Faitai @lawffjo - Twitter Profile

lawffjo retweeted

4 days ago

I was at a museum in Frankfurt yesterday. When I entered, two Somali immigrants were urinating on a statue of Aristotle. No one dared to question it as the thought police were there and you can be arrested for criticizing immigrant behavior. An unaware man then entered the museum and instinctively said "Ugh, disgusting." The thought police were about to put him in handcuffs, but he then shouted "This is Merkel’s beautiful Europe, we should all celebrate it!" and started applauding. The rest of us looked panicked at each other but then also started furiously applauding the urinating Somalis. The officers also joined in the celebration and scanned the room for anyone who did not. They arrested one man who was looking at his phone. Disobedience is dangerous to our social cohesion, but the thought police make me feel safe. Have a wonderful day, Wolfgang

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lawffjo retweeted

Richard Amador

@acuriocabinet

4 days ago

Ultra High Net Worth Individuals (UHNWI) do own yachts for tax reasons, but not because they are a modern replacement for palaces. Most of the world runs residency-based taxation. As in, if you stay over 183 days somewhere you become a taxable base. The US is the outlier, as it taxes you regardless of where you live, based on citizenship. That difference produces two entirely distinct wealth architectures. European UHNWI have a structural incentive to stay mobile. Not being in one place too long is itself a tax strategy. Yachts happen to serve that lifestyle perfectly - flag-registered in favourable jurisdictions, moving between anchorages, never accumulating residency days (and benefiting from things like Cypriot 2 month stay non-dom status). The tax regime does not cause yacht ownership, but it makes yachts a remarkably efficient asset class for people whose wealth depends on being nowhere in particular. This is why European UHNWI do a yearly circuit - Wimbledon one week, Cannes another, the WEF, the Biennale. The social calendar is not separate from the tax strategy. They are the same thing. This also mirrors the itinerant courts of the past, where the aristocracy would move around from one part of the kingdom to another throughout the year, according to king's mood. American UHNWI face the opposite constraint. Citizenship-based taxation means mobility cannot solve the problem. So they optimise differently - dynasty trusts, LLCs, state domicile arbitrage. They are not less sophisticated. The same economic incentive just produces a completely different behavioural output when the underlying regime changes.

acuriocabinet's tweet photo. Ultra High Net Worth Individuals (UHNWI) do own yachts for tax reasons, but not because they are a modern replacement for palaces.

Most of the world runs residency-based taxation. As in, if you stay over 183 days somewhere you become a taxable base. The US is the outlier, as it taxes you regardless of where you live, based on citizenship.

That difference produces two entirely distinct wealth architectures.

European UHNWI have a structural incentive to stay mobile. Not being in one place too long is itself a tax strategy. Yachts happen to serve that lifestyle perfectly - flag-registered in favourable jurisdictions, moving between anchorages, never accumulating residency days (and benefiting from things like Cypriot 2 month stay non-dom status). The tax regime does not cause yacht ownership, but it makes yachts a remarkably efficient asset class for people whose wealth depends on being nowhere in particular.

This is why European UHNWI do a yearly circuit - Wimbledon one week, Cannes another, the WEF, the Biennale. The social calendar is not separate from the tax strategy. They are the same thing. This also mirrors the itinerant courts of the past, where the aristocracy would move around from one part of the kingdom to another throughout the year, according to king's mood.

American UHNWI face the opposite constraint. Citizenship-based taxation means mobility cannot solve the problem. So they optimise differently - dynasty trusts, LLCs, state domicile arbitrage. They are not less sophisticated. The same economic incentive just produces a completely different behavioural output when the underlying regime changes.

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lawffjo retweeted

Untold War Stories

@UntoldWarFacts

7 days ago

They refused to bathe. They refused to salute. They poached deer from an English lord's estate and used their washing water ration to cook it. The night before D-Day they shaved mohawks and painted their faces like warriors. Then they jumped into Normandy on one of the deadliest missions of the invasion. This is the story of the Filthy Thirteen..🧵1/7