If you recall from an earlier blog, Part 1: The Millionaire Next Door: Swiss? Cheese only, I hypothesized that most people who are guilty of tax evasion are hyper consumers. But not all of these tax cheats use offshore accounts. In fact, I am of the opinion that there is a much greater number of …
Why is it that most of the millionaire next door types do not cheat on their taxes? One of the reasons is that on average they only pay the equivalent of 2.1% of their net worth in income tax each year. From The Millionaire Next Door that is $79,000 in tax and a net worth …
Part 2 of 3: The Millionaire Next Door. . . Swiss? Cheese only. Read More »
There has been a lot of press coverage recently about American citizens using Swiss accounts for tax evasion purposes. I have spent thousands of hours researching the affluent and advising the majority of the top fifty financial institutions in America. Yet, I have only spent about two (2) hours consulting with a group of executives employed by a bank …
Part I of 3: The Millionaire Next Door. . . Swiss? Cheese Only Read More »