Re: How much you lose under Social Security -- socialsecurity.org

[Tim May <tcmay@got.net>]

At 12:55 PM -0700 5/30/97, Ray Arachelian wrote:
>On Fri, 30 May 1997, Tim May wrote:
>
>> And the Congressvermin are still attempting to impose an "exit tax" on
>> accumulated assets, so that if I tried to move my assets (remember, assets
>> = property = purchased things, not at all the same thing as "income") to
>> some other country.
>
>This is really a double tax since if you own assets, you've already paid
>taxes on those said assets in the form of income tax.  If it's an
>inheritance, that too was taxed, so what the fuck?  What's the
>justification behind this other than exit rape?

The exit tax would of course only be applied to the _gain_ in the value of
an asset. As such, it is not double taxation (modulo the inflation issue).,

If I bought 1000 shares in a stock at $20 and it was still at $20, no exit
tax would be owed. If it had gone up to $30, a 28% tax (as proposed) would
be levied on the $10,000 putative gain.

This would apply even if the stock had not been sold, which is what the
issue really is about. (Imagine having to pay a 28% tax on any putative
gain in the value of personal possessions like old records or jewelry moved
overseas.)

And of course I don't imagine they'll issue _refunds_ for losses! ("Hi, I'm
moving to Paris. I'm taking some stocks with me, most of them dogs. Please
write out a check for $37,863.91 to cover 28% of the loss.")

The issue of course is that the proposed exit tax tries to recapture taxes
on income *not yet realized*.

>I suppose one way is to take loads of trips and loads of AmEx traveler's
>checks, then gamble on things with 50% chance of winning, take the
>winnings and dump'em in accounts outside.  Repeat until nothing's left,
>then exit with very little.

There are of course many such tricks. Many don't even muling your own cash
across borders. (And the Empire strikes back by calling many of these
things "structuring," for which the laws are very confusing and are so
designed to terrorize citizen-units into not trying them.)

>> As we all know, the SS system is just a gigantic Ponzi scheme. Like
>> gambling, the government runs operations it imprisons others for running.
>
>So let's sue the system.  Might fail, but maybe we can get it the fuck out
>of our income taxes.  One less tax to bother with.  Since it no longer


Let us know  how it turns out.

--Tim May

There's something wrong when I'm a felon under an increasing number of laws.
Only one response to the key grabbers is warranted: "Death to Tyrants!"
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Timothy C. May              | Crypto Anarchy: encryption, digital money,
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