From: Michael S. Lorrey (mike@lorrey.com)
Date: Sat Jul 17 1999 - 12:24:56 MDT
The Baileys wrote:
>
> I hate to rain on your plan but U.S. taxpayers (if that is what you are) are
> taxed on their worldwide income. Moving servers, intangibles, and even
> business offshore only makes sense if your repatriation is nil or you're
> avoiding nexus issues.
Legally, only US Citizens who are one or more of the following:
a) federal employees
b) federal benificiaries (loans, welfare, SSI, fed. retirement, etc)
c) officers of corporations
d) maintain accounts in federally insured financial institutions
are actually mandated by the federal tax code to pay income tax. All
others are not liable for tax, but can volunteer to pay. Under the new
Taxpayers Bill of Rights Act, since the burden of proof is now on the
taxman to prove you made $xxxxxx, moving business and financial
activities is an excellent practical way for you to shelter things.
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