a board meeting their without having to register?
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Janice from Accounting i agree, if you haven’t read at least 2000 non-fiction books on psychology, philosophy, history, politics, economics, business, hard science, the art of storytelling, and read or watch at least 10,000 plays, books, and movies that are works of fictional storytelling you are not prepared to have an intelligent discussion on the subjects people need to understand to begin to hope to figure out anything resembling a solution to the problems we face today.
You need a peak inside that many other considered minds on the non-fiction side to begin to grasp what is going on and have the collective knowledge to start formulating a theory about how things could work better and why we are at where we are at.
You explained an important part of where we are at fairly succinctly, but I agree. It takes a mind exposed to a lot of other solid thinkers ideas to begin to talk intelligently about what is going on in anything resembling short hand.
It probably takes someone with at least 2 decades of explaining complicated things simply to distill the ideas we need to fix the problems we face in a manner that most people can grasp.
There aren’t enough of those people around right now.
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Bezos actually didn't make that much real money last year. Lee Camp is correct in his analysis of the stock or securities market in the United States and around the world as little more than a ponzi scheme. Bezo's wealth is in the form of a fictional asset value to the stock of Amazon.
How else do you explain a company which generated about $10 billion in profit, which means assets reasonably valued at maybe $30 to $50 billion being valued at $1 Trillion?
Now Apple earned 8 to 10x Amazon's profits last year and realistically might have an actual asset valuation at between $300 and $500 billion, but again, not the $1 Trillion valuation it presently is given by the ponzi scheme known as the stock market.
We need real regulations that change the game once and for all and that comes in the form of laws which outlaw wage slavery entirely. How? By making it illegal for any business that operates as a corporation to employ people, and requiring that businesses be either sole proprietorships, partnerships, worker-owned cooperatives, or hybrid worker/consumer-owned cooperatives. Of course, it should be illegal for sole proprietors to employ anyone other than him or herself, and it should be illegal for partnerships to employ anyone other than partners under such a law. Not-for-Profit corporations would be allowed to contract a worker-owned cooperative to carry out their mission, and you could still contract a worker such as a professional who was self-employed, like a gardener who mowed multiple people's lawns, or a lawyer, doctor, dentist, or accountant. You would be able to hire a full time domestic worker or personal security professional for a celebrity for example, but there would be relatively few exceptions for private employees. Government being another obvious exception, although realistically, probably should be contracted to a worker cooperative too with civil service rules and open membership of cooperatives -I digress.
If we wrote a law outlawing private employment in 99% of situations - then the entire economy would be transformed to value labor and work in its superior position to capital as Abraham Lincoln, a Republican President said was its proper place.
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I mean Serbia is not Schengen, Montenegro, Albania, Bulgaria, Cyprus, North Macedonia, Bosnia & Hertzegovena, Ireland, the UK, Moldova, Georgia, and in better times Ukraine are all non-Schengen parts of Europe to visit to stay out of Schengen so you do not run out of days. It's entirely possible to live nomadically in Europe as a tourist under the present rules.
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If you are calling an allegedly “communist” country the third-world, you don’t understand what that term means. As it was amongst a set of terminology created by American propagandists, there was “the first world,” which included western aligned corporatist democracies, there was “the second world,” which included Soviet aligned communist nations, then there was “the third world” which included non-aligned nations both democracies and dictatorships that operated independently and without alignment to the United States or the Soviet Union.
There is no longer a “third-world,” but if a nation is “communist” then by definition as outlined by the propagandists it is a “second world” country. Currently these nations would include one of the fastest growing and most robust economies on earth with China, it would also include a nation which has a stronger economy than its natural resources would suggest is possible with Cuba, and it would include one of the poorest nations on earth with North Korea.
I’m unaware of any other communist nations at this point in time, but if anyone is describing a “communist” country as “third-world,” they are misapplying the propaganda terms as they were defined in the 1950s.
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if you travel through 85% of rural America the sea of underpopulated counties that vote Republican every election, they are already worse off than most developing nations. The same holds true in most major cities as well outside of a few pockets that have benefited from investment in the industries and technology that maintain US hegemony, ie the finance industry in NYC, the tech businesses in Austin, San Francisco, and Seattle. The entertainment industry in Los Angeles, to a lesser degree Nashville, Miami, and Atlanta, the oil industry in Dallas and Houston, and the military industrial congressional complex in Washington, DC.
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Serbia, Mauritius, and Malta would give you most of the world.
From a CBI perspective, the best would be Grenada, Turkey, and Malta. That would cost you north of 1.5 million.
Grenada, Turkey, and North Macedonia would give you most of the world, except UAE, Canada, USA, New Zealand, and Australia. Adding Mauritius which you could get in about 2 years plus with a $500k investment, would give you New Zealand, UAE, and more of Africa. 5 years on the ground in Barbados which is possible for a Grenada citizen if you have a college degree and get a Caricom Skilled Worker Certificate with it, would add Canada and better access to Mexico, along with the ability to go to Equatorial Guinea -basically only a few African countries, the US, UAE and Barbados have that. If while in Barbados you did a Golden Visa to Portugal, you could potentially have that and Barbados which would give you the US and Australia.
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Let's say that you won the current Powerball and had to split it with one other person who you play the game with in a partnership. You get about $60 million after paying taxes at least in NY. If you put that money into a municipal money market fund with Vanguard you would currently get about 3-4% in annual interest -most likely tax free as it has minimal exposure to income from private benefit muni bonds like those used to build airports or stadiums which can be subject to the alternative minimum tax. That means you will have just under $2 million a year in spendable cash from that jackpot.
You can rent a very nice place in Monaco, or Dubai with that money and spend basically nothing to live on out of those funds annually.
And as Grant Cardone pointed out, nobody asks if you rent the big house you live in or if you own it, but renting gives you even more freedom than buying. If you decide you want to move, you can do it next year.
In this day and age with companies and channels like Nomad Capitalist around getting help to alleviate yourself from the tax burdens that come with being an American are readily available and you would have the money to invest to get Maltese citizenship and maybe a backup like St Kitts or Dominica without blinking an eye.
That means you could grow that nest egg by investing in a diversified stock and bond index fund and if you do so correctly pay only about 15% at the high end on dividend income, while paying 0% on interest income or capital gains income.
Or you could remain a US citizen and still pay relatively little tax on dividend and interest income with proper planning ie muni bonds for interest and the same diversified index fund with long term capital gains treatment for mostly qualified dividends.
There are places to live with zero property tax like the Cayman Islands, Monaco, or Dubai if you want to buy a place to live, but nice places there will be costly with the biggest cost being lost growth in your investment portfolio. Even in the hottest real estate market on earth you will not get the growth you get with the S&P 500.
Rent, don't buy, and charter whether it is a yacht, or a plane if that is how you want to travel, but aside from short haul flights to avoid connection delays, even then flying first or business class on international airlines is probably a better deal.
You can live on the dividends and interest and live well without ever touching the principle, so why would you.
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The Artificial Society if Texas changes which it will shortly -it was solid Democrat until 1990 or so. The 1988 VP candidate for the Democrats was Lloyd Benson the Senator from Texas. If Texas goes left, between NY, Texas, California, New Jersey, Massachusetts, Vermont, Maine, Connecticut, Rhode Island, Illinois and Minnesota which are solid blue it will be impossible for Republicans to win. 10,000 Manhattanites moving to Cheyenne flips Wyoming. Same for South Dakota, North Dakota too.
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Its easy what you would do with that much money, especially if you take the lump sum payment.
1) Create a Private Operating Foundation and place 30% of the total dollars won -including those the tax man will be holding into that operating foundation which you will be a member of the board of directors of and with that money buy a descent regional bank worth about $500 million maybe more, maybe less depending on what that 30% looks like. Use the dividends paid by that wholly owned bank which endows the Private Foundation to fund scientific research, arts grants, housing grants, food banks, and scholarships.
2) Donate 20% of the total won, including the money the tax man will still be holding to various other private charities. This will leave you about 5% of the cash you received.
3) Re-direct the bank you own and run now to start loaning money to start-up worker cooperatives and to finance the conversion of existing businesses into worker owned cooperatives. This way you have control of a lot of money and you have economic power like J. Paul Getty did, but you don't personally own much, so you are powerful, but you aren't paying a lot of taxes, in fact, Uncle Sam and the state will owe you a massive refund, approximately HALF of what you received. This means that you will still have an enormous personal fortune, but you now have far more economic control and clout with the bank your foundation owns.
4) Pay off all of your personal debts from the initial cash winnings.
5) Next year, get that big tax refund.
6) Put 3/4 of the money into an index fund. Put 15% of the money into a personal investment account where you can take whatever risks you want and do whatever you want to do in terms of risky businesses. Set 2.5% aside into a trust fund for your family and invest that money into an index fund. Set this up as an irrevocable trust, and take the gift tax hit. With 2.5% of the money, pay the gift tax on that inheritance you set up as a generation skipping grantor trust for your family. With the remaining 5% do whatever the hell you want. That is your play and splurge money.
7) Put 1/3 of your annual dividends and capital gains into the charity foundation. Pay Taxes with 20% of the dividends and gains remaining. Re-invest 35% of the dividends and gains, and live on the 15% of dividends and gains remaining for the rest of your days.
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Not to mention the ability for Mexicans to obtain an APEC Business traveler's card that gets visa free access to Southeast Asia, New Zealand, China, Russia, Taiwan, Japan, South Korea, Australia, Chile, and Peru, and the ability to get access under the NAFTA replacement treaty to get a special worker visa available only to Mexicans, Canadians, and Americans in each other's countries.
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What is more, while the more experienced you become as a Linux user and the more you learn about your system, the easier it becomes to use the command line, in most modern Linux desktop distributions, including Manjaro, the package manager is typically connected to a GUI based software manager that allows you to easily search for a program in a text box and install with the click of a button. Yes, when you know Linux well and you know the precise name of the application you want a command line install is fast and wiz bang simple, but in those instances where you don't know the quirks of the command line naming conventions for the application, the GUI takes almost no time too.
This is actually a case of knowing too much and not enough about Linux at the same time. If Linus had simply used the GUI, no problem with that pacman install because he wouldn't have misnamed it apt.
Why? We have a GUI for that and if works well. People complain you have to learn the command line to use Linux for the desktop, but 99% of the time that is not true.
You need to learn to use the command line for tweaks and customization, of for edge case scenarios such as having unusual specialized hardware.
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@LoveClassicMusic0205 honestly access to Sudan, Paraguay, Morroco, Brunei, and Angola look impossible to explain without a few other countries in Africa also having access available under the current rules, so the Mexico issue is less perplexing.
It is possible that Morroco is the result of access via Schengen residency permit or an Irish residence permit. Sudan could be explained by either Turkish or St Kitts citizenship. Brunei, and Paraguay are explained by either Russia or Turkey, as is Morroco, but Angola with five passports assuming he did get Antigua makes Russia make the most sense, but also might mean Serbia is not one of the countries even though it seems really likely he obtained Serbian citizenship. The Russian nationality law would seem unlikely to be one Andrew complied with given the five year residency requirement, unless he has a good connection within the administration and was granted citizenship by exception.
I have no idea how Angola is on the list unless Turkey and Angola have ratified their agreement for reciprocal visa free travel recently, but even then Turkey has aome additional access in Africa now that is not on the list. Turkey seems to make the most sense as he does own property in Turkey despite the fact that his wife has Armenian citizenship.
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It’s entirely probable.
Gerrymandering means that it is unlikely that Democrats will pick up seats. A national poll always skews heavily Democratic because we are a left wing country demographically, but by design the Republic undervalues people and overvalues land.
18% of voters elect 50% of Senators. It has been 100 years since seats were added in the House too and this skews everything hard to the right.
If we had 1 house member for every 200,000 people instead of 1 for every 700,000 people in large states while Wyoming gets one for 580,000 people, we would have a Democratic House.
Also the Democrats have to defend seats in the Senate in ND which Trump won, Indiana which Trump won, West Virginia which Trump won, Ohio, which Trump won, Florida, which Trump won, Missouri which Trump won, and Montana which Trump won. Meanwhile the Republicans only have to defend Nevada which Clinton won.
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@timmyhiggins5220 It gives you the ability to live in Ireland as a non-EU citizen with a much smaller investment & in a tax advantaged way. I mean Anguilla is zero tax, BVI is zero tax, Cayman Islands is zero tax, they are all qualifying BOTC for UK citizenship, & I think Turks & Caicos which is also zero tax is too. UK citizens can also live in Jersey, Guernsey, Isle of Mann, and Gibraltar, but as a non-citizen, Ireland has some great non-dom tax advantages and the CTA rules give UK citizens the ability to live & work in Ireland. I mean there are tax favorable ways to become a citizen of an EU country with access to Ireland too, but immigration to Ireland for non-UK or EU citizen usually requires a million dollar or more investment.
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@steven-k. BVI, Turks & Caicos, and Cayman Islands BOTC's access is not the same 180 days as Canadians and Bermudians. They also require a pre-clearance like other Visa Waiver Program participants. The Bermudians which is separate from even belonger status -Bermuda is the only one of the BOT's with 3 tiers of status the way I understand it, are eligible like Canadians to enter the US for a visit without preclearance. BOTC's of Bermuda who do not have Bermudian status -which is a possibility, have to apply for a visa to the US. There are Bermudians, then there are naturalized BOTC's of Bermuda who are belongers, but not Bermudians, then there are natural born BOTC's of Bermuda who are not belongers necessarily unless their parent's are Bermudians in which case they are not only belongers, but likely Bermudians. Then there are Permanent Resident's who are Commonwealth Citizens who if they have been in Bermuda since the 1980s may be Bermudians and are belongers, then there are Permanent Residents who are not commonwealth citizens who are potentially eligible to become belongers if they naturalize. Then there are people who might be eligible to become Permanent Residents who have a path to becoming belongers, but not Bermudians. Then there are residents with no path to permanent residency. Having actual Bermudian status which is a separate category and not merely belonger status is required for the special access to the US enjoyed by Bermudians. Unless you are married to a Bermudian or have been in Bermuda as a resident since the 1980s I do not believe there is a path to Bermudian status, but there may be a path to belonger status. It is a weird place in terms of how it's "citizenship" and nationality works. You may be a Bermuda citizen, but never become a national entitled to vote.
As for TN visa access Mexican and Canadian citizens are both eligible for those visas under the NAFTA replacement treaty that creates a special business visitor visa category for all 3 countries under the free trade agreement.
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Asset appreciation is gone. Cars are worth less, houses are worth less, automation and productivity increases have made most consumer goods cheaper and cheaper. Demand destruction has crippled the energy markets. Oil storage facilities are at capacity and idled plants and office space has reduced the demand for coal fired power. The negative interest rates caused by the Fed makes borrowing money cheap, but the consumer is maxed out and jobs are scarce, so they are not taking on more debt. Without consumers businesses have no reason to take on debt risks even if money is cheap. I mean would you buy a new 737 for your airline right now? Hell no! So what do you do with cash on hand? You hold onto it. Market disruptions from a lack of available labor because of the health risks and government regulations as well as stockpiling of food for the lean times is artificially inflating food prices and naturally inflating food prices all at the same time, but food is relatively abundant. Because of demand destruction in restaurants and packing plants crippled by illness food costs are inflating, but that is relatively temporary.
Of course the velocity of money has slowed to a crawl. No one will invest in this environment because consumers know they can buy more car with the money in their pockets two months from now than they can buy today because inventory is only going up because there are no buyers. The same is true for houses. Businesses know that they can buy more office computers in six months than they can buy today for less money because there are no buyers. They also know in six months they will be able to get better workers for half their current rates, so why hire now when their money will get better people in six months.
Deflation is inevitable for those reasons alone, but when you add in the fact that six months from now there may still be lockdowns because there is no cure, we could have yet another virus emerge as a pandemic too because of the interconnected supply chain, and all of those risks to normal consumption, no one is going to spend. The smart move is to keep your cash in a safe hedge against inflation, deflation, and otherwise. Why do you think Bitcoin and gold are both rising, they are both good hedges against the money printing spurring inflation which the average thinker believes will happen, but they are a good hedge against deflation too because they are more finite than dollars and are essentially a currency in and of themselves both historically and literally today. I mean 70% of the biggest e-commerce sites accept Bitcoin and other altcoins for purchases. A lot of international transactions when not payable in dollars are payable in gold.
As the reserve currency of the day, the US dollar is probably the next safest currency aside from gold and Bitcoin to hold right now, but what if the Saudis stop pricing oil sales in US dollars? What happens to the dollar then. Hedging against that with gold or Bitcoin is a smart move right now, but it doesn't change the deflationary pressure on most of the stable world currencies. There is a reason Bitcoin has gone up $2400 in the last month and gold has gone up $200 an ounce in the last month while the dollar to euro conversion rate is essentially flat during the same period.
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I live in NY-21, and I can tell you right now, that Ratigan wasn't even the best progressive in the race in NY-21. Katie Wilson is the real deal and is from the working class and in the working class. She earned $18K last year and has no assets. She garnered like 43 votes less than Ratigan for a 3rd place finish and if it were not for Ratigan's entry into the race and 2 wealthy well connected party insiders playing at faux progressives to split the vote, Katie Wilson would have beaten Tedra Cobb in a head to head match up. The crowded field sucked the oxygen out of the room. The only good thing about this race for the Democrats is that for the first time in 2 election cycles their candidate actually lives in the District, but Elise Stefanik will crush them.
I say that as a person who worked on Congressional races in 2004, 2006, 2008, the 2009 special election which got the deciding vote on the ACA elected here when it was NY-23, and as a person who worked hard for the Green Party candidate here in 2016. This district might elect a progressive, but it would be a progressive Republican.
This district with the exception of a brief period when Bill Owens was the Congressman from 2009-2015 has been Republican since before the Civil War, 1854 or 1856 to be precise. The first abolitionist Republicans were elected here. It was the home to John Brown, its where his grave is at. Teddy Roosevelt drew huge crowds in the district on his run for Governor and President from the back of a train giving speeches in small towns throughout the North Country.
There are still progressive Republicans up here who will remind you that a Republican state Assembly, a Republican State Senate, and a Republican Governor, Nelson Rockefeller here in New York legalized abortion before the Roe decision legislatively and that the NY law was what Roe's decision was modeled on.
There are progressive Republicans up here, but there are also Trump Republicans up here in droves too.
It only takes 20,000 votes in a primary to beat Stefanik here though for a progressive, and that is an obtainable number for the grassroots. There is zero chance that a party that lost by almost 100,000 votes to the incumbent beats her here, sorry, not happening.
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I agree, Serbia might get into fights with other countries because the Balkans always have had their ethnic beefs, but St. Lucia's neighbors are all mostly fellow Caricom members. The South and Central American countries all pretty much play nice with the islands. Cuba is a wild card potentially, bur mostly just helps other countries with Doctors since the Angolan involvement ended. Canada & Mexico leave most places alone. The EU is certainly pressuring every country to stop being tax havens, but the territorial tax in Gibraltar has gotten no guff even at 10% so St. Lucia's higher territorial tax definitely keeps them off the grey or blacklist. Most developing nations are potentially beneficiaries of China's Belt and Road policy, so if St. Lucia got on their radar it likely ends up being beneficial. For the most part the US takes advantage of the islands as tax havens and tourist destinations, but it is the only country that might bother St. Lucia realistically. It would be hard pressed to call a nation with no military a threat. Even if St. Lucia developed a set of Freeport policies that put it on par with Singapore and made it an attractive assembly point. If it then somehow used the freedom of movement under Caricom to expand it's workforce to rival Singapore which is a similar size land wise, the US would be hard pressed to sell a stable English speaking democracy with a common law system of justice integrated with a unified court for various British Overseas Territories and multiple other former British colonies that are now independent countries as a security threat. I mean if St. Lucia experienced a sudden and rapid economic growth out of nowhere to become the next Singapore and lifted much of the population of the Caricom states out of poverty in doing so, it still wouldn't be much of an economic rival for the US. It may be despised as an entry point for untaxed goods into the US market, or in this day and age more likely as a services empire, but it's not likely to be a home for companies the US or Europe would try to steal.
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@samjordan8800 I'm not saying a country should take the deal. I'm only saying that China's policies towards a country like St. Lucia are unlikely to be adversarial. Much like US and IMF lending it would be an enslavement policy, that is without question, but Singapore has certainly shown a way to navigate towards development without foreign entanglements even for a resource poor country. The straits of Malacca were a definite advantage, but being close to US, Mexican, Canadian, and South American markets and just far south enough in the Caribbean to have only been hit by 14 hurricanes since 1850 means St. Lucia which is the only CBI country to have retained a territorial tax system after the EU pressure with the blacklist & greylist means it is the one country that I could see using Freedom of Movement under Caricom to attract a workforce to grow into a Singapore through the proper use of tax and investment policies to attract foreign entrepreneurs. If St. Lucia adopted a Virtual Zone Enterprise policy like Georgia, and gave entrepreneurs a relatively inexpensive and renewable business visa/work permit less than the price of a Caymans or UAE work permit, and more than a Cambodian annual business visa, so well below the Cayman Islands fees of potentially tens of thousands of dollars and less than the $2k for a UAE freelancer visa, but more than the $300 for a Cambodian business visa, with an income & social security tax exclusion for key employees of a company with Virtual Zone status employed pursuant to a business visa/work permit for salary & wage income of up to the US foreign earned income exclusion plus the US standard deduction & maybe adopted a Singapore like remittance policy where any money in a Virtual Zone company with a non-exempt bank account was taxed at say 10.5% until 2025 and 13.5% after 2025 to avoid GILTI, I could see digital nomads flocking to St. Lucia to build the next major tech company.
I mean it would be easy enough to do, set up a banking regulation for Virtual Zone companies that allowed them to make an exempt bank account election or a non-exempt bank account election when they open an account and you have the ultimate tax planning vehicle for digital nomads and digital expats.
If St. Lucia also enacted a Free Industrial Zone Enterprise policy like Georgia or the UAE and offered reasonably priced annually renewable licenses for those companies to allow for duty free import, assembly, re-export, or for the provision of services from those zones it could attract a fair amount of investment as the Philippines have with similar free trade zones. When those free trade zones are coupled with a corporate tax exemption and salary exemptions for key personnel holding business visas/work permits if those fees are low enough St. Lucia will attract a lot of investment and entrepreneurs. They also wouldn't need to impose much of a tax rate because a lot of US companies and US investors would opt into the exempt/non-exempt tax regime with annual remittances to avoid GILTI. I mean 10.5% of five to ten multi-million dollar companies becomes a windfall for a country like St. Lucia. Especially if 5 or 10 thousand small entrepreneurs spend $1500 a year for a work-permit/business visa and maybe another $300 a year for a Virtual Zone Enterprise License for their company with a $500 annual corporate renewal. I mean $2300 a year in fees for a small company to avoid $20k a year in taxes is a pretty good deal for someone with a successful, but small blog for example. If they can set up that St. Lucia business with a visa and work permit that allows them to also get a tax residency certificate by staying in the country for at least one month a year, it becomes really valuable for not only US digital nomads, but also European, New Zealand, Canadian, and Australian digital nomads. St. Lucia, St. Kitts & Nevis, Dominica, Grenada, and Antigua and Barbuda could all supplement their CBI programs with this kind of regime.
If they used a Singapore style rule to require a resident Secretary or a resident Director who must be present in the country for at least 183 days & if they implemented annual audit & reporting requirements like Singapore for these companies -even if they allowed for nominee resident directors or implemented minimal substance requirements like a registered office and a certain amount of spending as Malaysia has done for Labuan companies, these businesses would not run afoul of the EU substance requirements. Of course the annual licensing regime would probably provide an adequate substance in and of themselves. The policy should require a stringent KYC process for initial registration and renewal to confirm the identity of key shareholders and personnel too, but for start-ups on a budget the option of the key executive remaining in the jurisdiction on the work permit/business visa would meet most substance requirements.
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Honestly as a guy there was never a better opportunity in life to find a high quality girlfriend or potential spouse than when I was in college as an undergrad and I went to two professional graduate programs after my undergrad degree. There were a few attractive women in those programs and there were exclusively smart women in those programs, but as a percentage attractive and smart was far more common at my undergrad institution, but my problem was I was working my ass off to afford school and get through school on time. I did not have time for a social life and definitely did not have this skills to have a social life.
If I hit the lottery, other than paying off my debts, the first thing I would do is apply to get a second bachelor's degree. I enjoy learning new things, so if I had the money and time to do whatever I wanted, I would be a college student again, but the second time around I would make use of having a social life.
Yeah, what they don't tell you is that getting even professional degree that give you careers which are supposed to pay better do not pay enough for the investment to be worth it for the vast majority of people working in those fields as licensed professionals.
Really the US is designed to be a hamster wheel for most people. Playing a different game is probably your best bet, but this piece of advice should be heeded by young men and young women alike. Finding women smart enough for you is hard in many places. Attractive is kind of the easy part, even though it's a low percentage game. If you have one of those "great" professional careers, you are a catch in this country if you are even moderately good looking, but smart and sexy is rare amongst women. If you do come across that combination, most are taken, and if they are not taken, there is probably a reason for that fact.
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keith mcdowell umm asshole did you get the memo in this video. Cars which are functionally designed to get people and things from point a to point b now kill less people in the USA annually than guns do. LESS!!! And with rare exception those injuries and deaths are accidental.
By design, guns have one function and purpose to kill. That is their sole and exclusive use.
Guns do not save lives ever! End of story. Guns take lives. Guns injure and maim tens of thousands more than they kill now too because doctors keep getting better at treating gunshot wounds.
Cars on the other hand kill fewer and fewer people because by design they allow fewer and fewer people to be injured because of improved technology from seat belts, to airbags, to crumple zones, to lazer and radar guided computer assisted accident avoidance systems, and even simple innovations like anti-lock brakes and snow tires.
Guns only get more deadly as a product in general with higher capacity magazine designs, larger caliber bullets, and such. The fact that doctors have gotten better at treating those severe injuries is a miracle. Has that contributed to improved auto accident survival rates too, yes, but not merely as much as improved safety technology on automobiles.
Civilized societies should eliminate guns in the hands of their citizens and police and should never have a standing military, but most Americans are not civilized. The fact that you would say cars which keep getting safer and have non-lethal uses are more problematic than guns is enough evidence of that, especially when saying so in response to a video which demonstrates that cars were literally safer than guns last year is very telling.
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As someone who has lived 30 miles from the Canadian border in Upstate NY most of my life, although born in Tacoma, Washington & having lived for a brief time near Peoria, IL while my father was stationed in Germany & my mother was attending college while I was an infant. Whenever I have visited NYC it's subway was depressing in a way the DC subway was not, the Buffalo subway was not, and the Los Angeles subway was also not. I lived in Buffalo for 3 years during law school & while it has much of the rust belt decay, it never had the rampant garbage smell that is all over NYC. I lived in Los Angeles for a year and despite being the second largest city by population, it too even in it's worst neighborhoods did not have the trash and decay problem that is pervasive in NYC. Which is its own problem for Los Angeles. The bad neighborhoods and the good neighborhoods have few tell tail signs, but while NYC keeps you on guard even in the best neighborhoods, Los Angeles can lull you into an unhelpful calm even in the worst neighborhoods because they don't look that bad. Palm trees and sun make even sketchy neighborhoods look nice in ways that garbage and worn out subways do not.
I will say I am happy that you are enjoying the experience of peace that comes from a more rural life. It has its own pitfalls certainly. It's hard to get the great variety of cuisine available in more urban areas. You will be hard pressed to attend a great Shakespeare play. The local high school football game is a poor substitute for the Giants or Jets game. The little league does not compare to the wonderful ball park in the Bronx, but you can Netflix and chill with the best of 'em in even the most rural parts of America these days.
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He would blend in, but he would blend in, because the US has a melting pot of accents from non-native speakers, and multiple regional dialects and accents, and with Canada, the UK, New Zealand, South Africa, and Australia putting out a fair amount of movies and TV shows that make their way into the US market, Americans are exposed to a lot of English accents and dialects and we accept them routinely because of that melting pot thing. I mean these days we also get content from English speakers in the Philippines, the Caribbean, and multiple African nations, plus India and Pakistan, Malaysia and Singapore. We have a mismash of accents swirling around in the US and many more entering our consciousness from the Internet. I mean you have probably heard Bahamian accents, and Jamaican accents, and any one of those could belong to an American. I mean the melting pot of English accents is common in the US.
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Who are the people that don't understand that there are LITERALLY more English speakers living in the Philippines than in the United Kingdom aka England. What is more English is the most common second language in all of Europe including Eastern and Southern Europe. English is widely spoken in India, Malaysia, and Singapore too because they were British colonies for so damn long. I mean I've seen sold out stand up comedy specials filmed by English speaking comedians in Manila, Singapore, and Kuala Lumpur on Netflix, that isn't because there are so many Expats there to sell out arenas that is because everyone speaks English there. Add to that Belize, & the majority of the Islands in the Caribbean, Mauritius, South Africa, Botswana, and a large part of East Africa that too speak English because again the British empire, not to mention many areas of the Middle East where English is as commonly spoken as Arabic because of International Business. More people speak English in India than speak English in the USA. English will get you by in a lot of the world. If you can learn Spanish & French in addition to English you can get by in all of the Americas and most of Africa, Asia, and Europe.
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Haden Wilson I’m actually an attorney. I actually have helped manage Congressional campaigns and I’m actually familiar with the campaign finance laws and a) the Trump Organization -a corporation paid Cohen and had the expense invoiced as legal expenses which means it was both a tax fraud by Trump and his company, and a campaign finance violation as corporate payments and the payment by Cohen as an in-kind contribution were felonies in excess of the campaign limits, and Trump improperly credited the personal debt on his personal financial disclosures as the President. Your copy and paste analysis isn’t anywhere near as concise and reasoned as someone who actually deals with criminal work and has actually dealt with the campaign finance law and ethics rules for candidates and elected officials would do when analyzing the transactions. but thanks for pretending to know what you are talking about.
How the transactions were structured matter in campaign finance law. Could Trump have legally paid the hush money? Yes. How? By paying corporate tax on the money then personal tax on the money and contributing it to the campaign as a candidate contribution and paying the payment and properly documenting and accounting for it in his disclosures -which would have defeated the purpose. You can’t make secret expenditures.
You see, when you have more than a cursory understanding of the law and how it works, you understand that Trump was actually involved in a money laundering transaction, a tax fraud, and a campaign finance violation himself. Regardless of the source of funds, because he failed to disclose the expenditure.
When you understand the if he were going to claim this was a personal expenditure and he simply paid Cohen a fee for handling a private matter paying it through a corporation and writing that off as a deductible business expense on his taxes was tax fraud. Also that failure to report the debt to Cohen on his Presidential financial disclosure statement, that was a crime. Trump admitted to committing multiple crimes during his television interview, but because he listens to “legal analysts” on Fox News who should be sanctioned for ethics violations for lying in their statements about the state of the law, he wasn’t even aware that he was making admissions of guilt during his television interview.
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I can only tell you about the slow rolled re-opening by region here in NY. We have 7 criteria. 30 case tracers per 100k people -so we can do what South Korea has done with testing to slow the spread with follow up tests for those exposed and quarantining potentially infected individuals. 14 day average declining hospitalizations or 3 days with less than 15 new hospital admissions, 14 day average declining deaths or 3 days with less than 5 deaths total, an average infection rate per new case of less than 1.1, at least 30% available ICU bed capacity, at least 30% of all hospital beds available for COVID-19 patients, and at least 30 tests per month per thousand people available which in my region with about 700k people translates to 419 tests per day on average for 7 days to mean we have the testing capacity to do South Korean styled tracing and testing to prevent the spread.
There are 4 of 10 regions in NY state that have met re-opening criteria. A fifth region is likely to meet the requirements tomorrow because they have ramped up testing which is the only thing they lacked. 4 out of 10 regions have met 5 of 7 criteria with hospitalizations and deaths being the area where they are lacking. For NYC region they have met only 4 of 7 criteria. These criteria being met after Friday will allow construction projects, curbside retail, wholesale sales, and manufacturing businesses and drive-in movie theaters to reopen for 2 weeks during phase 1 in a region. If any of those criteria fail, but particularly the case infection rate rising over 1.1 new cases for each person who tests positive, lockdown begins again.
Phase 2 starts two weeks later if that first phase is successful. During phase 2 in office professional services like accountants and lawyers will be allowed to reopen. Phase 2 allows retail to reopen their stores for more than curbside pickup. It also reopens realtors, insurers, and administrative offices. A lot of small retailers are unlikely to reopen during this phase despite the go ahead because the costs of outsourcing a cleaning if there were a case in store would be prohibitively expensive as it will likely need to be outsourced.
Professional services reopening in phase two in NY will likely include barbers and dentists too.
Phase 3 will start two to four weeks after Phase 2 in NY regions and that will allow restaurants to reopen with social distancing rules, but it will also allow hotels to reopen gyms and pools, and in house dining and other common area facilities. While rooms have been available as essential services, most of these aspects of hotels have been closed. Phase 3 will allow public gyms to reopen.
Phase 4 which will come two weeks to a month later will allow arts and entertainment venues and schools to re-open with distancing rules in place and all of this assumes masking which I don't understand how masks work in a bar or restaurant, I mean how do you eat through a mask, but anyway, big events and possibly big attractions like the state fair or a live concert or a major amusement park like Darien Lake or the Great Escape, the biggest amusement parks in the state are unlikely to be able to re-open unless the entire state has entered phase four.
Now there are 7 counties in my region of the state and it is one of the regions that will be allowed to start phase 1 reopening on Saturday. It already is home to the largest single employer in the state the Fort Drum military base which employs more than 20k soldiers and civilians which has been open the entire time. The county with that base is my home county. It has had 68 total cases in the last two months with more than 110k residents. There are currently 3 active cases. The county next door with 26k people had 11 total cases in the last 2 months and is home to the largest farm in NY state which had remained open with several hundred employees and a Kraft plant where most of the Philadelphia Cream Cheese for the US market is made which has also remained open with several hundred employees. There is currently 1 active case in that county. The other county next door has 110k people and it's home to Alcoa's largest plant in the US which was essential and has remained open with a couple thousand employees. The region is also home to multiple paper mills which have been deemed essential and remained open throughout. There was a major outbreak in a nursing home in that county. About 185 total cases in that county and it has less than 30 active cases with the rest recovered. In these 3 of 7 counties only 2 people died during the last 2 months. The county with 185 cases was the worst of the seven. One of the seven counties only had 3 cases and it only has 4k people. No other county amongst the 7 had more than 70 cases total. Similar numbers are true for the Southern Tier region. There are bigger numbers in the Mohawk Valley region and Finger Lakes regions of the state which will also reopen, but only because Utica and Rochester are larger cities which out them at higher case counts, but still low per capita. The Central NY region which is also likely to be able to open on Saturday has higher numbers because of Syracuse and an outbreak amongst migrant workers at a large scale Greenhouse. This didn't happen at work, but rather because they were sleeping 4 to a motel room at 4 hotels in the area outside of their job. The cleanup for the hotels was exceptionally costly.
I guess what I would say is that some states are taking a slow and cautious approach, but honestly, the numbers from Sweden which never shuttered tell me the entire exercise was a complete waste of effort.
The death rate is marginally higher, but the infection rate is not overwhelming just by practicing distancing.
If case tracing and follow-up testing is part of the re-opening regime, South Korea has shown that can be an effective way to stop the spread.
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When an ultra-high-net-worth individual says, “you can’t pay someone less than the market value of their labor” he is telling the truth, but he is leaving out an important fact about that market value.
The anti-abolitionist’s most successful argument against freeing the slaves, the argument that meant Lincoln only earned 38% of the popular vote while winning a 4 way electoral college victory in 1860 was that freeing slaves to compete would drive wages down for industrial workers in the North!
The reality is that paying no actual pay, but providing a roof over a slaves’ head, clothes on their back, and food in their bellies, even in the bondage slave system kept wage slaves wages high enough that they could earn a living that provided them with enough money for the basics of survival.
The part of the equation that is being left out is that in a capitalist market economy as opposed to a slavocracy which valued slaves as property and kept them fed and housed and clothed as an investment. In the wage slave economy, the wage slave is disposable and replaceable. The value can be less than the cost of living.
As employees are not balance sheet assets in the wage slave economy, actual bonded slavery was intrinsically better for more workers.
I can make that argument about markets and the logic is not flawed. You know it, I know it, and that rich asshole knows it.
Now a minimum wage law that is a living wage as Teddy Roosevelt a Republican first argued for in 1912 will provide a livelihood that is better than subsistence slavery and allows a worker to enjoy leisure time and have a life outside of work.
What actual socialism -the workers owning and democratically controlling business enterprises and in certain situations of natural monopolies the consumers owning and democratically controlling the enterprise, when tried with the Mondragon cooperatives in Spain teaches us is that the poorest people can build real wealth and grow their economy through cooperatives which are true libertarian and democratic socialism those systems have only exclusively been used in an economy briefly in Catalonia in Spain during the Spanish Civil War and they were a success. Cuba is moving from state capitalism to this libertarian socialism as we speak and it seems to be working there too. The cooperative model has a 6x higher ten year survival rate than capitalist enterprise as well, so maybe we should actually try socialism which is not outside of a market, but is actually the only form of ownership in the free markets that will produce the best results.
What this rich prick doesn’t know or understand or which he routinely lies about is refuted with hard data.
Mondragon started with 6 worker owners in 1956 in the Basque region of Spain which was amongst the poorest parts of Europe. Today there are 120,000 worker owners at Mondragon with open membership to the workers after a probationary period that makes them owners of the business with one share that collects a patronage dividend based on their proportion of the total man hours of the profits and pays them a market salary and benefits. As worker owners they are outside the unemployment system and the disability system so they take care of themselves.
They each get one vote in the management equal to all other workers.
They on average have a net worth of $750k and the Basque region today is one of the wealthiest in Europe because of Mondragon which is I believe like the 6th largest employer in all of Europe or something like that.
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With the exception of Putin's decision to start a war that will inflate food prices because farmers in Ukraine will not be able to plant or harvest a significant percentage of the world grain harvest, politicians have virtually zero to do with inflation.
Unless you are saying their failure to regulate price gouging by corporate players is incompetence?
In a free market with very little regulation, businesses have decided to increase prices on staples because workers have decided they can earn as much working for themselves in the current environment as they made working at the low wage jobs they had before the pandemic, but what is more those workers decided a more diversified set of revenue streams made more sense than devoting their lives fo making other people's businesses successful.
If anything competent politicians increased the rate of capitalism in the market and those buddy capitalists that competent politicians crested have made it more difficult for incumbent players to compete.
The response of incumbent players to this threat to their hegemony, monopolies, and monopsonies in the market has been to raise prices to force workers to re-enter their controlled employment market, falsely blame workers who became capitalists for their woes by calling them lazy and blame increase labor costs -which are not true, as data has shown nominal real wage gains if any, for increased prices.
The reality is incumbent corporations with waning sales increased prices to hide sluggish volume, but also because they misread the changes in the market. They assumed workers had downsized their lives, when many have been better off working for themselves and working in a diversified manner.
Plenty of people who worked at a very low wage for someone else now have an online store that generates part of their income. They also have a small crypto mine in their home and trading portfolio that generates part of their income. They also DoorDash or Uber with their car from time to time. They realized that not working for someone else saved them $800 a month in child care, but that time at home with their kids also gave them time to start a YouTube Channel, Blog, or Podcast that not only replaced the income they used to earn at their old job, but meant they keep the $800 a month they used to spend because they went to an office.
The miscalcution by incumbent players that they can outlast people who replaced their old income by raising their prices to pad their bottom line is what has caused "inflation." It has nothing to do with politicians and everything to do with market capitalism and more people figuring out how to be free.
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You can create all the money you want. If it isn't in the hands of consumers/workers ie purchasers, that money is not going to create new demand for products. The problem is that despite all of this money, the demand for everything from oil, to housing, to food, clothing, electronics and even films has dried up. That means we are overproducing. Milk isn't being dumped without cause, it is being dumped because there is no demand for milk or dairy products. Oil isn't filling storage tanks to capacity and filling tankers without port for no reason, it is happening because there is no demand. There are some supply shortages due to the illness, but they are the exception, not the rule. The reason people are protesting to reopen the economy is because a lot of small businesses that employ them will be gone if they are not reopened immediately, and even if they reopen a lot of them will still be gone within two weeks because consumers have no money, or if they do have money, they have no desire to put their health at risk to spend that money. Georgia reopened restaurants and nobody came. There will be plenty of people ready to go get s haircut because they really need one if they or a family member weren't able to cut their hair, but there are plenty of people who won't spend that money today when they don't know if they will have the rent, mortgage, or car payment tomorrow, let alone money for food. Even with unemployment. Even if they are actually employed in what should be a safe secure job, like a firefighter, or a cop, a prison guard, or a teacher, or even the fucking post office. The local city government is asking it's workforce to take a 15% paycut to avoid layoffs due to the loss of tax revenue. My friend who was a public defender took such a cut in the 2008 recession and he finally got back to his old wage last year and they voted in a new pay hike on their negotiated contact which over the next 5 years would bring them back to normal for lawyers in their region. That pay raise is gonna be gone and they are gonna get another cut and he is going to be back to the payrate where he started at 15 years ago. My sister is the only French teacher in her school district and she is worried that in addition to Chinese which is outsourced to BOCES a unified School resource for vocational and other education for multiple districts we have in NY, that because there are about 2/3 as many French students as Spanish that her job is going to go away because of the decline in state aid due to a lost of income and sales tax revenue. She just hopes it doesn't happen before November because in November she is supposed to be eligible for loan forgiveness. Despite paying her student loans for 12 years, the first two the loan forgiveness program wasn't made available to her, she owes as much as she borrowed still, which means she has been working for nearly free for 12 years. She has paid the interest and paid for the reliable car she needs to get back and forth to work. She has lived at our parents home because she can't afford her own place and if the loan forgiveness goes away, she is ready to riot because this system has screwed her over so badly.
I mention that because this is why we have deflation. No one is going to spend anything with these daggers hanging over their heads.
This means we have and will continue to have overproduction. Everyone was already overextended on credit BEFORE THIS HAPPENED.
We had massive default rates on commercial mortgages, auto loans, student loans, mortgages, and credit cards. This has exacerbated defaults on small business loans, commercial mortgages, commercial rents, mortgages, rents, credit cards, student loans, and all debts. That means it doesn't matter how much money the Fed pumps into the banks, there are very few people, even those with strong balance sheets willing to take on new debts right now because we have an oversupply of most goods, commercial property, and housing in terms of the ability for that housing or commercial property to generate revenue anyway.
The big problem in commercial real estate at least office space is going to be that a ton of companies as a result of this are going to examine the expense of commerical office space and conclude it is an expense to eliminate because their work force was as productive if not more productive from home. I mean would you spend $50k or more a month for office space, insurance, and utilities for that space when renting 3 servers in a data center and setting up a VPN for $600 a month allows your company's staff to work from home and make just as much money and do just as much work as it always has during this pandemic? Hell no, your board of directors won't allow you to waste money like that going forward. Commercial rents are gonna fall through the floor.
That is not discounting for the loss of retailers that will be liquidated as a result of this shuttering. Are you really gonna risk your life to go to Best Buy for a USB charging cable for your phone when you can get one to your house tomorrow or the next day from Amazon even if those stores reopen tomorrow? Hell no, because you are rational.
There were thousands of stores at risk of bankruptcy BEFORE this happened, they are not coming back from this mess. That is millions of jobs that will be lost. This is only going to accelerate R&D for trucking companies and car services looking to have self-driving fleets of vehicles.
It is also going to lead to a massive migration of work from home office workers to rural America. Do you really want to live in a city which had a higher likelihood of contagion during this event, knowing that another one IS VERY LIKELY TOO HAPPEN SOON, because of the interconnected nature of the world economy today?
The shocks this is going to cause to the system will be felt for at least two decades as the shakeout continues.
Think about this too, I mean if you are making $40k, $50k, $200k living in San Francisco or New York City, or Chicago, or Austin and paying outrageous rents or a high mortgage and you can move to West Podunk Nowhere and buy a house for $150k two months ago, but buy it for $95k in six months following the coming foreclosure wave and your job is now entirely remote from home because the business has gotten rid of the commercial office expense, are you going to keep paying high rents when you can own a nice house in the middle of nowhere that puts you at lower risk of getting sick? Now discount for the people who have family in those small towns. Brain drain from rural America to the cities has been massive during the last two decades. This is going to change politics in a big way in the near future too as demographics are going to shift.
Think about the knock on effect from millions of square feet of office space going vacant and office workers working from home will have on the restaurant business. Are you going to drive to McDonalds for lunch when you are working from home as an office worker and you can have a good meal in your kitchen? Are you going to go to the sit down restaurant with a bunch of co-workers you don't go into an office with anymore? No! Even if you don't discount the restaurant business for the illness, I've had 3 take out restaurant meals in the last month and a half and I usually have at least 3 meals a week at a restaurant or more, so they are crushed in general right now and one of those meals was an Easter dinner deal that the restaurant provided a prime rib meal to be cooked at home at a massive discount on acting a grocery because they had too much meat. Point being, the illness is going to crush restaurants for the next several months at least and the change from commerical office space to work from home is going to be permanent for a lot of businesses as a cost saving measure which will hurt restaurants even more.
If movie theaters reopen they won't get new product until they can all reopen. Let's be honest, they are not going to reopen anytime soon. Even if they were to re-open I don't know that Hollywood will be producing content anytime soon because it is going to be hard to convince millionaire actors and directors to risk their lives to produce a movie. There will be a glut of animation because that can be made on home computers and via remote render farms in data centers with VPNs for studios and with voice actors recoding themselves on a computer in a closet turned into a vocal booth in their home, but there are not going to be a lot of live action films made in the next year or more unless it incorporates face masks and the current state of the world. There may be some TV shows like cop dramas that do that, but family sitcoms are out. Are you wearing a mask in your house with family? Hospital shows would be cool with masks always on the characters, but it will end all of the steamy love triangles.
Anyway, the bigger point is that we are in massive oversupply mode and the dollar in hand is king right now. No one wants to borrow the money being printed. Cash is king and the dollar in your hand today will be worth what cost you $10 today in six months, so you are going to keep that dollar and make it go further tomorrow if you are smart.
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Well Medicare for All is cheaper, so we know how to pay for that, and the GI Bill of World War II was tracked and the tuition free room, board, and books free part of that created $28 of increased GDP for every dollar invested in it and returned $7 to the treasury from the increased earnings of the beneficiaries for every dollar invested in it, and if the government employs more people fixing dams, schools, post offices, fire department buildings, police buildings, libraries, the power grid, the telecom lines, roads, bridges, and other critical infrastructure, then the money those workers spend will create new demand that will create new private sector growth and jobs that will mean we need more immigrants to do all of the work and we will have a booming economy whose tax revenue will pay for the jobs guarantee.
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Nothing is wrong with your accent Roman, but there is a twinge of Russian in your speech patterns that is the same little twinge that any non-native speaker has regardless of how long they have been a fluent English speaker. I mean Selma Hayek will always have a subtle Mexican accent, Arnold Schwartzenegger will always have a German accent, Ryan Reynolds always has a Canadian accent. I mean he is a native English speaker, but there are subtle things that native speakers will always hear no matter how long or how well someone speaks the language. I'm sure the same holds true when you hear a fluent non-native Russian speaker even one who has worked hard to perfect their accent. It's an indescribable thing that is just there. I mean your inflection has this subtle Slavic thing that is just there. Your pronunciation is perfect, but there is a weight and sort of heavy masculine deep thing in your voice that seems common amongst Slavic speakers who speak English regardless of how well or how long they speak it, or how much they work to have a neutral accent. It's just a thing that is there.
It's not a problem though because like I pointed out with Ryan Reynolds, to most native English speakers even other native English speakers will always have their local accent or dialect show through in certain moments. I mean my understanding is that Arnold Schwartzenegger's German accent when speaking his native language is kind of a countrified bumpkin sounding Austrian accent that would be reminiscent to certain strong Appalachian accents in the US which was so out of place that Arnold doesn't dub his own lines into German since the days of the original Terminator because it would be out of place.
I would assume that different cities, Russian provinces, and also countries that made up the former Soviet Union all have their own accent and dialect quirks that are obvious to you as a native Russian speaker. They aren't wrong, they are just there. I mean I would suspect that you would hear a different accent from a native Chinese or Japanese, or English speaker from Australia when they are speaking Russian which you could not help but hear. It's the same thing when you speak English for native English speakers. It's just a subtle thing that is definitely there.
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Jordan, I live in Northern NY, near Watertown which is now the binge drinking capital of the state -probably because the war machine through Fort Drum has degraded the community, but I digress, living in “real America” as the RepubliCONS call it, I can tell you that a new economic system and new ideas other than PILOTS and tax breaks for big corporations are wanted to help create jobs here in real America. People would like to get things like Medicare for All, tuition free and room and board and books free college like the Land Grant College Act and the WWII GI Bill provided, absent that, less taxes sounds good to people, so they vote RepubliCON. Give them a reason to vote and they do. With no money -less than $10k a GP candidate for Congress here got 12k votes in 2016 and almost 20k votes in an open seat race in 2014 with $38k that he raised with the help of his friend Ralph Nader who personally endorsed him. He drew more votes from Republicans than Democrats both times according to polling and the Democrats ran two corporate Democrats including a Pentagon and defense contractor shill in one of the races. The Democrats in NY-21 had a robust primary that Dylan Ratigan participated in and in my humble opinion as a Democrat who joined the Green Party the day after the NY Presidential Primary in 2016, the best candidate was a local working class single mom who came in second. There were three other progressives including Dylan who drew votes that would have otherwise likely went to her and the corporate Democrat in fake progressive clothing won and she is going to be handily defeated by the Republican incumbent because the Democrats didn’t run a candidate who full throatedly endorsed Medicare for All, and tuition free college and they don’t have a candidate who can explain an alternative system of economics that works for everyone. The GP in NY with Howie Hawkins has the best candidate remaining for Governor. He was a co-founder if the national Greens and is a walking encyclopedia of movement political history. The GP candidate for AG here in NY literally had a miniseries made by David Simon of The Wire fame about his most celebrated case. He as an NAACP attorney set the gold standard for housing desegregation with the Yonkers case. Michael Sussman without a doubt is the best lawyer in the field for AG.
You should really interview them both because they will pick up the Nixon and Teachout torch and carry that message and politics in the right direction come November.
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Mauritius also has New Zealand access. If you could combine Mauritius with St Kitts, Turkey, and North Macedonia's CBIs you have most of the places a US passport has except the CAR, Equatorial Guinea, Burkina Faso, Saudi Arabia and Kuwait and most of CUNA is lacking save the UAE, UK, and New Zealand.
If you have a college degree and a Caricom passport, spending a few years in Barbados as another add on passport gives you slightly better access to Mexico, gives you access to Canada, and gives you Equatorial Guinea too. I mean you would still be lacking CAR, Saudi Arabia and Kuwait, but you would only be lacking Australia and the US from the CUNA countries.
With how Australia has been, that may be a godsend, but if you are wealthy enough to obtain those 3 CBIs and a Mauritius Residency by Investment that became a citizenship there, getting a B1/B2 visa to the US should not be difficult if you wanted one and probably more reliable than having an ETA under the Visa Waiver Program, though maybe not as good as a Canadian passport - but then again this past year has shown that isn't what it used to be either.
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It takes a fundamental restructuring not only of how businesses function in terms of ownership and management, but also a fundamental restructuring of how power is wielded by a government.
A Constitutional Direct Democracy with certain guarantees of rights, and certain imposition of general duties upon each individual citizen in terms of their contributions to society overall must be part of any fundamental restructuring.
Private property must be abolished in land in favor of a community trust which holds title to the actual land. Buildings and improvements can be owned by an individual in either a life estate or fee simple, but there should be restrictions on the sale of buildings in terms of the appreciation in value of those properties as used in the Burlington Land Trust.
There should also be a Medicare for All program that has a two-tiered savings account. Each individual must contribute 10% of their income to the savings accounts. One is the personal account which is drawn upon first. The second is the community account which is drawn upon second as an insurance pool to cover costs. Individuals should have the power to negotiate costs as happens in Singapore, and any amount left in the personal account following death should be heritable by the family members of the decedent, to encourage people economically to take the best care of themselves and be frugal in terms of their health care expenses, but there should be a societal insurance pool that covers all excess costs if someone is not able to fully fund their healthcare costs. This is different than the Singapore scheme.
The same funding system should be put in place for a lifetime learning and educational fund, but that fund should impose additional contribution requirements upon the parents of children during the children's minority. This encourages better family planning because of the reduction in spendable income due to the additional forced savings for each child. Education should be provided so long as someone is enrolled in a proper institution without charge, but individuals should be able to negotiate costs in a similar manner with the medical account to keep costs low.
A similar funding system should be set up for a Social Security for All account which would replace unemployment insurance, and welfare programs, but also provide as it does now, retirement savings, and disability insurance, but it should in fact provide a minimum basic income which can be utilized during times of economic weakness at a cooperative business or during a period of self-employment or partnership employment for up to five years, with additional extensions available if a minimum number of users per employee are using the services of the business in question as a subsidy to socially valuable enterprises that may not be as valuable to the general market. Users in this instance would contribute to the employees MBI from their personal savings accounts. These accounts would of course all be heritable following a citizen's death by their heirs. The payments would be made into the respective personal accounts of the individuals, however, 50% would also go to the community accounts.
Between those 3 obligations which provide for the payment of individual rights to education, healthcare, and a minimum sustainable income, including housing, food, and clothing, about 27% of an individual's income would be paid into savings, with 13% paid into individual accounts, and 14% paid into the community accounts.
How would the direct democracy work in such a system? Every 150 individuals would constitute an election precinct, and each precinct would have a local board with 7 members. These members would serve 6 month terms on the precinct board. The Board's meetings would be open to the public for all members of the precinct. The members would be chosen by sortition as members of juries are now. Every 11 years, every member of a precinct would serve on the board. There would be exceptions for mentally incapacitated citizens, and infants who had not attained the age of majority, and those with physical disabilities for whom service would be a hardship could opt out as often happens in jury duty, but basically everyone would participate in a precinct board. The precinct boards would propose all laws and budgets for the precinct, the towns or villages where they are located, as well as the counties, states, and the federal government.
All rules would begin locally with a precinct board proposing them. Every 67 precincts would be organized into a representative district of about 10,000 members. When the majority of the precincts of a district propose legislation or a budget for a larger jurisdiction, be it a village, city, town, county, state or the federal government, all Districts composing such jurisdiction would be presented with the rule to vote on it. Votes would be by the citizens whenever a proposed precinct rule or budget is adopted. Executive positions would be upon appointment by a majority of the precinct as chosen by the precinct boards for each jurisdiction, but most of those positions would be civil service positions which are based on testing, with only the highest echelons by appointment.
Judges would be chosen by sortition from members of the bar for the state and jurisdiction wherein the court is set, and those judges would be subject to the same appellate court system as is set up now, but the terms would be for a fixed period of years, say 5 and most attorneys would return to practice after a period on the bench, which would mean those attorney judges would want to maintain stare decisis to make sure that cased they handle later conform with existing rules, so that laws remain relatively fixed. The appeals process would have oversight by the precinct boards with a separate review that allows for the precinct boards to propose a change in the law by appointing alternate panels of appellate judges who could draft alternative decisions to be approved by the precinct boards for the appropriate jurisdiction and the citizens with an instant runoff aka ranked choice voting scenario. These changes would only be for new cases going forward in terms of a change in the law, and not an ex post facto change to existing law, although the boards and the people can pardon people through this process when justice demands it.
Juries in this system would have the right to nullify or pardon a crime when it deemed that in an instance a law was unjust, and when a jury votes to nullify, a similar change in law procedure would begin at the precinct level for that jurisdiction.
Of course wage slavery would be outlawed in this system, and only sole proprietorships with one employee owner, partnerships with employee owners and or retired employee owners, worker cooperatives, hybrid consumer/worker cooperatives, not-for-profits with open membership, and government agencies would be able to employ people in such a system to ensure that capitalism and dictatorial economics is eradicated.
This system would vest duties of carefully crafting laws and budgets in the hands of the precinct boards, but thoroughly engage the public in their democracy with the open board meetings. These precinct boards would communicate with the other precincts in their district and the districts would communicate with other districts in their city, village, town, county, or state in regards to those jurisdictions needs, but also all other districts in terms of federal needs, but most control would be local and vested ultimately in the voters who would cast ranked choice votes on various legislation, including a none of the above choice when legislation is not appropriate, but also in terms of budgets and priorities such as that these boards would function much like local school boards do in many places today, with voters ultimately approving what the boards propose. Power is ultimately with the voters, but there is still representation, only everyone is represented by regularly participating in the board. The average adult would serve 5 to 7 terms on the board during their life for 2.5 to 3.5 years total, one night per week for there 6 month term.
This dispersed power would mean in a precinct of only 150 people that most members of the precinct would know at least one of the seven members of their precinct board personally at all times, and with the board's meetings open to the public, democratic participation in the process would increase, but more importantly, laws would probably be relatively fixed, and regulations would usually be limited because it takes a long time and a fair amount of effort to get the majority of the precincts in a district to act to begin the process of changing the law.
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If he doesn’t want to take away everybody’s incentive then he should support true socialism which outlaws wage slavery and requires that the ownership and management of all businesses be on the basis of one worker, one vote, one equal share of the surplus AKA the profits in proportion to each worker’s percentage of the total man hours for the given measuring period of the surplus. In such a system there would of course be wage and salary variation to reflect variations in knowledge, skills, abilities, and the inherent risks of any given work activity, but that true socialism takes away no incentive whatsoever. In fact it provides a greater incentive to work smarter and harder and be more productive because you will directly benefit 100% from your increased productivity or a change in how things are done that increases the overall productivity of the business you work at daily.
Does the right wing want us to start talking about real socialism, because I would love to talk about real socialism.
I really want them to justify someone who does not work benefiting from people who do work in a system where the workers own the businesses and only the workers.
Versus the system we have now where people like Donnie Boy and the Walton kids who have never done an honest day of work in their lives benefiting from the sweat off other’s brows, and then not only do the workers have to pay for those lazy rich bastards, they also have to pay for all of the other workers those rich bastards keep perpetually unemployed by hoarding wealth and demanding more work from less people for longer hours and lower pay.
In a true socialist system if the workers can turn out 2x the goods or services in half the time, they will work half as much and may hire an equal number of people to work the other half of the day to produce 4x as much if there is a demand. Why? Because they will still make more by hiring more workers and work less and that is what most workers want. More free time and more money. If worker owners can accomplish that they will.
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Win1@atime Howie Hawkins co-founded the Green Party USA in 1984. In the 1970s he and Sanders worked together to build the Liberty Union Party in Vermont. Howie was the first to propose a Green New Deal when he ran for NY Governor in 2010.
Hawkins Green New Deal fundamentally shifts the structure of ownership of the enterprise in the USA.
First it converts all utilities to consumer/worker owned cooperatives. Second it provides government grants to retrofit homes and commercial buildings for energy efficiency with better insulation, doors, windows, and efficient lighting, geothermal and solar thermal heating and hot water, as well as converting the energy grid to renewable resources. The Hawkins Green New Deal also provides contract incentives for worker owned cooperatives to get these grant based contracts with bidding advantages for All grant and general government contracts. This will include contracts for the manufacture of solar panels, batteries, and wind turbines, as well as research and development for clean energy fusion technologies and the like. Hawkins Green New Deal provides incentives for manufacturers of public transportation and commercial vehicles to utilize worker owned cooperatives in the supply chain as manufacturers. The same Hawkins Green New Deal supports a federal jobs guarantee that will fill many of those jobs by funding the creation of worker owned cooperative enterprise to rebuild infrastructure.
The Hawkins National Health Service plan is superior to Medicare for All in that it will nationalize the pharmaceutical industry, we already pay for 98% of primary medical research through the CDC and the NIH, so why are we subsidizing corporations, and reorganize them as consumer/worker owned cooperatives with consumers having co-equal voting power with the workers who manufacture the medicines. It will nationalize hospitals and reorganize them as worker/consumer owned cooperative enterprises as well.
Hawkins’ plans fundamentally reshape America into a worker owned democracy and that is what I support more than anything else. The collateral benefits of his plans are a much cleaner environment, a healthcare system that cares for everyone. And a much more productive and efficient society where the workers own the means of production and control the economy.
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FACT: These not so bright women believe liars that are not making anywhere near as much as they believe them to be making A) because they assume they are making it, or B) the guys lie and say they are making it and these naive women believe them. I think A) is the more likely scenario. I think they assume a lot of facts not in evidence.
70% of men will never earn $100k in a year, that is why that number is being chosen. As many very wealthy people tell you getting to $100k a year in earnings is the hardest step. Getting to $1 million in assets is the next hardest step. They all say it is easier to go from $1 million to $10 million than it is to get to $100k a year or $1 million in assets. They all say it is easier to get from $10 million to $100 million than it is to get to that $100k? Why? Your leverage route have changed. You have a lot more leverage to take advantage of once you hit $1 million in assets.
Even if you had won the recent $750 million Powerball or $1 billion MegaMillions lottery jackpot and had to split it two ways, after paying the tax bill, if you want to keep the money growing and are reinvesting 75% of the dividend and interest income left as Shaq of all people recommends, you would be hard pressed to have $500k a year in spendable money. I point this out to explain how extravagant the lifestyle these women want really is because at $500k a year you are not flying in private jets. You may have more than one home, but you will be spending a fair percentage of that spendable income on maintaining two upscale homes. I mean a 7 bedroom house as the one women described, even in a relatively inexpensive country overseas, at least one with good infrastructure and a favorable tax rate at the low end will cost $3-5 million to purchase and at the high end will be upwards of $40-$50 million to purchase. I mean a 7 bedroom villa or penthouse in Monaco will cost you, a 7 bedroom villa in the Bahamas or Cayman Islands will cost you, a seven bedroom villa in Dubai would cost you. Even a seven bedroom penthouse in a place like BGC Manila is going to cost a few million dollars. A seven bedroom mansion because 7 bedrooms is a mansion, in a podunk town in even a state like Tennessee or Georgia is at a minimum going to cost $3 million. It is going to cost you even more to maintain than a more expensive place in Dubai, Monaco, or Cayman would cost you because of property taxes you would not be paying, insurance costs, and pricier staffing costs for gardeners and maids.
The point is even mega jackpot lottery winners would have trouble keeping up with these expectations.
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Christian Vennemann I wouldn’t call Kentucky a safe state with Sanders on the ballot, but I would call NY and California and Massachusetts, and Vermont and Minnesota, and Washington, and Oregon and Hawaii, and Maryland, and New Jersey, and Delaware safe states. The only Red States I would call safely Republican and encourage Green Party votes in with Bernie on the ballot would be Idaho, Wyoming, Mississippi, Alabama, South Carolina, Arkansas, Oklahoma, and Nebraska.
Did you read my original comment? I talked about NY and California. Clinton won both states by margins which was larger than Trump’s margin in as many as ten states combined.
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I purged myself from the Democrats here in NY and became a Green. Given the fact that our candidate for Governor, Howie Hawkins was a supporter of Bernie when he first ran for US Senate in Vermont with the Liberty Union Party in the 1970s and that Howie is in fact a co-founder of Green Party USA and one of the smartest political minds I have ever seen speak, and a retired Teamster who loaded trucks at UPS in Syracuse, and a former member of a worker-owned cooperative construction company, and that he has been arrested for protesting environmental and human rights issues numerous times, and of course for demonstrating in support of peace, it is easy to believe Howie means what he says and says what he means. Last election I am proud to say I'm one of almost 200,000 New Yorkers who voted for Howie. This time, I hope we draw 500,000 voters and think we have a shot as Howie's numbers in 2014 nearly mirrored Teachouts with very little drop off. There are two kinds of people in New York, those who are done with Cuomo and the corruption and those who are brainwashed. The number who are done with Cuomo and the corruption grows daily.
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Drm R 18% of the US population controls 50% of the Seats in the US Senate.
We do not live in a Democracy. We live in a badly gerrymandered Republic with a Senate designed to protect slave owners and their land.
Wyoming population 580,000 gets 2 Senators and 1 Congress person.
I live in NY. My CD has 700,000 voters. I get 2 Senators too even though I live in a state with 18 million people. NY and California have more people than are included in the 18% of Americans who get to vote in small states that control 50% of seats in the Senate.
While Rhode Island, Delaware, and Vermont are Democratic and amongst those small states. Wyoming, Kansas, Nebraska, South Dakota, Alaska, Mississippi, Oklahoma, and Idaho more than offset the small states Democrats represent.
Democrats routinely garner several million more votes for the House and Senate than Republicans and remain in the minority thanks to gerrymandering and the fact that we are a Republic designed to protect slave owners and their land from the people. We are not a democracy and the sooner you learn that, the sooner you will figure out we need a new constitution.
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If economies are measured in purchasing power parity per capita, the USA is 62% higher than the EU, but the US data is skewed by the fact that like in the rest of the developing world, the US has pockets of extreme wealth and extreme poverty, those disparities in the developed world in Europe and much of the rest of the developed world like Japan, Singapore, China, South Korea, Canada, New Zealand and Australia have mostly been softened through the social safety nets and other smart policy considerations ignored by crony capitalist oligarchies dominant in the developing world like the United States. When comparing GDP is measured as PPP equivalent, China outpaces the USA by 24%, and there are countries in Europe which dwarf the USA in real GDP per capita as well, Ireland, Switzerland, Luxembourg and in those countries PPP is essentially 1:1, so they are beating the USA massively.
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I mean Switzerland is a signatory to the Haugue Convention on Trusts and will apply the Cook Islands law to a bank account held by a Cook Islands Trust in regards to the US judgment, ergo, the analysis is potentially a bit lacking. Likewise the Channel Islands of Jersey and Guernsey, and the Isle of Man, along with Liechtenstein all pretty good banking jurisdictions, and 9 Canadian provinces, but of course not Quebec or any of the territories have signed on to the Haugue Convention as well, meaning yet another fairly respectable asset haven to hold some money in a trust account exists in most of Canada. After 2 years the fraudulent conveyance theory goes out the window in the Cook Islands and you have to in fact try the case in the Cook Islands because they don't honor foreign judgments and good luck finding an attorney licensed in the Cook Islands to take your case who won't have to conflict out because they already do so much work with Cook Islands Trust Companies managing the trust. It seems that while Switzerland and Leictenstien do honor foreign judgments as do Canada, and the British Isles, if they also honor trust rules, they won't send the money back to the defendent aka creditor absent a finding by the Cook Islands court in favor of the plaintiff.
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I think Ecuador is a very interesting place because it has the potential to work very well for both low income earners & high income earners. It has a lot of interesting routes to residency & can provide a relatively quick path to citizenship for someone who wants to live there & it provides a Tier C passport with visa-free access to countries that are complimentary to most Tier A passports & many Tier B passports. It also gives Mercursor access to most of South America in the event you decided to move later & visa free access to Mexico which many Tier B passports not have. With the right EU residency permit it should make Shenzhen area travel fairly easy too, potentially. Beyond the passport, it is a fairly off the radar country too. Add to that access to the mountains, the beach, some fairly metropolitan cities, & a short flight time to the US or Canada for American & Canadian expats who want to visit family or need to return for business & it has a lot to offer. The relatively inexpensive healthcare system is also useful for the lower income expat, especially those with chronic health issues that would be financially unsustainable in the US. I think when you apply the go where YOU are treated best philosophy as you often say, individual facts & circumstances matter, & Ecuador while not completely overlooked, is definitely a country that can suit a lot of people's needs. It definitely can be useful for anyone using the Trifecta approach with multiple homes as a base of operations, & while it will tax individual income worldwide for tax residents & while it has some specific exit requirements to end tax residency, it currently has no CFC rules which would be beneficial for the business owner with a foreign corporation who lives frugally & keeps most of their income within their growing company.
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And that is only because the workers needed to get food to stores like the slaughterhouse and meat packers are getting sick and the plants need to shutter to keep the workers and food supply healthy or the pickers are unavailable to work because the border is closed. People will always need food it is a true necessity. Because of that any disruption causes price increases. Add to it the fact that plenty of people have become preppers. I mean we have stocked up on flour, yeast, pasta, beans, rice, canned meats, canned veggies, and frozen meats, breads, cheeses, butter, and dough. We have two freezers full of perishables and a few huge pantries filled with durable foods. We are also growing a garden with beans, potatoes, carrots, the typical garden perishables like cucumbers, peppers, tomatoes, but also onions. Why? Because food is likely to get scarce in the next few years. We also have ammo stocked up for home defense, but mostly to be able to hunt small and large game. One deer for the freezer this winter will make a lot of meals. The fishing poles are ready if needed too. It is a good time to be a country boy.
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Shadow Company 1984 I have never voted for a winner because I routinely vote for a minority position. I have been saying this for more than a decade. George Carlin said it loud. The people suck. which is why the best bet is to put yourself into a position where no one government or country has power over your travels, your place of residence, you control the jurisdiction & timing & amount of your taxation as much as possible, and you have your money kept in reasonably safe banking institutions in multiple jurisdictions. Why? Because only then are you free. If you are living in a country where you are a citizen, you are probably doing it wrong. If you are banking beyond an amount needed for routine expenses in a country where you live or maintain a home, you are probably doing it wrong. If you have a company registered to do business in a country where you live you are probably doing it wrong. if your company is managed from the country where it is registered & incorporated you are probably doing it wrong. If you are tax resident in a country with a worldwide personal income tax, you are definitely doing it wrong. If you are not practicing flag theory in this day & age & have not freed yourself from any nation, currently the USA & Eritrea, which practice citizenship based taxation, you are doing it wrong. Less than 1/1000th of the people on earth have truly freed themselves from the servitude most are held in by "citizenship," "residence," banking laws, tax laws & other conditions of servitude & fealty & until more people free themselves we are all going to remain enslaved for a very long time.
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@Dean Clark It doesn't just give you the ability to live in Cyprus. It gives you the ability to operate a business in any EU country & it gives you the ability to travel to almost any nation on earth visa free, save the USA, including hard to get into Australia, Canada, & New Zealand. If you built a hugely successful business in Jordan or Cambodia, or Kenya or any country with a passport that is a terrible travel document & you were able to upgrade your travel freedom & increase the number of places you could live & work by all of the EU, while making it easier to vacation in Mexico, South Africa, or the Caribbean, or maybe even start to structure your business internationally so that you had a tax favorable lifestyle, wouldn't you? I mean if you became a deca-millionaire in Cambodia, wouldn't you want to be able to live in Barcelona? That Cypriot passport gives you that freedom.
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In 2014, Teachout with no money and 1/10th the name recognition of Nixon carried many upstate counties and was super close to carrying most other upstate counties. Hawkins of the Greens in November of that year got 5% of the vote and there are only 26,000 of us Greens here in NY yet he got almost 200,000 votes. In 2016 Sanders won every upstate county except Onondaga -Syracuse, Monroe -Rochester, Erie-Buffalo, and Albany. In 2014, Teachout won Albany County. With Ocasio-Cortez victory, Teachout’s massive support for AG because of The NY Times and Daily News endorsements, the fact that Nixon, Ocasio-Cortez, and Teachout have been campaigning together, and the subway problems being a highlight of downstate complaints against Cuomo, if there is a barnstorm of Upstate and the City and Long Island during the next two weeks, I fully expect an upset that will make Ocasio-Cortez seem tiny by comparison. Cuomo is going to lose upstate. The Bernie network on upstate will make sure of that, and I think Ocasio-Cortez is going to help deliver the upset with the City. Not the usual voters are going to show up, just like in Florida.
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I mean if you have a lot of liquid wealth, ie you have major investment accounts, a holding company with an employment pass as a director in Malaysia via a Labuan holding company makes a lot of sense. Having enough cash in an account in Thailand to have a long term investor visa there likewise makes sense because there are no CFC rules and the new tax rules don't apply to people with the LTR investor visa as I understand it, so between a Labuan holding structure you can probably have a zero or extremely low withholding tax on your investments and virtually no personal tax in Thailand if you live there and similar treatment in Malaysia when you "work" there as a director of your holding company. You can even have non-Labuan company registered to do business in Labuan that you manage and have tax resident there which might have a better asset protection value ie a Nevis LLC, but bad tax treatment if it is considered tax resident on Nevis. You could also have that holding company owned by a Cook Islands Asset protection trust, so you can make a lot of money and pay no tax. I mean if you have enough wealth and you make an investment in the Republic of Georgia, you could divide your time between Malaysia, Thailand, and the Philippines, enjoy a very favorable cost of living, and have a very favorable tax residence in Georgia as a High Networth Individual and have to spend almost no time in Georgia.
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The UK allows certain lawful residents to vote. Every country in the European Union allows certain lawful residents to vote. Antigua & Barbuda, Argentina, Australia, Barbados, Belize, Bolivia, Brazil, Cape Verde, certain Canadian Provinces, Chile, Colombia, Dominica, Grenada, Guyana, Hong Kong, Israel, Jamaica, the territory of Jersey, Malawi, Mauritius, Morocco, Namibia, New Zealand, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, South Korea, Switzerland, Trinidad & Tobago, Uruguay and a few additional countries allow certain legal residents who are not citizens to vote.
Only citizens of the US are so parochial as to believe taxation without representation is ok for people legally living and working in the country.
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I think anyone who has a home who still has a job has already taken their house off the market. Anyone who has no job and has a house is probably trying to figure out how to keep it by renting out rooms or the whole house for part of the month on AirBNB or by just becoming a landlord and maybe becoming a van lifer. If I were on unemployment right now, I would be trading in my old car for an older van if I owned a house and I would move into the van and rent the house to keep the assets because this is not going to be a quick recovery. I would economize my life. I think this type of stuff is happening because there are plenty of rational economic actors. There are also plenty of people who are selling out of their houses already at whatever the market price is today to economize, but I would bet given the 2008 crisis that most of the people who own a house today are not amongst the unemployed. Most of today's home owner class are in essential jobs and/or government employees, or in positions that easily transitioned to work from home. There are not a lot of fast food workers who became unemployed, and there are not many of them who are homeowners. Those who are are the last to go as key managers. Same for groceries and Walmarts. Do you think the people working at Hot Topic own a house? Hell no, hell to the no. What percentage of wait staff at the Texas Roadhouse own a home, I would bet less than 10%. How about the ticket taker at your local theater? I would again bet less than 10%, maybe key managers in a chain, or someone whose spouse is the primary breadwinner who is still employed at an essential factory or as a trash man. The people who will be selling homes are the mom and pop landlords who bought too high, and the Wall Street investor class will gobble up those bargains they have been positioned to do so for a long time. I predict a housing contraction is more likely in this environment. Just my two cents, fiat.
Rents will fall, but housing is going to be in short supply for buyers.
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