QUESTION: Martin,
on the whole I agree that Digital ID are a nasty thought, if we thought identification theft was a problem, I can’t think about the problems this could create.
Nonetheless, if we ever hope to have a type of a direct democracy, wouldn’t this be helpful to facilitate this finish purpose?
Jim M
ANSWER: I agree, a type of verifiable ID is critical to safe an actual democratic course of. What’s of larger concern is the digital foreign money. When you eradicate money, they management what you should purchase, who you possibly can donate to, and you may be prevented from leaving. Simply as Gavin Newsom in California or New Jersey, if you happen to go away their tyranny, they need an exit tax. How dare you flee from their abuse of energy!
The USA federal authorities additionally has a big exit tax that applies to sure people (“lined expatriates”) primarily based on the present worth of their belongings, not on future earnings.
The Exit Tax (Mark-to-Market Tax):
This tax applies if you happen to meet the definition of a “lined expatriate” if you resign. It treats your whole worldwide belongings as if you happen to offered them for his or her truthful market worth on the day earlier than your expatriation date. You calculate a hypothetical capital acquire on this “deemed sale.” The primary $821,000 (for 2024, adjusted yearly for inflation) of this web acquire is excluded. Any web acquire above this exclusion quantity is topic to capital positive aspects tax (presently as much as 23.8% together with the web funding revenue tax) as if it have been realized revenue on the day earlier than expatriation.
Crucially, this tax is on the unrealized positive aspects in your belongings as much as the date of expatriation. It’s NOT a tax on revenue you count on to earn sooner or later after you’re now not a citizen. Nonetheless, let’s say you began an organization, they’d argue what it will be price if you happen to went public and demand a tax on that fictional quantity. This will get very sophisticated. You might be being taxed on inflation – the depreciation of the foreign money over time, not buying energy. The underside line is that all of us have a tattoo on our ass when born, declaring we’re the property of the federal government for them to tax as an financial slave, and the way dare you count on any rights or something in return? Even Switzerland has a worldwide wealth tax. You might be taxed on the worth of international belongings yearly primarily based on foreign money fluctuations, no much less.
So whereas a digital ID is in the end vital, the federal government will abuse each likelihood they get as a result of they view us as financial slaves, not a lot totally different from the Slavery of the 1860s. Freedom could be purchased, however solely at a stiff worth. Right here is the top of the European Central Financial institution admitting they may management what you should purchase or promote. In case you are contemplating resigning your citizenship, it’s advisable to seek the advice of an knowledgeable. That is rather more sophisticated than simply what seems on the floor.
