QUESTION: Martin,
generally I agree that Digital ID are a foul 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 aim?
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 get rid of money, they management what you should purchase, who you’ll be able to donate to, and you may be prevented from leaving. Simply as Gavin Newsom in California or New Jersey, when you 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 (“coated expatriates”) primarily based on the present worth of their property, not on future earnings.
The Exit Tax (Mark-to-Market Tax):
This tax applies when you meet the definition of a “coated expatriate” whenever you resign. It treats all your worldwide property as when you bought them for his or her honest 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 beneficial properties tax (presently as much as 23.8% together with the web funding earnings tax) as if it have been realized earnings on the day earlier than expatriation.
Crucially, this tax is on the unrealized beneficial properties in your property as much as the date of expatriation. It’s NOT a tax on earnings you count on to earn sooner or later after you might be not a citizen. Nonetheless, let’s say you began an organization, they might argue what it might be price when you 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 overseas property yearly primarily based on foreign money fluctuations, no much less.
So whereas a digital ID is in the end mandatory, the federal government will abuse each likelihood they get as a result of they view us as financial slaves, not a lot completely different from the Slavery of the 1860s. Freedom could be purchased, however solely at a stiff value. Right here is the pinnacle of the European Central Financial institution admitting they’ll management what you should purchase or promote. In case you are contemplating resigning your citizenship, it’s advisable to seek the advice of an skilled. That is far more sophisticated than simply what seems on the floor.