Ask HN: What did you do when you suddenly got rich?

Re:Ask HN: What did you do when you suddenly got rich? by mhkool on Thursday July 25, 2019 @12:35PM (#20526817)

Move to Ireland for 2 years to become a resident, there you only pay 10% tax over the capital gain if you meet the "entrepeneur relief" criteria. Not sure if this works as a US citizen, but works for many.

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Re:Ask HN: What did you do when you suddenly got rich? by ASalazarMX on Thursday July 25, 2019 @12:41PM (#20526880)

I'm upset by this. Why is it paying taxes so repelling after you acquire wealth?

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Re:Ask HN: What did you do when you suddenly got rich? by ThrowHitJackpot on Saturday July 27, 2019 @03:44PM (#20543747)

3 Reasons:

1. The taxes wealthy people pay is both higher in amount and higher in percentage that non-wealthy folks.

2. The way the tax money is spent is inefficient

3. Because it is legal to minimize taxes, and to waste money is bad.

Lots of wealthy people are charitable. It's preferred to spend money through charity versus give it to the government to spend in their preferred way, which can often include buying votes.

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