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I thinking of moving overseas when I retire from medicine. I think if I had a business that would allow me to emigrate I would have done so already. This may be controversial to some but there are several things that I do not like about the current direction of life in the United States.
First, I feel like a tax slave. Hearing that the new administration is likely going to significantly raise taxes has started to make me wonder if I want to continue to work very hard only to pay more to FedGov. My estate has grown to a comfortable level where I could retire if I wanted to if I sold my practice and real estate holdings. Also, it seems that the powers that be wish to increase inheritance taxes and I'd like my estate to be passed on to my adult children instead of Uncle Sam. Biden favors eliminating the "stepped up basis" on inheritance tax. That house your dad bought for $75? Now its worth $350k and you as his heir owe a ton of taxes. In addition,there has been talk of increasing capital gains and taxes on dividends to equal those of the highest income tax rates in the US. Do I feel guilty about wanting to not "pay my fair share"? Absolutely not. I've been paying the highest income tax rates for decades...and a MUCH higher percentage of taxes than Warren Buffet or Jeff Bezos. They can keep my Social Security benefits if that makes people feel better.
Second, it seems that some of the shine has worn off the future of the United States. Huge debt crises await and spending only goes up (regardless of whether Republicans or Democrats hold office). Those social programs that we've all paid into like Social Security and Medicare are running out of money. Property rights are being eroded (I have acquaintances who pay the bank for their rent house mortgages but their tenants don't have to pay rent). Many people feel that there is no reason they shouldn't be able to burn down innocent people's businesses if they want to to make a political statement (insurance will just pay for it, right?).
There is a feeling of resentment and envy by many in this country. And all of us physicians are "privileged" and don't deserve what we have. I hired a young medical assistant in my private practice a few years back who once asked me why it was fair that I could tell her what to do at work. Business owners I know are having a hard time hiring employees because the government is still paying people not to work.
So I'm looking for a safe, low tax jurisdiction where I can live comfortably and invest. Most Americans cannot conceive of moving overseas but there are places around the world with first-rate amenities, low taxes, and vibrant multi-racial populations that work in harmony.
Anyone else thinking of retirement as an expatriate?
First, I feel like a tax slave. Hearing that the new administration is likely going to significantly raise taxes has started to make me wonder if I want to continue to work very hard only to pay more to FedGov. My estate has grown to a comfortable level where I could retire if I wanted to if I sold my practice and real estate holdings. Also, it seems that the powers that be wish to increase inheritance taxes and I'd like my estate to be passed on to my adult children instead of Uncle Sam. Biden favors eliminating the "stepped up basis" on inheritance tax. That house your dad bought for $75? Now its worth $350k and you as his heir owe a ton of taxes. In addition,there has been talk of increasing capital gains and taxes on dividends to equal those of the highest income tax rates in the US. Do I feel guilty about wanting to not "pay my fair share"? Absolutely not. I've been paying the highest income tax rates for decades...and a MUCH higher percentage of taxes than Warren Buffet or Jeff Bezos. They can keep my Social Security benefits if that makes people feel better.
Second, it seems that some of the shine has worn off the future of the United States. Huge debt crises await and spending only goes up (regardless of whether Republicans or Democrats hold office). Those social programs that we've all paid into like Social Security and Medicare are running out of money. Property rights are being eroded (I have acquaintances who pay the bank for their rent house mortgages but their tenants don't have to pay rent). Many people feel that there is no reason they shouldn't be able to burn down innocent people's businesses if they want to to make a political statement (insurance will just pay for it, right?).
There is a feeling of resentment and envy by many in this country. And all of us physicians are "privileged" and don't deserve what we have. I hired a young medical assistant in my private practice a few years back who once asked me why it was fair that I could tell her what to do at work. Business owners I know are having a hard time hiring employees because the government is still paying people not to work.
So I'm looking for a safe, low tax jurisdiction where I can live comfortably and invest. Most Americans cannot conceive of moving overseas but there are places around the world with first-rate amenities, low taxes, and vibrant multi-racial populations that work in harmony.
Anyone else thinking of retirement as an expatriate?
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