People expected the Biden administration tax the rich, but really, with the expansion of the IRS, they are coming for everyone.
“In America there are two tax systems, one for the informed and one for the uninformed. Both systems are legal.”
It meant informed citizens could take advantage of legal ways to pay as little in taxes as possible. Meanwhile, uninformed citizens would get screwed by the IRS.
But things changed quite a bit since then. Today, even being “informed” might not be enough to keep as much of your income as possible while living in the United States.
Especially if the IRS’s new focus on higher income earners takes hold.
An article on the Epoch Times website summarized a recent statement that perfectly illustrates how entirely wrong this new focus is.
Pay close attention to the strong language used by the new Director of the IRS that makes it sound like all high income earners are doing something illegal:
“The IRS is working to ensure [that] high-income filers pay the taxes they owe,” the IRS said in a July 14 statement. “Prior to the Inflation Reduction Act (IRA), more than a decade of budget cuts prevented the IRS from keeping pace with the increasingly complicated set of tools that the wealthiest taxpayers use to hide their income and evade paying their share. The IRS is now taking swift and aggressive action to close this gap.”
Taking “swift and aggressive action to close the gap” reads like another way of saying “if you earn more than $400,000 per year we’re coming after you!”
As for the “tools” alluded to by the IRS, it’s a blanket term for any legal tax-reducing method the IRS decides it doesn’t like.
Of course, I’m not saying there aren’t a handful of wealthy people who are playing fast and loose with the tax law for their own gain. But my disdain for tax collectors from the Government makes me skeptical of any attempts by the IRS to “close the gap,” i.e. force high income earners to pay more tax.
By “closing the gap” they could eventually include what are currently legal offshore methodologies, so I’ll keep my eye on that situation.
(The IRS doesn’t like the word “offshore” at all, and will resort to any measure they can to collect taxes on offshore income.)
But if you think you’re safe by earning less than $400,000 per year…
The IRS Gestapo Isn’t Only Going After High-Income Earners!
After the new $80 billion budget was approved for the IRS, Biden repeatedly said his nominee (now Director), Danny Werfel, wouldn’t increase the audit rate on individuals and small businesses making less than $400,000 per year.
But that was a lie (that I wrote about earlier this year), and here’s why…
Yellen repeated Biden’s lie during a recent Congressional hearing, but in a more creative way, stating:
“Contrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited.”
Did you catch that last part?
The “chances” they are audited won’t increase, according to Yellen’s doublespeak, which means the proportion won’t increase, if you trust what she is saying (I don’t).
But the IRS could increase the total number of audits on low income earners!
And that is exactly what’s expected, according to a Fox Business piece that quoted a member of Congress who challenged Yellen during the hearing:
“Okay. So the proportion, I mean, just for the record, the proportion is 90%,” said Rep. Adrian Smith, referencing the GAO report. “So 90% of the new audits will be, you know, according to the data, that we can expect up to 90% of new audits to be on those making less than $400,000.”
So it doesn’t really matter whether you’re a high income earner who takes advantage of loopholes in the tax code or other strategies to keep more of your money, or you’re in a lower income bracket…
Either way, the IRS appears to be coming after you with even more of its shock troops, thanks to Biden’s big IRS budget.
Now might be a good time to think about getting out of the U.S., while you still can…
How to Escape the Clutches of the IRS
Living the life of a digital nomad is, hands down, the absolute most fulfilling and free lifestyle there is.
You can live anywhere in the world, and have an instant “exit plan” in case things go crazy wherever you might choose to live.
There’s always somewhere safe to live freely, make good money, and keep as much of that money as possible. The best way to do that is to become a digital nomad.
But the question I get asked the most is: “How do I get started?”
The answer is: You can schedule the first in a series of unlimited 1-hour consultations with me when you become a GWP Insider.
On the very first consultation, you’ll get an insider’s perspective from someone who is actively and successfully living the digital nomad lifestyle…
Prepare your best questions for the first call, and we will:
- Help you find a much safer place to live while keeping your money secure.
- Work together to reduce your tax burden and reduce costs.
- Implement the business and wealth internationalization strategies that make sense for you, offered from an “insider” perspective you won’t find online.
People from all walks of life become GWP Insiders, like:
- A Canadian ecomm entrepreneur living in Portugal making 6-7 figures net. He needs to know where to register his company and how to get out of the Canadian tax system without owing much (or anything) in Portugal.
- A German SaaS company owner living in Thailand.
- A Brit who is nomadic with a digital marketing agency.
- An American with a digital products business living in Mexico.
- People who are escaping an authoritarian central banking system.
But even though my clientele are diverse, they’re all facing similar challenges.
They all want to live safely, create the right business structure, and optimize it for a low-tax multi-jurisdictional approach in different parts of the world (to stay free).
And I’m the one guy they come to for help!
So if want a rock-solid exit plan, where you can exploit every possible tax loophole, all while avoiding the #1 most common business structure mistake (plus others unique to your situation)…
Then you should join us inside GWP Insiders.
Once you join, you’ll immediately get to schedule your first 1-hour consultation with me. This can be used to discuss your banking situation, ideal locations that aren’t under an information “Iron Curtain,” business structure, or even to make professional introductions for your specific needs.
One consultation would normally cost $445 to $4,000 depending on your situation, but GWP Insiders get unlimited consultations at no additional charge.
You’ll also gain access to the private membership area, which includes a variety of business, life, and wealth internationalization strategies that give you shortcuts to success with the following:
- Offshore companies,
- Trust planning,
- Tax planning,
- Real estate,
- 2nd passports,
- Discounts on offshore structures
- And so much more.
Once you’re a member, you’ll want to immediately download and read the latest edition of my Offshore Banking Report.
Inside this valuable guide you’ll discover safe places to put your money along with my commentary to guide you, plus a whole lot more:
- The 9 best licensed offshore banks, plus my commentary on each.
- How to start banking in the US without visiting a single branch.
- How to leverage “Fintech” institutions like the wealthy elite do.
- How FATCA could “trap” you even if you aren’t a U.S. Citizen.
- The Top 5 Traditional U.S. Banks that accept non-residents.
Look, I’ve made joining GWP Insiders and scheduling your first 1-hour consultation with me as easy as taking a walk in the park.
But if you’re still skeptical, let me provide just one example of the potential value that waits for you inside…
This one comes from a recent client case study (I’ve changed their names for privacy purposes of course):
My client, Mike and his wife Sara run a very successful online coaching program. Mike is American and Sara is from New Zealand.
They earn just a bit over $1 million per year in next taxable income. Mike and Sara were paying around $350,000 per year in taxes when they joined GWP Insiders and scheduled their first consultations.
After a few consultation calls, some business restructuring and a bit of creative residency planning, now Mike and Sara pay precisely zero in income tax, all completely legal in the US, New Zealand and their current country of residence.
Of course Mike and Sara had to invest money in addition to the membership program, but let’s just say their net tax savings was several multiples of their total investment to restructure.
That’s because I taught them several secrets that their accountants had no idea existed.
And here’s the funny part: They were so skeptical, they hired their lawyer to review my plan and he had no idea what I proposed was possible, but in the end he confirmed with Mike and Sara that everything was legit.
Not only that, Mike and Sara’s lawyer now refer clients to me.
And now, for a limited time, I have one more surprise for you to get started…
If you go to this special page and sign up you’ll also receive an 80% discount.
To live freely is divine,
Bobby Casey
Location Independent Entrepreneur
P.S. The IRS is starting to gain a ridiculous amount of power in the U.S. And with an extra $80 billion to deploy, they could make life tough for hard-working Americans…
So once you join us, go ahead and bring me your toughest questions about escaping the IRS’s rapidly-increasing dragnet. That includes exactly where to look for the freest places to live safely and make money, from the perspective of an insider who is doing it.
I bet I can answer all of them during our first call. Massive financial and personal security for the right person. Hurry, and go to this link to save 80% right now.
