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Billionaire hedge funder John Paulson, who famously bet against the subprime housing market, is reportedly weighing a move to Puerto Rico to take advantage of a new tax law there, Bloomberg News reported citing unnamed sources familiar with his plans.
According to Bloomberg News, the new law makes it so new residents pay no local or U.S. federal taxes on capital gains. The law firm of Adsuar Muniz Goyco Seda & Perez-Ochoa has a breakdown of the new tax law. On January 17, [...] Paulson Said to Explore Puerto Rico as Home With Low Tax By Katherine Burton, Stephanie Ruhle & Zachary R. Mider http://bloom.bg/13P201q
John Paulson, a lifelong New Yorker, is exploring a move to Puerto Rico, where a new law would eliminate taxes on gains from the $9.5 billion he has invested in his own hedge funds, according to four people who have spoken to him about a possible relocation.
Ten wealthy Americans have already taken [...] by Charles Hugh-Smith of OfTwoMinds blog, Inflating phantom assets to collateralize expanding debt is failing due to diminishing returns on stimulus, zero-interest rates, money-printing and monetization of Federal debt. That the policies of central states and banks have led to one disastrous asset bubble after another over the past 15 years is undeniable. This poses the question: is this serial bubble-blowing intentional, or are the bubbles merely unintended consequences of the neoliberal, neofeudal model [...]  Markets Are About To Implode AGAIN As Government No Longer Can Delay The Inevitable Catastrophe Overdose: The Next Financial Crisis Will next president always accumulate debt more than previous ones combined to prevent the collapse of ponzi scheme? Economic Implosion Inevitable: Tax Rates Are Now PERMANENT! Any Deficit Reduction Will Have To Come From Spending Cuts. The Expiration of A Payroll Tax Cut Is Just The Beginning As The Fiscal Deal Will Increases [...]
2013 Taxes Are In Effect! If You Are Making Between $50,000 And $200,000 A Year, You Will See Your Biweekly Check Cut By $68 Or More from Bloomberg: The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington. More than 80 percent of households with incomes [...] from Bloomberg: The budget deal passed by the U.S. Senate today would raise taxes on 77.1 percent of U.S. households, mostly because of the expiration of a payroll tax cut, according to preliminary estimates from the nonpartisan Tax Policy Center in Washington. More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher taxes. Among the households facing higher taxes, the average increase would be $1,635, the policy center said. A [...] · Permanent extension of current rates on income below $400k (singles) and $450k (married). · Permanent 15% rate on cap gains and dividends for income below $400k (single), $450k (married). · Permanent 20% capital gains & dividends for those above $400k (single), $450k (married). · Permanent death tax at $5M exemption but a 40% Rate (as of tomorrow, exemption would be on estates valued at $1m at a 55% rate) · Permanent AMT patch · One year extension of 50% Bonus [...] from Reuters: The Internal Revenue Service has released new rules for investment income taxes on capital gains and dividends earned by high-income individuals that passed Congress as part of the 2010 healthcare reform law. READ MORE from Michael A. Gayed: The decline in the S&P 500 and worldwide equities has been unrelenting so far this month, as the corrective risks I highlighted Oct. 1 and in every single writing since then have abruptly ended the reflation trade post QE3. On Nov. 5 I began pounding the table to ” forget the elections ” on the stark warning price was signaling through the return of [...] FABER: ‘The Great Reset Is Coming!’ ‘Global markets will implode.’ Marc Faber on Squawk Box this morning. — Full interview: “We will all be lucky to have 50% of the asset values that we have today.” Watch at least the first minute of this clip for the swipe at CNBC permabulls. More detail at CNBC…
The S&P 500 has already closed below its 200 day moving average for several days in a row. Could the “sell off” that has already begun become a [...] The EU-IMF Troika in charge of Spain’s €60bn (£48bn) bank rescue is to demand much tougher action by the country’s authorities to clean up toxic debts, risking a clash that could deter Madrid from requesting a full sovereign bail-out.
BNM Mare Nostrum, and other mid-tier “Group 2″ banks such as Popular, Caja 3, and Liberbank, have little chance of tapping the markets to cover most of their capital deficits, according to [...] From Economic Policy Journal: … The housing market may indeed be recovering, as many experts suggest, but investors are still struggling to understand what, if any, taxes they’ll owe upon selling their homes. Passed in 2010 to help fund the health-care overhaul, this 3.8% surtax kicks in next year on many forms of investment income – including some interest, dividends, [...] From WSJ: The housing market may indeed be recovering, as many experts suggest, but investors are still struggling to understand what, if any, taxes they’ll owe upon selling their homes. At issue is how the new “Medicare tax” will apply to real-estate transactions. Passed in 2010 to help fund the health-care overhaul, this 3.8% surtax kicks in next year on many forms of investment income—including some interest, dividends, rents and capital gains. While its [...] From Money Morning:
As Taxmageddon 2013 looms against the back drop of Election 2012 one thing is for certain: upper-income filers will take a hit in 2013 even if no new taxes are imposed, as will owners of some small businesses. In Part One of our series on the tax outlook for 2013, we described how scheduled tax-law changes will affect capital gains – boosting taxes on long-term profits from 15% to 23.8% for some taxpayers. And, in Part Two, [...] You can sense almost an air of desperation from David Kostin, Goldman Sachs chief U.S. equity strategist, in his latest note to clients as he pleads with them to take money out of stocks before they fall off the fiscal cliff. In the note, Kostin vehemently defends his year-end S&P 500 [.SPX 1415.69 -2.47 (-0.17%) ] target of 1250 despite the benchmark’s recent rise to above 1400. The strategist still sees a 12 percent drop ahead, believing that [...] Executive Summary … This report finds that these higher marginal tax rates result in a smaller economy, fewer jobs, less investment, and lower wages. Specifically, this report finds that the higher tax rates will have significant adverse economic effects in the long-run: lowering output, employment, investment, the capital stock, and real after-tax wages when the resulting revenue is used to finance additional government spending. Long-run macroeconomic impact of increasing tax rates on [...] First it was corruption of staggering proportions, then an ill-conceived tax to claw back capital gains from foreign companies; that was followed by slowing growth and a swooning rupee. Now a power blackout in India has left 700 million people without electricity. India has fallen a long way from 2009 whenHillary Clinton, on a visit to New Delhi, declared unequivocally that “India is not just a regional power, but a global [...] by Phoenix Capital Research
In order to understand why we’re at risk of the financial system collapsing, you first need to understand how the global banking system works. When you or I buy an asset (say a house, or shares in a stock, or a Treasury bond), we do so because we’re looking to increase our wealth through either capital gains or through the income that asset will pay us in exchange [...] Inc.’s Jeff Haden recently published an article, How the Rich Got Rich, and examined an annual IRS report, 400 Individual Tax Returns Reporting The Largest Adjusted Gross Incomes.
According to the IRS report, here’s how the top 400 made their fortunes (their average earnings in 2009 were $202.4 million): Wages and salaries: 8.6% From that, Haden concludes: Working for a salary won’t make you rich. Six American families paid no federal income taxes in 2009 while making something on the order of $200 million each. This is one of many stunning revelations in new IRS data that deserves a thorough airing in this year’s election campaign. The data, posted on the IRS website last week, brings into sharp focus the debate over whether the rich need more tax cuts (Mitt Romney and congressional Republicans) or should [...] To all Dividend funds who bought AAPL on hope the Dividend would lead them to untold future riches and a perpetual stream of cash we have some bad news: since the March dividend announcement (of $2.65/qtr) you have already forfeited 5.66 years of dividend payments in the form of capital losses. Because what so many forget is that stock dividends also have another side: capital gains. Or in this case losses. AAPL [...] by Charles Hugh Smith from Of Two Minds Debt Serfdom In One Chart The essence of debt serfdom is debt rises to compensate for stagnant wages. I often speak of debt serfdom; here it is, captured in a single chart. The basic dynamics are all here, if you read between the lines: 1. Financialization of the U.S. and global economies diverts income to capital and those benefitting from globalization/ “financial innovation;” income for the top [...] Excerpt: “Now on Sunday night Romney was here in Palm Beach for a big fundraiser. Word has leaked out about some of the things that he said to the donors. These are things that he’s not said publicly in terms of specifics on policy, and one of the things that he talked about was a tax plan. He wants to lower rates but eliminate some deductions for the rich. And I have to tell [...] JACK KENNY Vice President Joe Biden Thursday repeated one of the controversial statements he made in the 2008 campaign. Speaking in Exeter, New Hampshire, Biden said it is patriotic for rich people to pay more in taxes than they do now, and the wealthy know it. “Wealthy people are just as patriotic as middle-class people, as poor people, and they know they should be doing more,” Biden said. “We’re [...] by Mark Nestmann A growing number of Americans are frustrated with the way in which their economy has been managed and are becoming increasingly concerned about future measures the governement may take to keep its coffers full. A question that is arising with increasing frequency is: does expatraition offer a viable protection to those concerned about a more financially-intrusive US system? The answer is ‘yes’, it does offer a completely legal solution for ending [...] From Newsmax: Martin Feldstein, former chief economic adviser to Ronald Reagan, says the most important cloud on the economic recovery horizon is the large tax increase that will occur next year unless legislation is passed to block it. “The Congressional Budget Office predicts that, under current law, the revenue of the federal government will rise from $2.4 trillion in the current fiscal year, which ends in September, to $2.9 trillion in the [...] From WSJ: President Obama’s 2013 budget is the gift that keeps on giving—to government. One buried surprise is his proposal to triple the tax rate on corporate dividends, which believe it or not is higher than in his previous budgets. Mr. Obama is proposing to raise the dividend tax rate to the higher personal income tax rate of 39.6% that will kick in next year. Add in the planned phase-out of deductions [...] http://www.latimes.com/business/la-f…,6919073.story By Walter Hamilton, Los Angeles Times In his fiscal 2013 budget proposal, the president called for abolishing the alternative minimum tax. It was designed years ago to prevent wealthy people from dodging taxes, but nowadays is blindsiding a growing number of middle-income people. The president wants to replace [...] Warren Buffet’s secretary, Debbie Bosanek, served as a stage prop for President Obama’s State of the Union speech. She was the President’s chief display of the alleged unfairness of our tax system – a little person paying a higher tax rate than her billionaire boss. Bosanek’s prominent role in Obama’s “fairness” campaign piqued my curiosity, and I imagine the curiosity of others. How much does her boss pay this downtrodden woman? So [...] |
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