Re: Wealth Tax vs. Capital Gains Tax Reduction

[Dale Thorn <dthorn@gte.net>]

My comment on the below: For an excellent overview of what the *really* 
big guys with the *really* big jobs (asst. sec. of state, undersec. of 
treasury, etc.) have in mind, try to get a video of something called the 
"World Economic Development Council" meeting, hosted by Nicholas Brady, 
Lawrence Summers et al, somewhere around Nov. 1992, and broadcast on 
C-Span. Despite the personal appearance of all the heavy hitters, the 
look of the program is akin to "Alphaville" or some such film.

When you watch, you'll think you've entered the Twilight Zone, but the 
Alphaville look won't be the main reason for that. Allow me to 
paraphrase just one of the juicy offerings from Mr. Summers: "When we 
get this thing in place, if any of those blah blah blah countries gives 
us any shit, we'll jerk the rug out from under them in a heartbeat.", 
or, in the words of the infamous Joey the Hit Man, "We'll crush 'em like 
a bug".

In any case, this video is the very best example I've seen of the 
opposing point of view to T.C. May's Crypto Anarchy. Chilling, in a 
word.

> Thomas Dell wrote:
> Needless to say, I despise the idea of a "wealth tax," and I can
> see various loopholes and workarounds. I'd also expect a lot of
> folks to simply move out of the country if this were to happen........
>          The Expat Tax Is Law - The Door Is Now Closed!
>                                by
>                          Marc M. Harris
>      After last year's failed attempt to pass an American
> expatriate tax, the U.S. Treasury Department succeeded in
> sneaking the provisions into the miscellaneous revenue positions
> of the recently passed Health Coverage Availability and
> Affordability Act of 1996.  Given the failure of their high
> profile campaign last year, the Treasury Department switched
> strategies this year and undertook one of stealth.  While the
> press was talking about tax-deductible contributions to medical
> savings accounts (MSAs), provisions tightening the expatriation
> tax rules were implemented.  Foreign grantor trust rules were
> also tightened under the law........
>           "It has come to the attention of Congress that some
>      very wealthy individuals have been relinquishing their
>      citizenship to avoid U.S. income, estate and gift tax.  The
>      bill does not want to discourage citizens from exercising
>      their right to expatriate, but does not want to provide a
>      tax incentive for such an action...".......
>      If these provisions were making you feel a bit suicidal,
> please forget it.  Uncle Sam is not only going to pursue you to
> the grave, but also your executors and heirs........
>                         About the Author
>      Marc M. Harris is a certified public accountant and
> president of The Harris Organization.  He has already developed a
> strategy for legally avoiding the expat tax, which he discusses
> only in personal appointments.
>                 Copyright 1996 by Marc M. Harris