The wealth-building thread

[EJ3]

I understand that there is a portion of income earned outside the US that isn't taxed if you are living in another country and working as an expat. There are caveats around it (e.g. how long you are outside the country, etc.)

The US isn't the only country that taxes income on it's citizens even if the income is earned outside the US. Brazil, for example, is another (I know as I am also a permanent resident of Brazil). That said, neither taxes the income where tax was paid in the other country.

Correct, As a US Citizen, I paid my taxes in the country I was a resident of (which had a MAXIMIM tax rate of 12%) and I paid it there (even though the company was a US company, deposited into my bank account in full with the SS, Medicare, etc taxes already pulled out.
I paid my taxes in that country quarterly.
At some point the US Internal Revenue Service sent me a letter asking me why I had not paid my taxes.
I took that letter to the Governors office of the country that I was in & someone from there sent a letter back to the IRS that I had paid & would continue to pay my taxes there.
The next letter I received from the IRS indicated that they were aware that I had paid the taxes that i was supposed to in the country that I was in & that all was good.
I was out of the USA for 17 years and I have now been back for 6 years & paying my taxes in the USA since I came back.
And all is good.
I believe that there should be a consumption tax.
If you are rich or poor, the more you buy, the more that you pay. There should be caveats, most food, medicines & clothing, for example should be tax free.
There are other details that would need to be worked out...but...

 

[Prana Ferox]

I wish the crypto thread was still around. BTC is up 115% on the 1yr chart. Dow is up 12%. But grandpa says its a beanie baby bubble.

It deserves a place in most portfolios imo nfa.

NVDA is up 230% in the same timeframe with exactly zero of the downsides of handling BTC; it is clearly more profitable to sell to BTC miners than it is to actually hold BTC

 

[amper42]

All the shorts are getting killed today. End of day, I will sell some of my S&P500. This is hilarious...

 

[OCA]

All the shorts are getting killed today. End of day, I will sell some of my S&P500. This is hilarious...

Mean reversion is the name of the game.