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The “despicable truth” emerges about FATCA
According to the IRS, “FATCA requires certain U.S. taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form ( Form 8938 ) that must be attached to the taxpayer’s annual tax return.”
“Here’s the kicker. Foreign banks who thumb their nose at the US government and do not enter into the information sharing agreement face a steep penalty: a 30% tax will be withheld on US-source income that goes to, or through, their bank.”
Taken from: [ http://www.sovereignman.com/ ]
Please also see…
Why FATCA is Bad for U.S. Citizens Living in Costa Rica and America, Why it Should be Repealed and What You Can Do Now!
[ https://www.welovecostarica.com/public/3345.cfm ]
FATCA Is NOT For Fat Cats – The Foreign Account Tax Compliance Act for U.S. citizens.
[ https://www.welovecostarica.com/members/3285.cfm ]
Financial privacy is officially dead!
Scott
[quote=”Scott”]The “despicable truth” emerges about FATCA
According to the IRS, “FATCA requires certain U.S. taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form ( Form 8938 ) that must be attached to the taxpayer’s annual tax return.”
“Here’s the kicker. Foreign banks who thumb their nose at the US government and do not enter into the information sharing agreement face a steep penalty: a 30% tax will be withheld on US-source income that goes to, or through, their bank.”
Taken from: [ http://www.sovereignman.com/ ]
Please also see…
Why FATCA is Bad for U.S. Citizens Living in Costa Rica and America, Why it Should be Repealed and What You Can Do Now!
[ https://www.welovecostarica.com/public/3345.cfm ]
FATCA Is NOT For Fat Cats – The Foreign Account Tax Compliance Act for U.S. citizens.
[ https://www.welovecostarica.com/members/3285.cfm ]
Financial privacy is officially dead!
Scott
[/quote]
It’s just disgusting..Even more disgusting this bill was presented to congress buried in a bill to help returning vererans find work.
WHY doesn’t the IRS just put a gun to all our heads?
IRS has nothing on the MAFIA OR CORRUPTION.IRS IS GOING WORLD WIDE with their threats.
USA is the only government that follows you for the rest of you life. NO other country DEMANDS they you pay taxes in
a country you are no longer living in. Just the USA.I read where USB is not going to cooperate with them.
And what just burns me more is that the USA blows our taxes
like it grows and trees and they want to tax us more for silly spending and wars.NOW they are following a US citizen everywhere.
WE do not have FREEDOM DO WE???
GG
[quote=”Scott”]The “despicable truth” emerges about FATCA
According to the IRS, “FATCA requires certain U.S. taxpayers holding foreign financial assets with an aggregate value exceeding $50,000 to report certain information about those assets on a new form ( Form 8938 ) that must be attached to the taxpayer’s annual tax return.”
“Here’s the kicker. Foreign banks who thumb their nose at the US government and do not enter into the information sharing agreement face a steep penalty: a 30% tax will be withheld on US-source income that goes to, or through, their bank.”
Taken from: [ http://www.sovereignman.com/ ]
Please also see…
Why FATCA is Bad for U.S. Citizens Living in Costa Rica and America, Why it Should be Repealed and What You Can Do Now!
[ https://www.welovecostarica.com/public/3345.cfm ]
FATCA Is NOT For Fat Cats – The Foreign Account Tax Compliance Act for U.S. citizens.
[ https://www.welovecostarica.com/members/3285.cfm ]
Financial privacy is officially dead!
Scott
[/quote]
Freedom’s just another word for nothing left to lose. . . .
The US is a tyrannical gov’t. It operates on fear and we have plenty to fear.
[quote=”maravilla”]Freedom’s just another word for nothing left to lose. . . .[/quote]
MV – If you are going to quote Janis Joplin and “Bobby Magee”, I am sure you realize the importance of offering credit to the song’s authors, Kris Kristofferson and Fred Foster!
I am sure that you don’t want to take credit for such clever lyrics when you are not the author or performer! We were fortunate enough to live in Austin TX during the early to mid-70’s, and although we missed Janis (who died in 1970) we did get to see and hear many of the artists that helped shape the “Austin Music Scene” and the TV series “Austin City Limits” (still running today!
One of our favorites was the man credited with dicovering and mentoring Janis Joplin, an Austin treasure named Kenneth Threadgill, who was probably 40 years her senior. Threadgill is credited with being the genisus of the Austin Music Scene, and you had to be there to really appreciated in the early 70’s and what continues today!
anybody over the age of 30 knows where that line comes from, so in no way was i attempting to take credit for that!
i spent mroe than 20 years in the music biz and my ex-father-in-law was very intrumental in the southern music scene, and was the winner of grammies and even a nomination for an academy award. i could list some of your Texas stars that he discovered or signed to his record label, but that would be name-dropping!! jejeje
Scott
here is a funny observation
it now has actually become much easier to open accounts in the states than any other country as all banks around the world scramble to implement these silly rules making them over compliant and over sensitive if this makes any sense.
we have a few different unrelated LLC accounts in various U.S. banks that we do business with and they are all tied to different paypal accounts.
we mitigate risks by keeping them all separate.
i didn’t know you read sovereign man.. :D:D
he is pretty good but keep in mind he is also in the doom and gloom business and makes a pretty good living doing so.
[quote=”maravilla”]anybody over the age of 30 knows where that line comes from, so in no way was i attempting to take credit for that!
i spent mroe than 20 years in the music biz and my ex-father-in-law was very intrumental in the southern music scene, and was the winner of grammies and even a nomination for an academy award. i could list some of your Texas stars that he discovered or signed to his record label, but that would be name-dropping!! jejeje[/quote]
Maravilla, I’m friends with a songwriter here in the South that wrote songs for Elvis “Kentucky Rain”, BJ Thomas “Somebody’s done Somebody wrong song”, Waylon & Willie “Lukenbach Texas”, just to name a few. He was credited for bringing music back to Memphis and also had his recording company in Nashville. His name is Chips Moman. Would he be your relative? He won 3 Grammys and received a lifetime achievement award.
[quote=”maravilla”]Freedom’s just another word for nothing left to lose. . . .
The US is a tyrannical gov’t. It operates on fear and we have plenty to fear.[/quote]
If you all continue to pay the unconstitutional income tax, and all the other IRS BS, you deserve what you get..and what you lose.
Sprite
you have no idea how this pains me to say :shock::shock::shock::shock::shock:
but I have to agree with you 🙂
[quote=”sprite”][quote=”maravilla”]Freedom’s just another word for nothing left to lose. . . .
The US is a tyrannical gov’t. It operates on fear and we have plenty to fear.[/quote]
If you all continue to pay the unconstitutional income tax, and all the other IRS BS, you deserve what you get..and what you lose.
[/quote][quote=”sprite”]If you all continue to pay the unconstitutional income tax, and all the other IRS BS, you deserve what you get..and what you lose.
[/quote]You are, as always, welcome to your fantasies, sprite, but the fact is that the Sixteenth Amendment, which provides specific authority for the federal income tax, is constitutional. There have been assertions that it was improperly ratified, but none has stood the test of legal review. It’s just another rant.
Here’s the official website:
http://www.archives.gov/exhibits/charters/constitution_amendments_11-27.html
And here’s the text of the Sixteenth Amendment from that website. It’s unequivocal.
[b]AMENDMENT XVI
Passed by Congress July 2, 1909. Ratified February 3, 1913.Note: Article I, section 9, of the Constitution was modified by amendment 16.
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.[/b]
Unless and until the Sixteenth Amendment is withdrawn by further amendment, it’s constitutional.
Fantasize on . . .
Gentlemen,
In my reading this is what I believe to be true.I believe the 16 Amendment is constitutional, and has the right to tax the subject of which the 16th amendment referees to. Which is a corporate tax on foreigners. It no-where authorizes a head-tax (capitation tax). It no-where authorizes a tax on labor, only on profit. If you read the law, after the 16th Amendment passed, “it created no new tax”. What was taxable before the 16th Amendment was taxable after the 16th Amendment, and what was NOT taxable, was still NOT taxable after the passage of the 16th Amendment. It conferred no new tax, only clarified the existing tax, done in a language in such a way as to fool most of the people, most of the time…Do they have me living in FEAR and Pay their TAX….YES.
WHY, you ask if you really believe they dont have the right or authority? BECAUSE, if they want you they will
find a way to put you in jail and make your life miserable.IT is not worth it to me. So I pay the MAFIA government.
I have seen the IRS, go after the small guys to make examples out of them to scare the bigger fish. NO not fair, but until then I will be on their payroll till our government makes the changes, IF EVER.I like the Tea Parties… :).
gg
[quote=”sprite”][quote=”DavidCMurray”][quote=”sprite”]If you all continue to pay the unconstitutional income tax, and all the other IRS BS, you deserve what you get..and what you lose.
[/quote]GG,
And now we get down to the real issue at the heart of the real problem: how to deal with fear when confronted with tyranny.
Those who are most enslaved by tyranny are those who cower in fear of it and those whose obedience is based on ignorance. Ignorance can be easily cured. Fear is another matter.
I am not Ignorant of the Law and I dont have to be on this chat to show my great wisdom or intelligence.
I chose my battles wisely and the Mafia government/ IRS is not one I chose at this stage of my life. Yes, they have won and I am SOMEWHAT FREE TO LIVE OUTSIDE A PRISON.
READ MY DEFINITION BELOW.
I have 3 good friends that went to Jail for their beliefs and Knowledge of the Law.
These guys were TAX RESEARCHERS that worked for attorneys most of their life. They did research on Tax Laws for Attorneys to use in their cases. They started to dig deeper and deeper. Wrote letters to IRS and summons them for an answer. This was their specialty. Guess what……….. They came after them with a vengeance to shut them up.
The only way you are going to escape is to give up your US Citizenship, or have enough money to fight THE SYSTEM like a Buffet, Soros, Bill Gates. They dont mess with them.
I will continue to live in peace for my last years and not look over my shoulder NOT in Ignorance but for peace in my life and family. These men had children that were raised with moms that went on wellfare because they could not support the family while dads were in Jail for their STRONG BELIEFS AND KNOWLEDGE OF THE LAWS.Also: Here is a 80 year old man that wrote books and challenged the IRS. For 20 some years.
They finally shut him up and he is in Jail. The Schiff Trial.
http://www.paynoincometax.com/
Need I say more?Here is the Law:
Sec. 61. Gross income defined
(a) General definition – … gross income means all income from whatever source derived,
Item 2. including (but not limited to) the following items:
26 U.S.C. 61 (a) reads:
“(Section 61 (a) GENERAL DEFINITION.-Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items:
(1) Compensation for service, including fees, commissions, and similar items.
(2) Gross income derived from business;
(3) Gains derived from dealings in property;
(4) Interest;
(5) Rents;
(6) Royalties;
(7) Dividends;
(8) Alimony and separate maintenance payments;
(9) Annuities;
(10) Income from life insurance and endowment contracts;
(11) Pensions;
(12) Income from discharge of indebtedness;
(13) Distributive share of partnership gross income;
(14) Income in respect of a decedent; and
(15) Income from an interest in an estate or trust.
By the structure of the above sentence, it is indicated that the tax is on “all income from whatever source derived.” The word ‘source1 is the object of the preposition “from.”
The correct construction of the above clearly indicates that the taxes are NOT to be levied and collected on the “source.” Source is not to be equated with income as these terms are used in the above citation.
The phrase “including (but not limited to) the following items: has been misinterpreted to be a phrase modifying the word “income ” not the word “source” in its sentence. The rules of English composition govern the noun which is modified; these rules are discussed below.
Participles are verbal adjectives which modify nouns. “Including” is a participle. The verb “include” was converted to a participle by adding the suffix ‘ing’ for the purpose of describing a noun. The use of the word “including” in Section 61 (a) creates a participle phrase.
There are two types of participle phrases: restrictive and non-restrictive. The restrictive phrase appears following the noun it modifies without commas. A restrictive phrase is an inextricable part of the sentence because there are no commas. The non-restrictive phrase can be inserted or hooked-on to the sentence and is separated by commas. It is parenthetical; it contributes to but does not change the meaning of the basic sentence. The non-restrictive phrase can be eliminated with out changing the basic sentence. That is the purpose of setting it apart with commas.
In examining the opening sentence of Section 61 (a), the preceding noun of the participle phrase, “including (but not limited to) the following items..,” is the word “source.” Adjectives always modify the noun immediately preceding when the word or phrase is placed with intervening commas. Restating the entire sentence by the accepted rules of English composition, it says:…Gross income means all income from whatever source, including (but not limited to) the following items derived…”
By changing the modifier “including (but not limited to) the following items..,” the taxing agencies have sought to increase revenues by taxing the source listed (1)-(15), supra. The clear language of section 61 (a) supra, places a tax only on the income derived from the listed sources, not the sources themselves. I suspect that similar violations of the rules of English composition have, in fact, created new law contrary to the express intent of Congress as written in this instance in the Internal Revenue Code.
Furthermore, the Sixteenth Amendment to the Constitution of the United States of America states as follows:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
The language of the Sixteenth Amendment is clear in the English sentence construction. English or language mechanics is something that even the IRS and the U.S. Attorneys cannot change. You will see that the source of your livelihood is not the intended object of taxation. The tax is on income only. The source of that income is not the subject of that taxation. Let us take a similarly professional look also at the Sixteenth Amendment.
By its structure, the Sixteenth Amendment indicates that the tax is on “incomes”, from whatever “source” derived. In this instance, the word “incomes” is the object of the preposition “on.” The word “source” is the object of the preposition “from.” In no way can this be construed to make the “source” the object of the preposition “on.” The introduction of the comma to separate the two prepositional phrases further widens the gap between the meanings of the objects, “incomes” and “source.” In so stating, with the use of “on” in one instance and “from” in the other instance, it negates any confusion that might lead one to believe that the tax would be levied and collected on the “source.” The “source” is not to be equated with ” income” as these terms are used in the Sixteenth Amendment.
Therefore, it can only be assumed from the above discussion that IRC Section 61 (a) lists sources of income; and the Sixteenth Amendment itself has authorized a tax only on income, but not on the sources of income. Because compensation for services, including fees, commissions, and similar items are defined by 26 U.S. C. 61 (a) (1) as a “source” of income, the Sixteenth Amendment and the Internal Revenue Code have not authorized a tax on compensation for services or any of the other sources listed under 26 U.S.C. 61 (a).
Question for you:
What stand have you made to challenge the IRS, other than perhaps not pay taxes and hope that you dont have to defend yourself? Have you gone up against the IRS and they declared that you in fact are correct and dont have to pay taxes on your wages?gg
[quote=”sprite”]GG,
And now we get down to the real issue at the heart of the real problem: how to deal with fear when confronted with tyranny.
Those who are most enslaved by tyranny are those who cower in fear of it and those whose obedience is based on ignorance. Ignorance can be easily cured. Fear is another matter.[/quote]
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