Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
HI-TEC99
on 16/11/2019, 21:04:47 UTC
Sorry to distract ya'll from an apparent dick measuring contest...

What's your take on perpetual trusts?
Here is Guardian's:
https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws

I think that this would be relevant to bitcoin later on.
There are lots of "golden nuggets" in this article.
The main conclusion is that we might be changing the society by allowing perpetual trusts (details in the article).


This golden nugget is relevant to some US bitcoiners right now. How many will be moving to South Dakota before cashing out to avoid capital gains tax?

https://www.theguardian.com/world/2019/nov/14/the-great-american-tax-haven-why-the-super-rich-love-south-dakota-trust-laws

Quote
South Dakota has no income tax, no inheritance tax and no capital gains tax

Both jbreher and infofront were discussing Puerto Rico regarding that.

I researched Puerto Rico quite thoroughly a while ago. I think it ended up being 0% capital gains taxes all the way around.

The problem is, you still pay full capital gains taxes on anything you've purchased up to the point of becoming a resident. It's only the capital gains taxes you accrue after becoming a resident that are tax free.

Takes half-year+1day to establish residency. Not too onerous, for someone sitting on a pile of cap gains. Not by half.

The perpetual trusts thing seems a massive deal, and probably will be relevant to Bitcoin later on.