These are the sort of recommendations / plans being made in regard to 'upper middle class' and 'lower upper class' Americans.
(snip)"Many readers have asked about my personal strategies and recommendations during these perilous financial times. My overriding concern is to prepare a defense for our wealth and remaining liberties before a run on the dollar and Washington revenue needs tramples everything that hasn't been carefully shielded. It is important to secure your wealth not so much for yourself but for future American generations. We must use our excess wealth to fund educational, philosophical and political efforts to restore the original patriot dream of Americas founding fathers.
Get most of your wealth outside the dollar and the United States while of course following all reporting requirements and tax requirements. When possible and if your level of net worth permits also take your business, vocation, family and yourself. Then live relatively frugally rather than wasting your wealth on high living and excess consumption. Be able to use your wealth to restore what was once the greatest nation and jurisdiction of freedom and liberty in the entire world with the following actions:
1. Decrease Your Exposure To U.S. Markets & Political Risk Continue to diversify your stock and bond portfolio outside the U.S., moving to offshore investments and quality mining share opportunities.
2. Sidestep a Future Liquidity Trap Increase your holdings of non-dollar denominated assets in bank accounts, money market and mutual funds, insurance products and gold storage. Use reputable, long-established foreign custodians and financial firms to avoid the liquidity trap of American markets being closed by a financial crisis.
3. Buy More Gold & Silver Add to your gold and silver holdings. If they're substantial, store most of the metal in secure programs outside the U.S. This will protect you from the growing risk of gold confiscation. Consider Global Gold in Switzerland and/or The Perth Mint in Australia.
4. Increase Your Participation in Mining Shares Move more money into mining shares during any short-term pullbacks in the price of gold.
5. Consider A Safe-Haven Retreat & Vacation Property Outside the U.S. Choose a location you've visited before and where you would like to live full or part-time. But even if it's only for investment purposes, don't buy real estate in a country you're not yet very familiar with.
6. Reduce Your American Real Estate Holdings The tax benefits of home ownership will soon vanish for most Americans because the government is going to be desperate for revenue.
7. Get A Second Passport If possible, get a second passport for use when traveling or living overseas. When the dollar and U.S. Treasury debt bubble collapses, the world will blame Washington and Wall Street for plunging it into the Greatest Depression. The last thing you will want to show when visiting or living offshore is an American passport.
8. Move Outside the USA If practical, move your business, job and person offshore and outside of the U.S. One way or another, you'll pay taxes wherever you go. Why not pay them to a government that gives you stability in return, instead of to a government that repays you with incompetence and tyranny.
9. Dodge the Coming Obama Retirement Trap If you have a substantial amount in an IRA or other tax-advantaged retirement plan and are approaching retirement, start taking distributions now. For balances over $200,000, consider shutting down the plan. A cash-strapped Washington could eventually force your IRA to put everything into Treasury bonds or even impose a special tax on "excess" benefits.
10. Take Social Security As Soon as You are Eligible Collect what you can, while you can, before you get shut out by a "means test" and lose your promised benefits."(snip)
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It has often been stated in regard to US businesses that there is a time span of several years between the creation of strong gov't incentives to escape rising US costs of doing business and the actual relocation of plants, actual outsourcing of component parts etc. such that those US businesses can 'sidestep' those rising costs. The same point also arguably holds true for US individuals.
With rising individual income tax / estate tax / dividend tax rates already a foregone conclusion, with announced US federal and state gov't policies being to continue enacting higher and higher taxes on the 'rich' ( with 'rich' arguably defined as a US family whose combined income is greater than $200k per year ), and with exploratory efforts to reduce or eliminate common tax shelters ( means testing for gov't retirement, scrapping the home mortgage interest tax deduction, expiration of the Alternative Minimum Tax reducing deductions for state and local taxes paid ), an increasing number of upper middle class and lower upper class Americans are now planning to take actions that will shield a part of their wealth from these future developments.
The implication of course is that the truly 'rich' have already shielded much of their wealth from present and future taxation. As an increasing number of upper middle class and lower upper class Americans also start to shield their (lesser) wealth from present and future taxation, there simply won't be enough 'rich' people's assets remaining in America to tax ! Thus the gov't will have little choice but to refocus their increased taxation efforts further down the income scale ... i.e. 'full time' dancers with incomes in the $100k a year ballpark.



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