its amazing what the New York Slimes will bury deep in a story. How many times have they been caught lying? https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.ht Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe — $1 million for 2016 and $4.2 million for 2017.
https://www.reuters.com/article/us-...ng-down-on-cheats-democrats-say-idUSKBN26U1IU Biden's first step on taxes may be cracking down on cheats, Democrats say He and other prominent Democrats, however, are happy to talk in detail about what they say is a need for much stronger enforcement at the IRS, which has suffered a decade of budget cuts and hiring freezes imposed by Republicans in Congress. Bernstein said Biden would seek “significant increases in IRS enforcement and auditing, particularly for those with complex business structures” like Trump.
A lot of people here have more money than I.. apparently. But there are several bits of legal methodology that I've began to employ like LLCs, offshore Trusts and foreign banking that aren't breaking any laws but can put some distance between you and disposable assets if necessary. Corporate tax rates are relatively low compared to personal taxes. I've kept a modest amount of money in Panama for personal use and boat stuff and they have turned out to be very discreet. They don't have FDIC protection of course but I've had zero problems with them. I tried HSBC for awhile but didn't like them. If you have a backup brokerage account at Schwab their checking is good. No ATM fees worldwide and if you do incur an ATM fee somewhere they compensate you at the end of the month. They don't have branches but who needs a physical bank anymore? No fees whatsoever for checking. I'm not a cheater but there is no point in making it easy for them either. You can obey the law and simultaneously protect some of your money without too much effort. Nothing wrong with flying below the radar a bit. As long as you acknowledge long term capital gains you will be ok.