Blog > News that Matters > Blog article: Asset Protection: A vote against the value added tax
 | Email This Article Email This Article  | 

Asset Protection: A vote against the value added tax

Posted April 4, 2008

“I’ve worked all my life, and I’ve already paid income tax on everything I’ve earned. Now that I’m retired, should I have to pay tax again on everything I buy? To me, that’s double taxation. And let’s face it…you can’t buy nothing.” — Dan Prescher, quote his new friend “Jim.”

by Dan Prescher

Baltimore – (TFN): Suzan and I went to a party the other night at a friend’s house here in Merida. I met a guy named Jim who just retired and is in the process of renovating a house here in town with his wife. As usual among the guys in any expat gathering, we eventually started talking about U.S. politics.

“About the only thing I agreed with (former presidential candidate) Mike Huckabee on,” I said, “was his idea to reform the tax system. Get rid of the IRS and just charge a value-added tax on everything. Then you have complete control over how much tax you pay. If you don’t want to pay taxes at all, don’t buy anything.”

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Retire Overseas!

Learn about the world’s 9 best places to live or retire. Live well on $19 a Day.

Own an exotic beachfront getaway for $35,000 or romantic pied-a-terre for under $60,000. Enjoy fine restaurant dining for $7 per person. Employ a maid or gardener for $6 a day. Buy comprehensive health insurance for $20 per month.

Get the details now in your FREE report.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

“I strongly disagree,” Jim said politely. “I’ve worked all my life, and I’ve already paid income tax on everything I’ve earned. Now that I’m retired, should I have to pay tax again on everything I buy? To me, that’s double taxation. And let’s face it…you can’t buy nothing.”

He was right, of course. I wasn’t thinking like a U.S. retiree. I realized then how much I’d come to take for granted many of the advantages I enjoy by living outside the U.S., even as a still-working 53-year-old. Read on to learn more.

****Make sure you sign up for our free TFN News Feed for breaking news, special reports and new financial videos. You can pick your favorite reader . Or if you prefer, you can have the feed delivered to your email.


Related Articles


Posted by Dan Prescher · Filed Under News that Matters 

Comments