Sorry to distract ya'll from an apparent dick measuring contest...
What's your take on perpetual trusts?
Here is Guardian's:
https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws
I think that this would be relevant to bitcoin later on.
There are lots of "golden nuggets" in this article.
The main conclusion is that we might be changing the society by allowing perpetual trusts (details in the article).
What's your take on perpetual trusts?
Here is Guardian's:
https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws
I think that this would be relevant to bitcoin later on.
There are lots of "golden nuggets" in this article.
The main conclusion is that we might be changing the society by allowing perpetual trusts (details in the article).
This golden nugget is relevant to some US bitcoiners right now. How many will be moving to South Dakota before cashing out to avoid capital gains tax?
https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws
Quote
South Dakota has no income tax, no inheritance tax and no capital gains tax
The perpetual trusts thing seems a massive deal, and probably will be relevant to Bitcoin later on.
Well, hold your horses, there are still federal taxes, including capital gains tax. It's not written very clearly.
The only no cap gains tax for US citizens is the Puerto-Rico deal, but it is only until 2035 and only on cap gains AFTER you domesticated/moved your assets there.
Plus, you HAVE to reside there 183 days/year.
Yes but federal taxes don’t apply to offshore assets owned by foreigners. This is about tax rorts for foreigners, not Yanks
True, I was looking at it from the US perspective.
However, the deal is better for non-US citizens.
Oh well, it's almost always the case
