Tag Archives: Tax havens

The Greatest Swindle in American History… And How They’ll Try It Again Soon, by Jeff Thomas

Governments are broke, and they’re only going to get more and more rapacious. From Jeff Thomas at internationalman.com:

International Man: Before 1913 there was no income tax, and the United States was a much freer country. Initially, the government sold the federal income tax to the American people as something only the rich would have to pay.

Jeff Thomas: Yes, exactly. It always begins this way. The average person is always happy to see the rich taken down a peg, so this makes the introduction of the concept of theft by the government more palatable. Once people have gotten used to the concept and accept it as being perfectly reasonable, then it’s time to begin to drop the bar as to who “the rich” are. Ultimately, the middle class are always the real target.

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Guess how much Britain’s richest man saves on taxes by moving to Monaco? by Simon Black

Governments will propose new and higher taxes, people with large incomes and abundant wealth will dispose, voting with their feet for other jurisdictions. From Simon Black at sovereignman.com:

Bill Gates and I don’t agree on taxes.

He says that he should pay more. And I consider it my moral duty to pay as little tax as possible. I don’t want to fund the government’s destruction, corruption and waste.

But in an interview with Fareed Zakaria, Bill Gates did echo my Universal Law of Prosperity: produce more than you consume.

Bill noted that the government “only collect[s] about 20% of GDP and we spend like 24% of GDP, so you can’t let that deficit grow faster than the economy.”

The US has over $22 trillion in debt, and is adding $1+ trillion of red ink every year. And this is in good times.

Then Bill Gates checked off another Sovereign Man theme: “the promises the government has made like taking care of healthcare and pensions, those will become more expensive, a higher percentage of GDP.”

He’s putting it lightly… Worldwide, pensions are short $70 TRILLION. State, federal and local pensions in the US are $7 trillion short, not counting $50 trillion of unfunded Social Security liabilities. And so far the only solution politicians can think of is more debt.

But as much as Bill would love to see the rich taxed more, he recognizes that you have to be careful.

He understands the rich are the most adept at avoiding taxes. Even when taxes in the US were 70%, the actual collection was only around 40% thanks to deferrals and other maneuvers.

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