How to Survive Kamala Harris's 'Tax Armageddon'

Join us for the next Nomad Capitalist Live event:

In this video, we explain Kamala Harris's tax proposals that are being dubbed a "tax armageddon." Mr. Henderson analyzes Harris's proposed changes to US inheritance taxes, in addition to her planned unrealized capital gains tax. He also details what wealthy Americans and entrepreneurs can do to prepare for coming US tax hikes, whether or not Harris wins the election.

00:00 Kamala Harris's "Tax Armageddon"
00:31 Inheritance Tax Changes Plus Unrealized Capital Gains Tax
02:26 Tax Trends in the United States
03:28 Estate Tax Policy
04:36 War on the Wealthy
08:54 Exit Plans and Second Passports for US Citizens
12:41 What Wealthy Americans Are Doing
14:49 How to Prepare for Coming Tax Hikes

Nomad Capitalist helps clients "go where you're treated best". We are the world's most sought-after firm for offshore tax planning, dual citizenship, and international diversification and asset protection. We use legal and ethical strategies and work exclusively with seven- and eight-figure entrepreneurs and investors.

We create and execute holistic, multi-jurisdictional Plans that help clients keep more of their wealth, increase their personal freedom, and protect their families and wealth against threats in their home country.

No other firm offers clients access to more potential options to relocate to, bank in, or become a citizen of. Because we do not focus only on one or a handful of countries, we can offer unbiased advice where others can't.

DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

[ItsTimePictures]

Taxing children for inheriting their parent's home is evil. For most families, that house is the entirety of any and all wealth that was accumulated over the decades. For many, the kids will be forced to sell the house to pay the tax. Times have become that difficult. I am seeing it everywhere. My parents have been hit hard. Divorce and Covid wiped me out. Inflation is killing my bottom line. More taxes of any kind is insanity.

[iammrbeat]

Fun fact. Congress passes laws, not the president. Congress would have to approve of any tax change. This is basic civics.

[ClayneBanks]

Children inheriting their parent’s home and taxing them for it is pure Evil.

[ringerbart]

I'm from belgium, I've been living in this armageddon for my whole life. I'v seen the government take sums that most people not even make in their whole life. On top of inheritance tax, the government here has one the highest tax rates in the world and surprise surprise, the debt here is also one of the biggest in the world with very low service value for money. 70% of Belgians get their money from the government. You had to start early collecting physical assets and btc to pass on. If Kamala would really go through with this insanity that we already have, it's already too late sorry but thanks anyway for holding the fiat bags all these years 🤝

[burn]

I've also noticed over the years that these politicians don't say "tax the millionaires" anymore because that is all of them now. They say "tax the billionaires" because they're somehow the bad guys. I can't wait to leave this country. I'm so tired of the same politics that never change. People never learn.

[bobnankervis]

If the US govt took 100% of all the billionaires wealth, at current spending, it wouldn't fund the US govt for one year. Then where would the taxes come from? Then where would the jobs come from? Have you ever had a job working for a poor person?

[Peter-mnm]

"Give back"?!
WTF DID I TAKE?!
FYI, I PAID CASH FOR EVERY GOVERNMENT SERVICE I'VE RECEIVED!!!

[patrickfreeman]

Taking "rich people's money"? Who are you calling rich? I'm making just under 6 figures, I pay all year long and then have to pay more in April. Nobody paid off my college education. I got my degree the old fashioned way. I earned it.

[Smuggler]

If Kamala wins that will accelerate my leaving the U.S. I’m out! Absolute dumpster fire.

[LyransArc]

VERY well said with the comparison to the toxic relationship. It's significant beyond the obvious. We're experiencing a peak of narcissism with all the corruption. Everyone is seeing it somewhere.

[pedalingparson]

There is a very easy way to avoid Kamageddon--don't vote for the rambling idiot.

[DuanJB]

*so harris make new and more tax for american for who? israel and ukrainian? oh wow suprise*

[andrecaron]

In the Scandinavian countries rich people are paying a lot of tax. How come they don't leave their homelands? Are they blind or stupid? Do they call you to get some advices? In Denmark the tax rate is high but you get in exchange a peaceful society.

[YogaBlissDance]

That's NOT why I'm leaving. Don't like when you are ALARMIST or political. When you rile folks up- YOU GET VIEWS- emotion sells.

[GarretVify]

Absolutely crazy how you can have six figures in the bank and that’s not wealthy anymore. Even a couple million is not safe and they’re gonna want a huge chunk of it.

[crypticnomad]

One interesting observation I've made when looking at the total tax burden for the average resident of the U.S. compared to much of Latin America is that Americans are essentially getting a worse deal in relative terms. For example, in the U.S., the total tax burden for the average American is around 37.53%, meaning that after paying all taxes—such as income tax, sales tax, etc.—they are left with roughly 62.47% of their income.

In Mexico, the tax burden is between 27-37%, in Brazil it's 29-38%, in Argentina it's 41-46%, in Chile it's 38-49%, and in Colombia it's 26-37%. In Europe, we have Germany at 47-55%, France at 45-55%, and Sweden at 52-65%. While the tax burdens in Latin America are fairly comparable to that of the U.S., the biggest difference lies in the availability of socialized healthcare in these countries.

If we treat healthcare costs in the U.S. as an additional tax, Americans would likely be in one of the highest tax brackets in the world. Most estimates say Americans spend on average 17-18% of their income on on health care when considering premiums, out-of-pocket expenses, and other costs. When added to the typical tax burden (around 37.53%), this would push the total "tax-like" burden (taxes + healthcare) closer to 54-55% of total income, putting Americans in a tax-equivalent range comparable to high-tax countries like Germany and Sweden, where healthcare is already included in taxes.

[argentaamore]

Welcome to Bahrain

1. Personal Tax: 0

2. Coporate Tax: 0

3. Capital Gains Tax: 0

4. Inheritance Tax: 0

5. Dividens Tax: 0

6. Tax on Income from other countries: 0

7. Tax on stocks, bonds, crypto: 0

8. VAT: 10%

9. Investor Resident Visa: 5 years

10. Sunny white sand beaches: Yes

11. Seaside living: Yes

12. Cost of Luxury 3 bedroom Seaview apartment: $ 400K

13. Cost of beachfront 600m2 villa with private beach: $  1.7M

14. Healthcare: Very high standard

15. Shopping Malls: Every 10 mins away and with full options

16. Schools: International schools freely available

17. Government support for businesses to set up: Yes

18. Real Estate Can Be purchased by foreigner: Yes

19. Company can be owned by foreigner: Yes 100%

20. Safety: Yes. One of the safest places on the world

21. Religious Freedom: Yes there are mosques, churches & temples

[DoorCam-ly]

She has got nothing on cancelled my citizenship after the Reagan it all went downhill from there...!

[KJsiete]

I’m an only child, my dad has multiple properties in multiple states, all willed to me when he passes. Double edged sword

[digipifini]

Geez Andrew, I want to sip caviar out of a supermodel’s naval… best line ever 😂😂😂