Anne Nelson, Bundchen’s manager … tells us reports that Gisele wants to be paid in euros are “false.” Nelson’s take: “Some idiot in Brazil reported something just to make news.” Nelson points out that Gisele lives in New York City, and thus needs U.S. dollars for her big-city lifestyle. Of course, anyone who disagrees with Warren Buffett’s investment wisdom does so at their own risk. But we have to think Gisele gets enough U.S. dollars that she can absorb any potential weakness against the Euro.
But this is not just a story about the strength of the dollar. The CNBC story notes that she lives in New York City, which raises the issue of whether she is a resident of the US for tax purposes. This would be a major mistake since America probably has the world’s worst tax system for people with global income. Being a selfless person concerned about the plight of the over-taxed entrepreneur, I want Gisele to know that I am willing to counsel her on how best to protect her earnings from rapacious government, even if it requires many hours and late-night meetings.
Gisele, feel free to contact me at my dmitchell [at] cato.org (Cato email address). I’m here for you in your time of need.