Star Ship

With regard to the above statment, I am sorry, but you pulled up the wrong section of HR 755. HR 755 has several components - and the lastest one is what I am talking about. http://www.opencongress.org/bill/112-h755/show Here's part of what shows in the link above: Rep. Pete Stark introduces the Investing In Our Future Act Pete Stark (D-CA) today introduced HR 755, the Investing In Our Future Act, which would levy a fee on currency transactions and use these funds to pay down the deficit, and fund investments in children, global health, and climate change mitigation. ... The fee amount they are speaking about is 0.005% and the bill is directed towards Large Currency Investment Firms that buy and sell currency on a daily basis. Bill is "in committee" and most likely will "die in committee." I found this Capital Gains Tax Calculator at: http://www.moneychimp.com/features/capgain.htm It is interesting to take a look at because the tax will depend on what income bracket you fall into according to this chart, since Cap-Gains is not under ordinary income. I want to have some idea of what my tax obligation will be pre-Rv cause it will play into what action I take as far as tax shelters to look into.

The above post is a waste of time - we should have a section for those that want to be "stand-up comics" and a section for those that want to post credible intel.

I am seeing a mild hysteria in many postings that are appearing on several boards concerning a new tax being levied on the dinar. There are NO NEW TAXES - NO NEW TAX LAWS HAVE BEEN PASSED. The tax bill that is being referred to in this case is HR 755. The status of the bill is "in committee." It will most likely DIE IN COMMITTEE. The bill is authored and sponsored by all Democrats. The House of Representatives is controlled by Republicans who will most likely never vote for a tax hike of any kind. This bill has a LONG way to go before it would even come up for a vote. If you want to read the bill just google HR 755. The bill would add a 0.005% tax to foreign currency profits,(not 15 % as reported) which translates to about $50 per million. However, the bill targets large foreign currency investment companies and brokerage houses that deal in foreign currency. As I understand it - it does not include individual investors like we are. We are considered "small time operators" and would not be caught up in the net of this bill, should it pass. Just because a bill has the words of foreign currency in it does not mean it is about the dinar. Believe me, the world does not revolve around the impending IQD Rv. Let me reiterate - this bill is "in committee" and will most likely never see the light of day - it will die "in committee." So, not to worry. Secondly, those pictures of proposed legislation that Scooter put up the other day is just that - proposed legislation, and has a long way to go before they ever get to the Congressional floor for votes, if I read the info correctly. I read every word of those documents that Scooter posted and did not see anything that would lead me to believe any of the proposed legislation was directed at the dinar. Some of it was good - like dissolving the Federal Reserve. HR 755 was one of the pictures and another picture was a bill by Ron Paul that has nothing to do with the dinar - and being that it is authored by Ron Paul you can bet you boots it is not about new taxes. It is probably about less regulation of some sort. The UST, IRS and Federal Reserve do not make laws. They can only enforce laws that are on the books. They wish they could make laws, but according to my Civics lessons, only Congress can pass laws with the signature of the President. If the President vetos then it takes a super majority in the Congress to over ride the Presidential veto. The President can issue Executive Orders but not in the area of finances. The House of Representatives alone control the money legislation. So for now, please relax -THERE ARE NO NEW TAXES on Dinar. Since it is an investment it will most likely fall under Capital Gains tax schedule. I wish you all health, wealth, wisdom, blessings and peace!

With regard to Congress adding additional taxes to our investment - I think that is is bill HR 755. It is authored and sponsored by all Democrats and in reading it, I'm not sure it would even apply to ordinary citizens that happen to invest in the Dinar. The status of said bill is "in committee" and I seriously doubt it will ever get out of committee cause Republicans are most likely not going to support any tax increase bill that is aimed primarily at businesses. The bill proposes to add 0.005% taxation on foreign currency exchanges. that comes out to about $50.00 per million. However, it seems to be directed at investment and brokerage businesses. It is not a bill that I would worry about at this time. If this link does not work - google HR755. Listed below is part of the description of what the bill covers. This is the last Paragraph of Letter written by Congressman Pete Stark trying to drum up support for his bill "We call on you to support the Investing in Our Future Act of 2011, (HR 755) which would generate new funds to help cut the U.S. deficit and secure financing for life-saving health, climate resiliency, and low-carbon development programs in impoverished countries. This would be accomplished through a 0.005% levy on foreign currency exchange transactions by large-scale investors, such as investment banks and money center banks, in the U.S." For more information on the Investing In Our Future Act, please visit: http://go.usa.gov/g9r Aother Link http://www.govtrack.us/congress/bill.xpd?bill=h112-755

I say to those people that want to pay more taxes - all they have to do is write a check and send it to the IRS and it will be happily accepted. However, most of those that are cited in this report are like the Hollywood crowd - they want "other people" to pay for all their causes. Let them write the checks out of their own coffers.

The info that Scooter put up is PROPOSED legislation. I keep saying it, but it doesn't seem to sink in. The House of Representatives is NOW controlled by the Republicans. All proposed legislation that has anything to do with MONEY - taxes, spending, etc., has to originate in the House. The House controls the purse strings. So, most likely proposed increased or new tax legislation that did not get passed before Jan, 2011 will most likely fall by the wayside cause it will mostly likely die on the floor of the House of Representatives. I don't believe there is a tax boogy-may hiding in every nook and cranny. The procedure for enacting new laws of any kind in our government is a long drawn out process. I also don't think that our US Gov't is all taken up with the Rv as much as it it touted to be. Some write as if the Rv is on the minds of all our US Gov't officials every waking moment. I think if that were true one would hear more about it in the news. I have yet to see any record or reporting of any comments made by anyone in O administration pertaining to the IQD and an Rv.

BocaLinda - loved your remark about this being the "supreme bashing sight" - You are right. Your inquiry about the $5.25 rate and military people getting vouchers - well that chatter has been going around for several days now and it comes in from different people that have no links to one another - so though it sounds like sci-fi - I am going to believe it cause it makes me smile. I don't understand anything about the 3 tier deal - but as I understand it, the only military people that are cashing out are those that are being rotated out of Iraq returning stateside. I also heard that $5.25 rate was pegged to the British Pound which would make the US rate well over $8 bucks. That's why I want to believe it. Probably pie in the sky, but as I said, it makes me smile. Peace!

With regard to the "new tax" laws mentioned by someone from another site yesterday (6/7) -the only thing I could find that was even discussed in the House of Reps on that date about taxes were Ron Paul's HR1098 - which has NOTHING to do with the DINAR. It is not a tax bill - it has to do with states being able to have their own currencies besides the US $. You have to read the bill - I can't explain it - just google HR 1098. The second bill is HR 62 and here is a summary of that bill: 1/5/2011--Introduced. International Tax Competitiveness Act of 2011 - Amends the Internal Revenue Code to: (1) treat foreign corporations that are managed, directly or indirectly, within the United States as domestic corporations for U.S. tax purposes; (2) make certain royalty income and income from intangibles received from a controlled foreign corporation subject to U.S. taxation; and (3) revise the tax treatment of property other than stock (i.e., boot) received in connection with a corporate reorganization to provide that such property shall be treated as a taxable dividend. This bill was introduced in Jan 2011 - but the process is a drawn out procedure, so often bills that have been introduced months and months ago come back to the floor for more discussion. The US Treasury or the Federal Reserve cannot make laws, although I am not sure that "O" is aware of that, even though he claims to have taught US Constitutional Law at one of our prestigious Ivy league "Screwells" (as Rush calls them.)

This is the info I was referring to that I saw on another site with regards to new taxes. I have not verified this myself, but I am going to look up the Congressional Calendar for proposed bills, votes, etc. TXtrader Sr. Member New Intel corrected and confirmed QuoteSome Gurus have given out false and misleading information and it should be corrected. Congress is NOT considering a new additional tax to be levied over and above the capitol gain tax. Its not on the congressionall calender, its not in any legislation and talking to some congressmen, they know nothing about it. So I verified this is false. This is not the holdup. The only bill submitted to raise taxes is H.R. 62 by Democrat Loyd Doggett.

It is my understanding that Congress has to pass bills and they have to be signed by the Prez before they become law. The process takes a little longer than "overnight." The bill has to be proposed in the House, then passed by the House - then it goes to the Senate and the Senate has to pass the bill exactly as is or it goes back to the House with the changes the Senate made and the process starts all over again. Laws do not get passed with out total agreement between the House and the Senate and has to be voted on and passed by a majority of both groups. With regards to a new tax law being proposed - I heard that Ron Paul proposed a new tax bill that would LOWER taxes on currency profits - but I, personally, have not looked into the details of said bill. Believe me, Ron Paul will not be introducing a bill to raise taxes. Secondly some Democrat introduced a bill yesterday to raise taxes on something, but bear in mind that the House of Representatives is controlled by the Republicans and IMO, they will not be passing any bills that raise taxes at this time or any time in the near future.

Me, too.

I am aware that if you pay by personal check your dinar is not sent out till 10 days after receipt of the check, but so what. Your price is locked in from the time you place the order as long as they receive payment with 5 days of the order. So, to me, it is no big deal to wait a few days for "receipt of the goods." I have waited as much as two weeks from other dealers when I wired the money and paid for an overnight delivery. It took them 10 days to process the order and put it in the "overnight delivery envelope even when I paid with a bank wire. So, I gained nothing by paying for the "premium" service. I'm just tired of spending those extra bucks for bank wires and premium shipping fees. As long as I know the price is locked in I can wait patiently for my order to arrive, even if we have an Rv in the meantime. I don't plan to be the first one in line at the bank for a cash-in - as we have heard more then once during CC's - "it's the second mouse that gets the cheese. "

I have to purchase dinar from a dealer since there are no banks close to me that sell it. I found that GID Associates, Inc. is about $70 cheaper per 100k dinar then some of the other online dealers. I am continuing to purchase dinar until the RV - so just wanted to share this info. They also take personal checks, so you don't have to spend the money on a chasier's check or wiring or buy a money order. You have 5 days to get the payment to them so you don't have to spend money on "special delivery" to mail the check. They charge $110 per 100k of dinar plus the delivery charge. I am happy with their service. You can buy on-line or via phone. The link is www.gidassociates.com. Go Rv - Peace!

Hey, Qman, Most of us are serious investors and don't want to have our time wasted with silly jokes that are only amusing to the author of same. What are you trying to do - let everyone know when your B.D. is so we can send you B.D. Greetings?

In my humble opinion, since the U.S. Dollar is still the World Reserve Currency I think the Rv will be pegged to the dollar, not the BPS. Just my opinion.

Obama - anathema!

I really think there are a lot of people that know NOTHING about the Iraqi Dinar. People have been purchasing dinar now since about 2003 and I myself did not know anything about it until last December, 2010 when a friend of mine really explained the whole situation around the Dinar investment and the possibilites. She had casually mentioned it to me in Sept of 2010 - just said a friend of hers had invested a lot of money in Iraqi dinar. My response was - "is your friend crazy" and just blew it off. Then my close friend sent me an email in Dec with more detailed info - explained further about it and the whole possibility of revalue, etc., etc. and it was then "I saw the light." So, after reading up on it and doing a little research I decided to take the plunge and buy a couple million. My local friends, business associates and aquantainces know nothing about it and when I mention it they treat the info like I first did - they blow it off. So, IMO, I think there are a big bunch of the population, world wide, that know nothing about dinar and it does not surprise me when I hear stories about bank tellers not knowing about it. If they are not involved in the foreign currency dept they would probably not know. We dinar holders, as plentiful as we seem, are actually a small community of folks.

Well, we know the IMF head guy was not paying any attention to any of the Dinar Sites - He was too occupied assaulting a maid in a lurury hotel suite.

Guess you don't realize that banks have special meeting rooms for large cash transaction withdrawals and/or deposits. I own a business, I deposit large sums of cash and at times I withdraw large sums of cash. It is never done at a teller's window. I usually call ahead if I need any amount larger than 5K.

If all you "nay-sayers" are so positive that every post on this site is CRAP then why do you bother to read it in the first place???? Isn't it a waste of your time????

I can't find any credible links that show where Obama, Tim Geithner or Nancy Pelosi (not that she matters anymore) have been in Iraq as of lately working on the Rv. Nancy Pelosi was there cause she could not stand to be outdone by John Boehner so right after his visit she decided that she and her delgation must go to verify that the US Troops are still on the withdarw schedule. All the US Delegationstrips to Iraq have to do with Troop withdrawal. They know that withdrawal will be delayed if the GOI is not stable and fully seated. See link below. http://news.yahoo.com/s/afp/20110507/pl_afp/iraqusmilitarydiplomacy Geithner and Hillarious have been pre-occupied with the Chinese - google the subject - and Hillarious has not been in Iraq anytime during 2011. Hillarious's Deputy Secretary was in Iraq in Feb. 2011 to inquire about the GOI. All this "intel" saying that O & H and Geithner are sooooo invloved in the Rv and are holding it up, etc., etc. has no credible documentation available to back up these claims. Seems like some are just so overly anxious about the Rv that they misinterpret a lot of events and read into articles stuff that is Just Not There. The only thing Obama and Pelosi are concerned with is withdrawing our troops so O can claim that he fulfilled a campaign promise. Obama DID NOTsay RECENTLY that he would cut the US deficit in half in 2011. He made that statement in 2008 when he was campaigning for President. Glenn Beck did not say that O made that claim recently. Glenn Beck clearly stated that O made that claim when he was running for President in 2008. So, when O's claim is put in correct context it has NOTHING to do with IQD. Tim Geithner's remark about an influx of tax money coming in over the next few months has to do with US tax returns that are filed from April through October every year. Many people and businesses get tax filing date extentions - so for a period of 7 months every year there is a constant incoming of tax returns bringing money into the US Treasury. Once again, I have found no credible documentation linking Geithner's remarks to meaning an Rv. If you can prove otherwise please supply info sources and links. Until then I am not grasping at straws and reading into every remark made by a Gov't official that it some how in some way has a hidden meaning about the Rv. The Rv is NOT going to solve America's 14 Trillion+ national debt.

Thank you for sharing that with me.

First of all you don't have to be soooo rude when posting your rebuttal to my post - which is in BLACK AND WHITE on the IRS PUB 525 - I talked with the following IRS Agent and I choose to believe the Agent Mr. Kirk ID# 5906613. at IRS OFC 1-800-829-1040 in the Complex Individual Issues Dept. As far as previous posts, in the 15% off the top topic yesterday, I plainly stated that I would once again try to find the IRS PUB. #. It is not a capital offense to repost info - as often - the same old mis-information goes round and round time and time again. So, please don't scold me. I have a right to post what I want when I want, just as you do. Mr. USNDIVER -= you simply could have stated that you were aware of another PUB that lead you to believe it might be treated as ordinary income. You seem to be really edgy now-a-days. Maybe a Valium would help. Blessings - Peace!

The most recent IRS Publication 525 - on page 33 of the document - middle column near the bottom of the page - FOREIGN CURRENCY TRANSACTIONS " If you have a gain (profit) on a personal foreign currency transaction because of changes in the exchange rate.... if the gain is more than $200 it must be reported as Capital Gains." http://www.irs.gov/pub/irs-pdf/p525.pdf

Sorry to hear about your friend - but seems there is some kind of missing info and a "Grand Jury" for a tax hearing - seems strange, but who am I to say. Perhaps your friend needs to get a reputable tax attorney.