PREP Podcaster - ”Success Favours The PREPared Mind”
News:News Commentary
December 29, 2020 - Participants Include:
Hank Adler - Chapman University
John Richardson - @ExpatriationLaw
On December 18, 2020 Mr. Adler's article appeared on the Wall Street Journal began with:
"California’s Legislature is considering a wealth tax on residents, part-year residents, and any person who spends more than 60 days inside the state’s borders in a single year. Even those who move out of state would continue to be subject to the tax for a decade—a provision that calls to mind the Eagles’ famous “Hotel California” lyric: “You can check out any time you like, but you can never leave.”
You can read the complete article here ...
https://www.wsj.com/articles/a-california-plan-to-chase-away-the-rich-then-keep-stalking-them-11608331448?reflink=desktopwebshare_twitter
I am pleased to have interviewed Mr. Adler - a man with a wealth of experience in taxation and tax policy. If we sever the title of the Wall Street Journal article into two parts we see that:
1. On the one hand, California has a - Plan To Chase Away The Rich - California tax policies are driving people away; and
2. On the the other hand California wants to - Keep On Stalking Them - California's proposed wealth tax purports to tax them on for ten years on their worldwide assets, which includes assets that have no connection to California and were acquired AFTER the individual moved from California.
This has many similarities to Exit taxes in general and the IRS Section 877A Expatriation Tax in particular.
By the way, those Canadians who winter in California and have sufficient assets would be subject to this proposed wealth tax!
The Impact Of The Proposed Warren Wealth Tax (and How It Ineracts With FATCA) On Americans Abroad
Mobility Consultant David Lesperance - Citizenship through lineage and through marriage
US Treasury publishes list suggesting record numbers relinquishing US citizenship in 2020 - but what can be inferred from the list?
The Tax Treaty Saving Clause - 2021 Edition: How the USA exports @CitizenshipTax throughout the world
Members of @SEATNow_org: American Extraterritorial Taxation Affects Different Groups in Different Ways - Learn How
The Tax Treaty Saving Clause: How it works to export US worldwide taxation offshore to other countries
Mobility Consultant David Lesperance - How tax treaties impact the global mobility decision
Members of @SEATNOW_org: Understanding US @Citizenshiptax and why ending #FATCA will have no effect on US tax policies
Mobility Consultant David Lesperance: Canada as a destination of choice (some even think it's a tax haven)
Mobility Consultant David Lesperance: Why Second citizenship and residence options are insurance in an unsettled world
Retired UK Lawyer Describes How US Citizenship Taxation Impacts His Family AND The Sovereignty Of The UK And Other Countries
Tax Haven USA: Why the USA is a great place to invest for nonresident aliens and how these investments might be structured
Marc Zell - About The Association Of Accidental Americans. v. Department Of State
Wealth Taxes Coming Soon To A Country Near You: Asset confiscation, income taxation or something else?
Locked Into US Citizenship: Do Americans Have The Right To Renounce? Should Renunciations Take Place Through Video Conferencing?
Valerie McCray 4: Discussion with @DrVMcCray2020 and her Financial Officer Mary Lett - Is The US Tax Code Socialism For The Rich? How Do The Political Parties Maintain This?
Valerie McCray 3: Discussion with @DrVMcCray2020 - Her future as one of those @independents
US Citizenship Renunciation: An Appointment To Renounce Is A Rare Opportunity And Hard To Find
Renounce sooner! The Biden Victory suggests (1) more renunciants will be subject to the US exit tax and (2) the exit tax paid will be greater!
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