by Nick Giambruno, Senior Editor
You are technically a slave when 100% of the fruits of your labor is taxed or otherwise confiscated by force. So, at what percentage are you not a slave?
When you consider the totality of the countless direct and indirect taxes on the local, state, and federal levels, as well as the pernicious effects of inflation, the hidden tax, many of us are at least already half way to 100%.
Though, some in France have recently reached this grim milestone.
It was reported that more than 8,000 French households had tax bills that exceeded 100% of their income in 2012. This occurred due to a so-called “one-off levy” imposed by the socialist president in an attempt to “offset” previous tax breaks. Ouch.
Contrast France with these 18 countries that have no personal income tax.
When it comes to confiscating wealth, desperate governments know no limit – other than “what they can get away with.”
And just in the past couple of months in Europe we have observed that they can get away with outright theft of bank deposits in Cyprus and an effective 100% tax in France.
In other words, it is only pragmatic to assume that anything within a desperate government’s immediate reach becomes fair game.
Fortunately it is still legal and practical to take steps to internationalize and put your savings, yourself, your income, and your digital presence outside of their immediate reach.
In order to do exactly that, I’d encourage you to check out our Going Globalpublication, if you haven’t had a chance to yet. It is a new comprehensive guide to internationalization chock-full with actionable information.
Also, I would like to bring to your attention a new free special report from IM correspondent Mark Svoboda called On the Ground in the Dominican Republic.
The Dominican Republic is one of the easiest countries in the world to obtain a second passport from, and Mark gives us the specifics with his on-the-ground research. He also details the history, economy, and culture of the country, as well as many other factors and tips relevant to an expat or someone looking to plant a flag – like how to bank there. Check out this free report to see how the Dominican Republic could fit into your internationalization plan.
You can find it, along with many other free special reports, in the “Guides & Country Reports” section on the IM homepage, which is only accessible to IM members (good thing you can sign up for free here).
First, you must login to the IM site by clicking here. Then click on “Guides & Country Reports” from the main navigation at the top.
Hope you enjoy today’s communiqué!
See you next week,
Nick Giambruno, Editor