White House secretly passes currency controls [Design]

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From: Hal Murray on 5 Apr 2010 19:52

In article <hhnkr556m5pik6jrnhtg8io8950mk99mvu(a)4ax.com>,
Jim Thompson <To-Email-Use-The-Envelope-Icon(a)On-My-Web-Site.com> writes:
....

>It _will_ be painful to walk away from a country that my ancestors
>settled, beginning 400+ years ago (Jamestown)... but I can if
>pushed... leave the suckers with only themselves to suck upon :-)

Where would you go?

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From: Greegor on 5 Apr 2010 19:59

I know of two US citizens who moved to Costa Rica.

Good Luck Jim!

From: Joerg on 5 Apr 2010 20:08

Bill Sloman wrote:
> On Apr 5, 8:40 pm, Joerg <inva...(a)invalid.invalid> wrote:
>> Joel Koltner wrote:
>>> This one's good too:
>>> http://online.wsj.com/article/SB1000142405274870397680457511424178200...
>> A _classic_ example of how the Laffer curve works. Bill, are ya lis'nin?
>
> A rather less than classic example. The tax hike was definitely on the
> low side of the Laffer Curve, so it - of itself - wouldn't have
> justified the victimns of the tax pulling up stakes.
>
> In fact it was a state tax, being applied to million dollar incomes.
>
> If you'd read the article, you'd have noted that most of the loss of
> revenue was due to the economic downturn, ...

It is rather easy to figure out the number of people who no longer file
in that state. Very easy, one just has to count.

> ... and the rest the usual deal
> in which people who earn a million dollars find it worth their while
> to keep a tax expert on tap to reorganise their affairs, so some of
> them went to the trouble of moving their official place of residence
> to avoid the (local) tax. Since most people with this kind of money
> have several residences, this would have been just paper shuffling.
>

Nope. Doesn't work in the US. If you have one residence there they can
sock it to you. The only safe bet is to sell it. You have to be honest
with tax stuff, otherwise it can really backfire if for example some
court differs with you on the opinion where a primary residence was the
last few years.

> This isn't the Laffer Curve in action, its just incompetence on the
> part of the tax legislators, who wasted their time trying to get money
> from people who pay enough tax to justify keeping a tax avoidance
> expert on tap.
>

You just repeated the definition of the Laffer curve :-)

>> Oh, and don't expect body politicus to understand the Laffer curve :-)
>
> They do - it's just one more bit of right-wing economic nonsense
> devised to justify giving tax breaks to the rich. There's a whole
> branch of pseudo-economics devoted to generating this kind of
> justification, subsidised by the rich beneficiaries of those tax
> breaks, and you really should learn to recognise the genre; anything
> that is endorsed by the Heartland Institute is automatically suspect.
>

Except that people act very differently than you think. I know people
who have moved to other places for tax reasons. In fact, at least one is
a regular in this newsgroup. They simply donned the snowboard and
scooted down the right side and off the Laffer curve. Maybe I am one as
well because I left NL for that reason. You can lambast Heartland et
cetera all you want, people still listen and educate themselves.

--
Regards, Joerg

http://www.analogconsultants.com/

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From: Joerg on 5 Apr 2010 20:14

Jim Thompson wrote:
> On Mon, 5 Apr 2010 15:39:51 -0700, "Joel Koltner"
> <zapwireDASHgroups(a)yahoo.com> wrote:
>
>> "Jim Thompson" <To-Email-Use-The-Envelope-Icon(a)On-My-Web-Site.com> wrote in
>> message news:hhnkr556m5pik6jrnhtg8io8950mk99mvu(a)4ax.com...
>>> It _will_ be painful to walk away from a country that my ancestors
>>> settled, beginning 400+ years ago (Jamestown)... but I can if
>>> pushed... leave the suckers with only themselves to suck upon :-)
>> You can bet Obama is going to try to extend his reach internationally if at
>> all possible. :-)
>
> He's already started. But it only applies if you're within the US and
> receiving income from without. Thus a confiscatory tax is simply
> avoided by moving out.
>

Ahm, I think you are wrong on that one. AFAIK you'd have to also drop
your citizenship and passport.

>> Where did your ancesetors come from prior to Jamestown?
>
> The Jamestown bunch came from Scotland. Later arrivals were from
> Britain and Germany.
>
>> Planning to sell your home, or let one of your kids have it?
>>
>> Just curious...
>
> Probably just walk away. With the market like it is I owe slightly
> more than the real value... at least right now.
>

Ouch! I thought your retirement money all went into savings. Why not pay
down the mortgage instead? Getting more than the 5.xx% interest in
today's investment climate would be close to playing roulette.

--
Regards, Joerg

http://www.analogconsultants.com/

"gmail" domain blocked because of excessive spam.
Use another domain or send PM.

From: Jim Thompson on 5 Apr 2010 20:22

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