The people who flee tend to be ultra-wealthy, and many of them are seeking to reduce their tax burden. New tax and estate measures proposed by the Biden administration could, if implemented, accelerate this trend. Only the U.S. and Eritrea tax people based on citizenship rather than residency. For most countries, if you are a citizen but don’t reside there, you aren’t taxed in that country. For anyone curious, the IRS makes the process of renouncing American citizenship hard and unappealing... here's the process: There is renunciation fee that has to be paid and currently stands at $2,350 (the highest in the world). https://www.expatnetwork.com/how-to-renounce-us-citizenship-the-costs-and-implications/ A final tax return will still need to be filed. An Expatriation tax is payable if [..] Your net worth is $2 million or more on the date of your expatriation. you will be treated as having disposed of your assets the day before your expatriation and will be subject to capital gains tax. The highest capital gains tax bracket in the USA is 20% (https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates) Fun fact, IRS publishes a quarterly list of individuals (with assets >$2million) who renounce citizenship: https://www.federalregister.gov/doc...en-to-expatriate-as-required-by-section-6039g Many traders also choose to relocate to lower cost of living countries with lower taxes. For example, Singapore does not have a capital gains tax, so your wealth can compound tax free. For active trading, you can live anywhere in the world (even with poor internet connection), and run your trading software over our Chicago co-located servers. You'll be <1-2ms away from order servers, significantly reducing execution times, as well as the risks of multiple points of failure without having to have a major investment in hardware and infrastructure. You can live in Singapore, but trade as if you're in the CME aurora datacenter! https://www.axios.com/wealthy-peopl...hip-67fbada4-e2e4-4699-b106-c986839f209d.html
Pacific island real estate for sale https://duckduckgo.com/?q=pacific+island+real+estate+for+sale Images https://duckduckgo.com/?q=pacific+island+real+estate+for+sale&t=h_&iax=images&ia=images https://duckduckgo.com/?q=pacific+island+real+estate+for+sale+airstrip https://aerocorner.com/blog/longest-range-private-jets/ Why is the Southern Border WFO? https://www.elitetrader.com/et/threads/why-is-the-southern-border-wfo.360702/
Taxation is one reason to flee the US. Getting away from Nazi-like tyrannical government in the offing is another reason.
The statements I have been seeing on ET since Biden got in are very harsh, is he an extreme leader or are the comments inaccurate?
@Ninja Mobile Trader VPS If the broker is IB and TD Ameritrade with mkt data from iqfeed, why would proximity to where CME server exists matter? The mkt data will need to arrive from wherever iq has its terminal server. Orders have to go through ib and td ameritrade. Why does Chicago's exchange datacenter proximity matter?
Not worse than the previous one. In Donald's left side brain there was nothing right; and in his right side brain there was nothing left.
morganist, what's your take on Boris Johnson? Would you recommend the United Kingdom for Wealthy Expats fleeing USA?
LOL, That's Cute virtusa, did you make that up yourself? Can you go beyond that old left right, democrat vs. republican misdirect. You got Anything? Anything at all? So where does that leave us? Neither of the two wings of the Uniparty are functional. What you got beyond THAT old fake left right paradigm pile of crap virtusa? That's just a BS circlejerk that goes nowhere and you would seem wise enough to know that by now. Trump walked into the slime pit and gave it a shot. His ass got shut down in a new york minute. Period. End of story. virtusa, lets hear where you take us beyond that old left right, democrat vs. republican misdirect. You got Anything? Anything at all?
I generally have no issue with US taxation, however I want consistency in tax rates and get rid of state and local tax. I plan to leave US tax jurisdiction at some point in the next 10 years.