By Katherine Burton, Stephanie Ruhle & Zachary R. Mider - Mar 11, 2013 8:58 AM CT
John Paulson, a lifelong New Yorker, is exploring a move to Puerto Rico, where a new law would eliminate taxes on gains from the $9.5 billion he has invested in his own hedge funds, according to four people who have spoken to him about a possible relocation.
Ten wealthy Americans have already taken advantage of the year-old Puerto Rican law that lets new residents pay no local or U.S. federal taxes on capital gains, according to Alberto Baco Bague, Secretary of Economic Development and Commerce of Puerto Rico. The marginal tax rate for affluent New Yorkers can exceed 50 percent on ordinary income.
I have a feeling that the governments of the world will finally corner these people and take their money, but of course corrupt officials within these governments will then steal much of it and funnel it into their own accounts which in turn will make them wealthy and turn them into the next targets. Class envy leads nowhere.