The United States is not the land of the free

By Mark Nestmann

When the gold price hit $1,800/oz. today, the first thought I had wasn’t to congratulate myself for buying most of what I own for under $400/oz. It was wondering how soon my own gold holdings would make me a “covered expatriate.”

If this sounds like Greek to you, let me explain. Under the U.S. Tax Code a covered expatriate is someone who may have to pay an exit tax upon giving up U.S. citizenship or long-term residence, among other unpleasant consequences.

I’m not yet a covered expatriate, but if gold prices go much higher, I will be. If I subsequently expatriate, I may not only have to pay an exit tax but also pay tax on the full value of my IRAs. Plus, as a covered expatriate, I can’t make gifts to U.S. persons without the recipient being required to pay a transfer tax up to 35% if the value of the gifts exceeds $13,000/year. That rate is slated to rise to 55% in 2013.

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Many individuals have become inured to the situation in the USA.....   almost anything you wish to do requires permission.  It is a ghastly state to be in.  Mark gives you advice on how to escape .......

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