Instead of whining about bailouts, tax dollars and politicians, you can live large in several Caribbean or European nations and pay little to nil (capital gains) taxes derived from trading -- as long as you're willing to surrender your American citizenship, accept snobbish aristocrat neighbors and probably the need to learn a new language or two.
1. Since the US sources taxes on global income - no matter where you live - you have to relinquish your US passport.
2. Therefore you need to acquire citizenship from some random country whose tax regime does not levy taxes on global income regardless of where you live, but only taxes you if you reside in your then (new) home country - which you won't. This is key. See http://www.henleyglobal.com/citizenship/countries/ - Singapore looks like it might qualify. Didn't Jim Rogers relocate there? Canadian citizenship could be another idea worth researching.
3. Once a happy new citizen of a new country, you migrate to yet another country using the non-US passport you acquired during step #2, this time you pick it by quality of life and attractiveness of the foreign residents tax regime. Some ideas would be Andorra, Monaco or Switzerland. Switzerland offers a lump sum taxation regime that enables foreigners who don't work nor do business locally in Switzerland to pay only minimal taxes (Michael Schumacher, Tina Turner, Charlie Chaplin etc. are some notable examples)
Interesting introductory article http://www.forbes.com/2007/07/30/retirement-europe-tax-pf-taxes-in_sf_0725taxes_inl.html
Potential pitfall: "If you are renouncing citizenship to avoid being taxed, you still have to pay tax for 10 years". See http://answers.google.com/answers/threadview/id/759866.html . One will probably need a credible "excuse" for relinquishing one's US passport.
Don't like the idea of yourself and your children paying the trillion Dollar/Euro tax bills over the next 50 years? This is a cumbersome process but if you have enough assets on the line it can well pay off if you add up decades worth of taxes. Disclaimer: Do your own research, talk to lawyers and accountants with extensive foreign/offshore expertise.
1. Since the US sources taxes on global income - no matter where you live - you have to relinquish your US passport.
2. Therefore you need to acquire citizenship from some random country whose tax regime does not levy taxes on global income regardless of where you live, but only taxes you if you reside in your then (new) home country - which you won't. This is key. See http://www.henleyglobal.com/citizenship/countries/ - Singapore looks like it might qualify. Didn't Jim Rogers relocate there? Canadian citizenship could be another idea worth researching.
3. Once a happy new citizen of a new country, you migrate to yet another country using the non-US passport you acquired during step #2, this time you pick it by quality of life and attractiveness of the foreign residents tax regime. Some ideas would be Andorra, Monaco or Switzerland. Switzerland offers a lump sum taxation regime that enables foreigners who don't work nor do business locally in Switzerland to pay only minimal taxes (Michael Schumacher, Tina Turner, Charlie Chaplin etc. are some notable examples)
Interesting introductory article http://www.forbes.com/2007/07/30/retirement-europe-tax-pf-taxes-in_sf_0725taxes_inl.html
Potential pitfall: "If you are renouncing citizenship to avoid being taxed, you still have to pay tax for 10 years". See http://answers.google.com/answers/threadview/id/759866.html . One will probably need a credible "excuse" for relinquishing one's US passport.
Don't like the idea of yourself and your children paying the trillion Dollar/Euro tax bills over the next 50 years? This is a cumbersome process but if you have enough assets on the line it can well pay off if you add up decades worth of taxes. Disclaimer: Do your own research, talk to lawyers and accountants with extensive foreign/offshore expertise.
