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Scott: I want to thank you for talking about bank de-regulation. The current amount of wretched squawk over the effort to re-regulate the banks is insane. I read this week that $1.00 invested on K Street in Washington returns an almost guaranteed total of $221.00. Why bother to provide effective and prudent market leadership when a good lobbying investment pays off so handsomely in tax avoidance, off-shoring with impunity and complete protection from prosecution no matter how egregious the financial crimes. Gee…..I’d take a guaranteed 221% return in a HEARTBEAT!
Your long and successful career on Wall Street makes your comments particularly cogent.
Thank you Sue
I take no pleasure whatsoever pointing out the various CATASTROPHIC financial problems that so many people face and I take no pleasure in saying to people that: “I told you so…”
It was in October 2008 when I first started talking about the coming pensions problem in my article entitled: Is Your Pension Plan Safe? Or is it the next big ‘surprise’? Billionaire investor Warren Buffet calls pensions ticking “time bombs.”
[ https://www.welovecostarica.com/public/1952.cfm ]
The article has been updated a couple of times (so it’s bit of mess and needs to be cleaned up) but it’s MUCH worse now than it’s ever been before and we’ll start to see more news about this as our “owners” will need to prepare people for this… This is a biggy!
Be prepared!
Scott
The income tax regulations are so convoluted and skewed against U.S. wage slaves and the world Owners are committing so many grievous sins of property confiscation from the wage slaves via the IRS, the federal Reserve and it minion banks, that I am amazed that we are calmly discussing how we can comply with these gangsters and jump successfully through their hoops and snares like trained dogs.
Income tax compliance is described by the IRS as voluntary. But since the courts, legislature and executive branches of the federal government have been purchased out right by the Owners, the term “voluntary” has been bent and twisted into meaning mandatory. You will lose a tax case in any federal court. This is nothing more than an old fashioned gangster shake down.
Tax regulations are unconstitutional and they are used as the ultimate tool of control. They mean to take our wealth, energy and sovereignty and leave us absolutely petrified, impoverished and dependent upon them for survival. It is working like a charm too. While we try to figure out the latest manifestation of tax law, they are pillaging private pensions and whittling away at savings by a purposeful devaluation of the dollar. The objective is a one world bank and a one world government, which is now being proposed publicly by the catholic church.
Vatican calls for establishment of ‘central world bank’I do not know how one can be prepared for such an eventuality. There is nowhere to run. There is a push now for a cashless society. Chip implants imposed on individuals by a world central bank with all credit and debit information gives complete control over the masses. Obey and follow rules, or the chip is deactivated and you no longer have access to credit in a cashless world. Either grow your own food, or starve.
Start by stockpiling ammunition and canned tuna! Or in Scott’s case… canned salmon! 🙂
We’re going to need much bigger wallets when the world currency become canned goods and ammo… the ThunderDome is not really looking much like a fantasy anymore…. Damn that Mel Gibson… he’s always ahead of the curve…
BTW… Who bought a big ranch in Costa Rica… yep… that Mel Gibson guy! LOL
Let me get this straight:
I have paid TAXES and have a nest egg of $150,000 which I invest making GIZMOS in CR and make a profit of $1,500.00 after paying the CR goverment it’s taxes.
Do I still have to report to the IRS my profit, made in CR???
U.S. citizens are obligated to pay taxes under the IRS Code regardless of where they earn their income. Basically, you must report your income, expenses, taxes, etc the same as you would if you were in the U.S.
There is a Foreign Earned Income Tax Credit in the IRS Code. It’s around $83,000 per year. [b]But you still have to declare the income, etc as if you were in the U.S.[/b]
I don’t follow the LOGIC;
I paid my taxes and invest the $$ that was taxed into another venture and make a profit outside the USA.
Do I still have to pay the host country the taxes (yes) I understand that part.
But still pay the USA and IRS another tax on the gains made outside the USA??
Does this not smell as double Taxation??
I venture to think that something SMELLS ranciid on this deal.
But for the benefit of a discussion: Do the French, German, Dutch have the same deal??
If you are a U.S. citizen or a Green Card holder you MUST declare your income and all gains/losses made inside and outside the U.S.
Period!
It doesn’t matter where in the world… This applies to planet earth and probably further. 😛
And no! The British, the French, Germans and the Dutch do NOT have the same deal…
I am British and have not been a resident of the UK since 1985 so I am taxed on my residency and NOT on my citizenship like U.S citizens …
So I do NOT have to report and pay taxes on any gains made outside the UI.K. to the U.K tax man …
Most of my American friends discovered a long time ago that they not nearly as “free” as they thought they were…
Scott
When thinking about taxes, everyone is focused on ass covering and few people consider what their tax money is used for. Much of it goes back to the Fed for interest payments and much of it goes to prosecute illegal wars in order to keep secure the status of banker wealth and power. SO, in effect, we are paying to support gangster banker extortion and the rampant murdering of a lot of innocent people in the furtherance of that extortion.
Just before you sign off on your next ransom payment to the IRS, take another look at those poor, bloodied and dying kids in the video Scott posted. This is a visual reminder of your tax dollars at work.
Millions of Americans do not file income tax returns each year. It is anyone’s guess as to how many do this in protest and how many do this for other reasons. Regardless of their motives, less tax collected is less murder and extortion in the world. But I suppose covering one’s ass from IRS persecution is more important than a few hundred thousand burned and starved men women and children. Who you are is defined by where you stand up and where you stand down.
Come back to the original PROBLEM and let you Ideas that wander be just that
On average your posts go from North and South and West to East.
Center on what the question is all about and stop your Wandering mind.
TAXES is the question and not what you would do to fix the problem, you pay the same as I pay and in this venue we are EQUAL.
On average 7 million IDIOTS do not pay!!
GUESS what about 47% do not pay out of 325 million USA Citizens and that is not 7 million.
Besides the point, SHOULD I pay a second TAX to the USA while I paid the CR Government??
NOW!! what is it going to be!!
After reading this thread, I did some research on the revised Form 8938 (as of irs site 12/21/2011). Looks like the official 8938 is ready to go for tax year 2011 to be filed in 2012. It’s finally going live. Looks like some updates to the $$ amounts assets that must be reported and if you reside in or out of USA.
My wife and I own land and hold it a CR Limitada. The land is the only asset of the Limitada and produces no income. We have never filed any US paperwork since it is not income producing ( reference Maravila earlier post for my thinking and also my accountants advice) yet we will now need to file the 8938 for informational purposes since we have a foreign entity holding land as an asset.
Anyone have any other comments or research to add on this and if my research is correct. I want to get this right the first time around and do not intend to play cat and mouse with irs. 🙄
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