Most laws like this are created for the Proles to get behind and applaud. 'Tax The Rich' is always popular and ensure it gets passed without too much fuss, but its usually a foot in the door. Then over the years a small inconsequential amendment here and there and next thing you know it only applies to the Proles and the rich have a nice work-around that only clever and expensive accountants and tax consultants can navigate....... C'est la vie
I usually avoid to get political, but since this is about policy, I think I can give my 2 cents. I agree with you 100% here. California is a perfect example right now. They proposed a one-time 5% wealth tax on billionaires and sold it as a way to “fund healthcare”. Before it even passed, billionaires surveyed said they are already planning to leave the state. Billionaires today, maybe $100M next time, maybe lower after that. Nobody knows. But the precedent is set. Exactly your point about the foot in the door.
This is a very helpful synopsis of some of the tax laws. I've already decided that I want to look at investing outside of the USA when I when I take the leap next year. I don't trust the current government to not collapse the market. And I would think it would make sense to spread my money around a little bit to help offset changes in the value of the dollar.... So I will be reaching out to you when the time comes.
Wait... if Panamá doesn't tax on money made outside the country, does that mean it would tax expats on money made inside the country... ie: CD in a bank... 🫣
No, Panama does not tax you on that. Interest from savings accounts and CDs held at Panamanian banks is specifically exempt under the Fiscal Code. So all good :)
Most laws like this are created for the Proles to get behind and applaud. 'Tax The Rich' is always popular and ensure it gets passed without too much fuss, but its usually a foot in the door. Then over the years a small inconsequential amendment here and there and next thing you know it only applies to the Proles and the rich have a nice work-around that only clever and expensive accountants and tax consultants can navigate....... C'est la vie
I usually avoid to get political, but since this is about policy, I think I can give my 2 cents. I agree with you 100% here. California is a perfect example right now. They proposed a one-time 5% wealth tax on billionaires and sold it as a way to “fund healthcare”. Before it even passed, billionaires surveyed said they are already planning to leave the state. Billionaires today, maybe $100M next time, maybe lower after that. Nobody knows. But the precedent is set. Exactly your point about the foot in the door.
This is a very helpful synopsis of some of the tax laws. I've already decided that I want to look at investing outside of the USA when I when I take the leap next year. I don't trust the current government to not collapse the market. And I would think it would make sense to spread my money around a little bit to help offset changes in the value of the dollar.... So I will be reaching out to you when the time comes.
Absolutely Pamela, anytime!
Wait... if Panamá doesn't tax on money made outside the country, does that mean it would tax expats on money made inside the country... ie: CD in a bank... 🫣
No, Panama does not tax you on that. Interest from savings accounts and CDs held at Panamanian banks is specifically exempt under the Fiscal Code. So all good :)
😅😅 thank you for quickly relieving that anxiety!! 🤣🤣
I could feel it through the screen :D
🤣🤣🤣
Best kind of laugh... post-anxiety attack!!!😅🤣🤣😅🤣
But US tax applies nevertheless.
Doesn't it always... 🤷🏻♀️
Well, kinda ;)