One of the reasons the global rich rather liked living in London – you know, big, civilised sort of place as long as you’ve got money – was the non-dom scheme. One of the reasons those same global rich didn’t use the US in the same way was that global income would be subject to US taxes if you lived there. So, we abolish non-doms, or worsen the terms at least. And Trumpie?
A “Trump Platinum Card” is also “coming soon”, according to the official website. This card will allow holders to spend up to 270 days in the US without being subject to US taxes on non-US income. It will cost $5m.
He’s creating a non-dom regime for the US.
Now, my personal belief is that the moment the lefties get in again that’ll be rescinded. And the global rich will assume that too so there won’t be that much effect. But say that doesn’t happen? Won;t that be fun, real and direct competition for the non-doms?
I’m not sure the left are going to get back in in the States.
I base this on various factors.
They very obviously fixed it the last time they won, and they’re not going to be able to fix it to anything like that extent this time.
But, more importantly, six times bitten, seven shy: if they do get back in then Trump, Vance, Hegseth and a lot of others are going to be arrested, and impeached.
Sure Trump can pardon them.
But his opponents have proved themselves utterly uninterested in the fair application of the law, and are quite likely to either find ways of ignoring the pardons, or – who knows? – send them to the Hague on some bullshit war crimes trial before a panel of judges who are most unlikely to find in favour of the defence.
I think we might well be headed for a very dirty fight, and uncharted waters.
Its not really a non-dom scheme is it, if the $5m doesn’t allow you to live there all year round. Its more like an expensive tourist visa. The whole point of the non-dom scheme in the UK was it allowed you to avail yourself of the delights of the UK on a permanent basis without falling foul of the UK’s tax system. Trumps card does not come close to that.
It’s not the same, but it does come pretty close Jim. If you have $5m spare it means you can avail yourself of the actual delights of the US and you’ll have the cash to spend the rest of the year on your yacht or at your place in Tuscany etc.
It still means you have to watch the days like a tax exile. Be able to prove you were out of the US for 3 months of the year, a not insignificant proportion. If you were getting a new business off the ground for example, you’d have to f*ck off just at the point you were needed most. Its not the same as non-dom status by a long shot. It might attract the floating jet setter who wants a flat in NYC or a house in the Hamptons, but not the sort of people who are actually going to settle in a country and invest in it. You can’t settle in a place you cant be for one quarter of the time.
There aren’t many parts of the USA with decent weather for 270 days a year. I remember living in New Jersey: 90F, 90% humidity and snow poles on the roadside. Double ugh!
The best part was California and they seem to have half-ruined that.
Curious how one adapts. I now find 90°(33C) pleasantly warm & am happy up to 40 (105°) I felt chilly the other day, went back & got jacket. 20 (68°) an English August day
14 oC out there right now and I’ve a woolly pulley on and a cardigan over it. Adaptation, it’s a thing.
I had a video conversation with my amiga. She was out jogging in shorts & a t-shirt. She’s in Alberta Canada at -10C. And she was brought up in Maranao, BR which is pretty well on the Equator. But 14 years of living in Canada…
She wasn’t very happy here in August.
I had a similar problem when I came back on leave from Cyprus during the hot summer of ’77. Everyone was walking round in T-shirts all evening and I was wearing jumpers after about 8pm and kept closing doors because of the chilly draughts.
Same everywhere – thousands of times I’ve seen people arrive in the Middle East in December in t-shirts and those of us who’ve been there a while are wearing fleeces and hats. Over a longer timescale, obviously, humans’ tolerance of cold decreases and preference for heat increases as they age.
Seems we can’t adapt to global warming though and have to try and fail to turn the temp back down again. Funny, that.
Lots of people can adapt to 90F if the humidity is low: I was happy when I lived in a Mediterranean climate. But combined with 90% RH? Bloody awful.
On various projects so no acclimatised I found New Delhi at 49C and bone dry was just about bearable if you stuck to the shade, Manilla in Dec at 30C and 95% humidity was crippling, and very odd walking past shops with snowmen displays in their windows..
One can adapt to high humidity. For a start clothing. Loose & avoid anything synthetic. And learn to pace yourself. Activity at a rate just below where you start sweating streams. Personally, I reckon don’t over-hydrate. Your body will learn to get by on less water & you don’t sweat so much. But alcohol will really fuck you over.
But alcohol will really fuck you over.
One of the reasons hot countries have, or at least used to have, weak beer.
There are places in the world that have effectively hung out a sign that says, “rich people welcome here” (I think Monaco is one example). They generally seem like quite lovely places to live. Some people believe that having rich people around does quite a lot of good for the local economy and that, therefore, targeting them with high taxes or shaming them for being greedy might be counterproductive.
Yeah. Back to the actual subject. I do like Trump. He’s a business man. He sees rich people as something to graze off. So he provides good grazing. He doesn’t conduct a scorched earth policy.