Comments by "dlukton" (@dlukton) on "Nine Types of Tax to Avoid (from Income Tax to Stamp Duty)" video.

The two certainties in life: death and taxes. At least ONE of those can be mitigated.
5
@brianmarshall3931 funny
3
If the communists take over.... and I think they might.... then yes. A LOT of wealthy people moved out of France over the years due to the wealth tax there.
3
@nomadcapitalist I realize that it’s possible to set up a business in Puerto Rico, and live there for at least 6 months per year; the result will be a very low tax rate on the business. One can also work in a foreign country (outside the US) and exclude about $100K in EARNED income from taxation; in both cases, one can retain his US citizenship. But, apart from the Puerto Rico option, it’s not clear… under the provisions of the 2017 tax law…. how a US citizen can reduce taxes on so-called “unearned income”, either by residing in a foreign country, or by setting up a foreign corporation.
2
Liz Warren is the bigger threat; she's actually got a chance of becoming POTUS; Alexandria Occassional-Cortex isn't old enough yet.
1
@NP-io4ol I'm all for "economically sound".... as long as the government doesn't take any more of my money than it already does.
1
@NP-io4ol There are a lot of different issues here. But I'll just make one point at the moment, and that is: Warren's proposed tax on assets scares me. Not that I have $50 million in assets, but if her proposal were to become law, it wouldn't take long for the socialists in government to lower the threshold for the asset tax to amounts of money well below one million dollars. If the feds were to apply a 2% tax to all my assets, it would be highly objectionable.... to say the least.
1
@NP-io4ol It is true that many people who live in "blue states" with high taxes and/or expensive real estate will pay more now than before the 2017 tax act. But the vast majority of people in "red" states and "swing" states will pay less, owing to the lower marginal rates. I don't have any major complaints with the CURRENT tax system; but I do fear the sort of tax regimes that Liz Warren would put in place... if she could. (And it's not just her... it's the political left in general).
1
@NP-io4ol If we exclude the states of MN, NY, CT, IL, NJ and CA, I see no evidence that the 2017 tax law imposes a higher federal tax on the majority of people (in the aggregate) in the remaining states. As for the people in the 6 states I listed, those people LOVE high taxes; they ALWAYS vote for politicians who want to impose high taxes; people in those states have no business complaining about taxes.
1
@NP-io4ol I was responding to your previous comment, i.e.: “the middle class [in the aggregate] are paying more under the new GOP tax code”. Now, in your latest comment, you’re “moving the goalpost”. Now, it’s no longer about the middle class, on average...or in the aggregate...but rather, it’s about the percentage of states in which taxes went up versus went down. So which is it? Which is your goal post? What we have now is a system in which the low tax states NO LONGER SUBSIDIZE the high tax states. I think that provides the greatest good to the greatest number of people. And people who love high taxes can always move to the high tax states if they want.
1
@NP-io4ol What scares me about Liz Warren's proposal is the federal TAX ON ASSETS, not the tax on income. (Her proposed tax would actually be unconstitutional, although some future SCOTUS might decide to rubber-stamp it anyway). At least with income taxes, or capital gains taxes, a person has the option of earning less income, or less cap gains. Not so with a federal tax on assets.
1
@user-vx2wp1ez5s Renouncing one's citizenship is not a small thing. Things would have to get A LOT WORSE before I'd do it.
1