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Discussion Starter #1


Sharp financial breakdown.
 

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Discussion Starter #2
I still haven't watched this clip on youtube btw. Keep putting it off.

Mike Maloney's finance content is usually top notch.

Has anyone bothered watching it to know if its worth watching. Lol
 

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The Title Guy
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Oh it is definitely worth watching cause he compares California and New York with Texas and Florida, the latter two doing much better then the former two. Also talks about the budgets of the blue states versus the red states and income tax, etc.
 

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Discussion Starter #4
Finally saw it. Good watch.

I hope people realize some of the points that are going unsaid.
 

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The Title Guy
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I'm surprised the Puerto Rico is actually a good business haven in the United States. Though right now I'm happy with living in California because it's my home state. There maybe a time that I move away from California but that isn't the case now.
 

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Discussion Starter #6
I think he's using puerto rico as a tax haven. Moreso than a startup or business hotbed.

He may have renounced US citizenship so he doesn't have to pay US taxes anymore.
 

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The Title Guy
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That's not possible because of the fact that Puerto Rico is in fact a US territory and as a result all Puerto Rico citizens are in fact US citizens. He would need to move elsewhere in order to properly renounce his citizenship which is something I'd never do unless the US became completely unrecognizable. Either way moving to Puerto Rico is smart.
 

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Discussion Starter #8
If he didn't renounce his US citizenship, he would have to pay american taxes and puerto rican taxes.

Renouncing citizenship would mean he would only pay taxes to puerto rico.

Its a common thing. I think places being US territories doesn't infringe upon their native sovereignty. The united states doesn't run territorial nations like puerto rico. Its more like an alliance thing?
 

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The Title Guy
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There maybe a local government when it comes to US territories but those same territories are still subject to federal laws. Not to mention that people in US territories are also US citizens so if someone wants to live in any US territory they need to be US citizens.
 

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Discussion Starter #10
You can be a resident in a US territory without being a US citizen.

Not all federal laws apply. Being a US territory is more an alliance than it is annexation.

AFAIK anyways.
 

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The Title Guy
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So after reading up on it we are both technically correct. The US territories of American Samoa and the Swain Islands are US territories where people can be born in US territory but not be US citizens. Puerto Rico is one of the nations where people born there are automatically US citizens.Though I did find out why the dude is moving to Puerto Rico, they don't pay Federal income tax.
 

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Discussion Starter #12
AFAIK US territories like puerto rico retain their sovereignty.

Its like how california is able to legalize weed despite it contradicting federal guidelines due to individual US states retaining sovereignty.

Puerto rico is a US territory. But it doesn't fall under US federal guidelines. Which means residents there who renounce US citizenship, only pay puerto rican taxes.
 

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The Title Guy
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The only problem with that is that there is no such thing as Puerto Rican citizenship because of it being a US territory and I think the dude moving to Puerto Rico has more to do with its' residents not paying federal taxes. Also Puerto Rico does have more sovereignty then US states because US states are still fully subject to US Federal laws.
 
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