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In this weeks asset protection video, I’m going to talk about what I perceive to be the perfect financial storm that could be heading our way very soon.
What Financial Storm am I talking about?
The first step of the storm is Mitt Romney’s offshore asset protection and tax planning. This financial storm has three steps.
It could ultimately end up causing significant financial damage to the United States and lead to very few offshore banking options for U.S. citizens.
Click Here to Watch This Week’s Video
Mitt’s tax planning and asset protection planning has been becoming more of a public issue and the Democrats will label Mitt’s asset protection planning as “sneaky” or “wrong” in this upcoming presidential election.
Through his advanced planning, Mitt’s been able to reduce his taxes below 14%! Even though he uses some of the best techniques available and they are perfectly legal, Democrats will still try to paint asset protection as being “sneaky” and something that should be illegal.
This ongoing focus is going to generate a lot more public focus on offshore planning and tax planning in the United States, more than there ever has been before.
The second step of the storm is if FATCA (Foreign Account Tax Compliance Act), which will start to go into effect in 2013.
The aftermath of the storm could end up costing Trillions of dollars to the U.S. economy.
I hope I’m wrong about this one. At the very least this will make for some interesting cocktail party conversation and give you something to think about.
Let me know what you think, I look forward to hearing your thoughts on FATCA.