If you’re up to speed on the latest trends in Where Rich U.S. Citizens Are Talking About Moving To Beat What They Believe Is An Oppressive Tax Code, you know that Puerto Rico is high on the list. Working in its favor is the fact that it’s a relatively quick trip (versus, say, Singapore), the weather’s pretty good, and there are some decent private schools for Junior and Buffy to attend. Sure, the crime is something to think about, but probably the biggest impediment? The thing that’s gotta be figured out stat if the territory is going to make John Paulson some serious money on his bet that millionaires are going to start moving their en masse? The god damn line at Quiznos. Read more »
Puerto Rico’s Tax Benefits Almost Cancelled Out By Length Of Time You Have To Wait For A Prime Rib & Peppercorn SandwichBy Bess Levin
It seems all of the sound and fury—and then nothing—surrounding whether to close the carried-interest loophole/raise taxes on hedge and private-equity fund managers may have been (it wasn’t), but was certainly unnecessary. Maybe. Read more »
Including evading U.S. taxes.
Singapore has reached a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokeswoman said on Monday.
The deal, which was expected for more than a year, will make it much easier for institutions in one of Asia’s biggest wealth management centers to comply with U.S. rules, and puts it ahead of rival Hong Kong which is yet to finalize a deal….
Like most of the other FATCA deals, the Singapore agreement will allow firms to report U.S. account-holder information to their local tax authority, which will send it along to the IRS, saving them from dealing directly with the U.S. tax authorities.
Related, if you’ve got any cash to spare, the Hustler Club could use some right about now. Read more »
You can buy discount broadloom, see a last-place team, donate to fringe political candidates, waste more time and money at a coffee shop, accumulate hotel rewards and buy porn, travel with some difficulty, run a massive online black market and throw your money away in Vegas, all with bitcoins. And soon, you’ll be taxed on them. Read more »
At a gathering on Monday night at 740 Park Avenue in Manhattan for Diana Taylor, the girlfriend of New York City Mayor Michael Bloomberg, some of New York’s wealthiest considered a future without the billionaire in charge. There was considerable alarm about Bill de Blasio’s lead in the polls, along with his plan to raise taxes on New York’s upper echelon. “I fear for New York City if Mr. de Blasio gets elected,” said Muffie Potter Aston. “He just wants to tax everyone to smithereens. You have to be fair to everyone. You have programs that support all of the people of New York. But if you continue to tax what you see as the upper-income brackets, it’s still only going to be providing a small percentage of additional income.” [...] “I would love to support a fourth term for Mike Bloomberg. So if we can float that, you can say Muffie Potter Aston wants a fourth term for Michael Bloomberg,” she said. Her concerns about de Blasio were shared by her cohort. “I’ve never understood why New Yorkers vote against their own interests,” said Jacqueline Weld Drake. “New York is a city of financial entrepreneurs, of genius stock traders and bankers. It would be a smart idea to keep it that way. It’s not a city that’s going to benefit from high taxes because people who have substantial incomes have a choice. They have a choice of venues. New Jersey beckons. Florida beckons. All kinds of other states who do better at job creation. We are really biting the hand that feeds us. No question about it.” [WWD via Dealbook]