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You CAN live quite nicely and walk away in such a manner that the
IRS cannot get you. Two options:
(1) if you are a US citizen, renounce it --this has no impact on
your children or spouse although you will not be able to vote.
Once you stayed away from the US for 18 months plus one
consecutive day, you can come and go as you please. If you
return prematurely, the IRS will consider your move a tax
avoidance scheme and force you to pay up.
(2) if you are not a US citizen, walk away and declare residency
in a tax haven. The IRS cannot touch you. You can also walk
away with your IRA money and they cannot touch you. Being a
cautious sort, I refrained from obtaining US citizenship 20 years
ago.
The 'Patriot' Act does not apply to citizens of other countries.
Leslie
Mike Steckel wrote:
>
> Bahamas and Cayman's have no income tax --- they get revenue on 20 to 27% customs duties on stuff you import to make your life comfortable.
>
> Biggest problem is the Patriot Act --- widely touted by politicians under the guise of catching terrorists --- it was REALLY created to catch offshore tax account holders.
>
> US notified all offshore banks they had to furnish account holder information or else loose corresponding banking relationship with all US banks --- which would kill their offshore bank industry. Most Carribean banks caved in.
>
> At this date 7 offshore locales are still holding out against US Gov't. and still maintaining secrecy.
>
> That offshore magazine at bookstores tells it all.
>
> I know a nice, intelligent guy who made $100,000 in year 2000 trading options who set up an offshore account in Carribean before that --- had his whole retirement there ---- Carribean bank sung like a canary for the US Gov't when Patriot act came out --- now he is doing one years time in Club Fed for tax evasion.
>
> I think Switzerland still maintaining secrecy.
>
> On Wed, 2 Apr 2003 11:39:23 -0600 , Mark Brown <markbrown@xxxxxxxxxxxxx> wrote:
> > Hello omega-list,
>
> as i set here contemplating paying my 50%+ tax rate and how much more
> i will have to pay to finance a war, which the out come could have
> been easily replicated by a couple of Israeli soldiers if given the
> authority.
>
> i am also wondering about tax rates in other countries any comments?
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