HR 2487 CAN WE LOSE 30% (of our IQD Investment)- A QUESTION...?

[ronscarpa]

HR 2487 CAN WE LOSE 30% (of our IQD Investment)- A QUESTION...?

by BOZZIBUILT on KTFM - (emailed to me - Ron)

CAN ANYONE TELL ME IF WE HAVE A CHANCE OF LOSING 30% OF OUR INVESTMENT IF WE DEPOSIT IQD IN ALI'S IRAQI BANK OR ANY OTHER FOREIGN BANK ? PLEASE REVIEW THE LAW IMPLIMENTED 3/18/2010 HR 2487 IT WOULD BE DISASTER TO PAY CAPITAL GAINS AND THEN LOSE 30% ON TOP OF THAT.

TRY THIS LINK: http://www.picassodreams.com/picasso...ompliance.html <link does Not Work>

FOR ADDITIONAL INFORMATION - GOOGLE: HR 2487

I haven't been able to get anything concrete on HR 2487 when I search the net. I must be doing something wrong. However, I did see the key points published somewhere - here or other sites...! Help anybody. Bozzibuilt did ask a good question. I did check it out on KTFM, and commented in the thread........RON

[viper51]

The link does not work.

[onerighthand]

Does not compute!

[onerighthand]

This is what I found and is as follows with link

It couldn't have happened to a nicer country. On March 18, with very little pomp and circumstance, president Obama passed the most recent stimulus act, the $17.5 billion Hiring Incentives to Restore Employment Act (H.R. 2487), brilliantly goalseeked by the administration's millionaire cronies to abbreviate as HIRE. As it was merely the latest in an endless stream of acts destined to expand the government payroll to infinity, nobody cared about it, or actually read it. Because if anyone had read it, the act would have been known as the Capital Controls Act, as one of the lesser, but infinitely more important provisions on page 27, known as Offset Provisions - Subtitle A—Foreign Account Tax Compliance, institutes just that. In brief, the Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS. And should this provision be deemed illegal by a given foreign nation's domestic laws (think Switzerland), well the foreign financial institution is required to close the account. It's the law. If you thought you could move your capital to the non-sequestration safety of non-US financial institutions, sorry you lose - the law now says so. Capital Controls are now here and are now fully enforced by the law.

Let's parse through the just passed law, which has been mentioned by exactly zero mainstream media outlets.

Here is the default new state of capital outflows:

(a) IN GENERAL.—The Internal Revenue Code of 1986 is amended by inserting after chapter 3 the following new chapter:

‘‘CHAPTER 4—TAXES TO ENFORCE REPORTING ON CERTAIN FOREIGN ACCOUNTS

‘‘Sec. 1471. Withholdable payments to foreign financial institutions.

‘‘Sec. 1472. Withholdable payments to other foreign entities.

‘‘Sec. 1473. Definitions.

‘‘Sec. 1474. Special rules.

‘‘SEC. 1471. WITHHOLDABLE PAYMENTS TO FOREIGN FINANCIAL INSTITUTIONS.

‘‘(a) IN GENERAL.—In the case of any withholdable payment to a foreign financial institution which does not meet the requirements of subsection (, the withholding agent with respect to such payment shall deduct and withhold from such payment a tax equal to 30 percent of the amount of such payment.

Clarifying who this law applies to:

‘‘© in the case of any United States account maintained by such institution, to report on an annual basis the information described in subsection © with respect to such account,

‘‘(D) to deduct and withhold a tax equal to 30 percent of—

‘‘(i) any passthru payment which is made by such institution to a recalcitrant account holder or another foreign financial institution which does not meet the requirements of this subsection, and

‘‘(ii) in the case of any passthru payment which is made by such institution to a foreign financial institution which has in effect an election under paragraph (3) with respect to such payment, so much of such payment as is allocable to accounts held by recalcitrant account holders or foreign financial institutions which do not meet the requirements of this subsection.

What happens if this brand new law impinges and/or is in blatant contradiction with existing foreign laws?

‘‘(F) in any case in which any foreign law would (but for a waiver described in clause (i)) prevent the reporting of any information referred to in this subsection or subsection © with respect to any United States account maintained by such institution—

‘‘(i) to attempt to obtain a valid and effective waiver of such law from each holder of such account, and

‘‘(ii) if a waiver described in clause (i) is not obtained from each such holder within a reasonable period of time, to close such account.

Not only are capital flows now to be overseen and controlled by the government and the IRS, but holders of foreign accounts can kiss any semblance of privacy goodbye:

‘‘© INFORMATION REQUIRED TO BE REPORTED ON UNITED STATES ACCOUNTS.—

‘‘(1) IN GENERAL.—The agreement described in subsection ( shall require the foreign financial institution to report the following with respect to each United States account maintained by such institution:

‘‘(A) The name, address, and TIN of each account holder which is a specified United States person and, in the case of any account holder which is a United States owned foreign entity, the name, address, and TIN of each substantial United States owner of such entity.

‘‘( The account number.

‘‘© The account balance or value (determined at such time and in such manner as the Secretary may provide).

‘‘(D) Except to the extent provided by the Secretary, the gross receipts and gross withdrawals or payments from the account (determined for such period and in such manner as the Secretary may provide).

The only exemption to the rule? If you hold the meager sum of $50,000 or less in foreign accounts.

‘‘( EXCEPTION FOR CERTAIN ACCOUNTS HELD BY INDIVIDUALS.—Unless the foreign financial institution elects to not have this subparagraph apply, such term shall not include any depository account maintained by such financial institution if—

‘‘(i) each holder of such account is a natural person,and

‘‘(ii) with respect to each holder of such account, the aggregate value of all depository accounts held (in whole or in part) by such holder and maintained by the same financial institution which maintains such account does not exceed $50,000.

And, while we are on the topic of definitions, here is how "financial account" is defined by the US:

‘‘(2) FINANCIAL ACCOUNT.—Except as otherwise provided by the Secretary, the term ‘financial account’ means, with respect to any financial institution—

‘‘(A) any depository account maintained by such financial institution,

‘‘( any custodial account maintained by such financial institution, and

‘‘© any equity or debt interest in such financial institution (other than interests which are regularly traded on an established securities market). Any equity or debt interest which constitutes a financial account under subparagraph © with respect to any financial institution shall be treated for purposes of this section as maintained by such financial institution.

In case you find you do not like to be subject to capital controls, you are now deemed a "Recalcitrant Account Holder."

‘‘(6) RECALCITRANT ACCOUNT HOLDER.—The term ‘recalcitrant account holder’ means any account holder which—

‘‘(A) fails to comply with reasonable requests for the information referred to in subsection ((1)(A) or ©(1)(A),

or ‘‘( fails to provide a waiver described in subsection ((1)(F) upon request.

But guess what - if you are a foreign Central Bank, or if the Secretary determined that you are "a low risk for tax evasion" (unlike the Secretary himself) you still can do whatever the hell you want:

‘‘(f) EXCEPTION FOR CERTAIN PAYMENTS.—Subsection (a) shall not apply to any payment to the extent that the beneficial owner

of such payment is—

‘‘(1) any foreign government, any political subdivision of a foreign government, or any wholly owned agency or instrumentality of any one or more of the foregoing,

‘‘(2) any international organization or any wholly owned agency or instrumentality thereof,

‘‘(3) any foreign central bank of issue, or

‘‘(4) any other class of persons identified by the Secretary for purposes of this subsection as posing a low risk of tax evasion.

One thing we are confused about is whether this law is a preamble, or already incorporates, the flow of non-cash assets, such as commodities, and, thus, gold. If an account transfers, via physical or paper delivery, gold from a domestic account to a foreign one, we are not sure if the language deems this a 30% taxable transaction, although preliminary discussions with lawyers indicates this is likely the case.

And so the noose on capital mobility tightens, as very soon the only option US citizens have when it comes to investing their money, will be in government mandated retirement annuities, which will likely be the next step in the capital control escalation, which will culminate with every single free dollar required to be reinvested into the US, likely in the form of purchasing US Treasury emissions such as Treasuries, TIPS and other worthless pieces of paper.

http://www.zerohedge.com/article/its-official-america-now-enforces-capital-controls

Congratulations bankrupt America - you are now one step closer to a thoroughly non-free market.

[eddieisme]

I found this. It does look like BHO found another way to steal from us. I'm just glad I don't have a warka account.

H.R. 2487 - - The IRS Money Grab from Foreign Banks

IRS Money Grab: The Jaws of Death

Many times when there is a severe car accident people become trapped inside their vehicles, and the Emergency Medical Team (EMT) comes with the “Jaws of Life” to free them from the wreckage. In direct contrast to the liberating Jaws of Life are the sinister strategies of the financial pedophiles that run our government. They have manufactured a horribly cruel instrument, the Jaws of Death. When people are dying financially, economically, and in every other way possible in the U.S. today, instead of trying to save the country from a far greater depression than the Great Depression, our evil leaders with their Jaws of Death are going for the jugular from every possible angle.

H.R.2487 lurking in the shadows of H.I.R.E.

Here is our government’s latest lunge for the throat. This information comes from the Panama Investor Blog, written by H.T. Jorgen. On March 18, 2010, Obama passed a $17.5 billon stimulus act, H.R. 2487 - the Hiring Incentives to Restore Employment Act, cleverly and ironically abbreviated H.I.R.E. However, hidden ever so subtly in the HIRE package, on page 27, is an insidious mandate known as Offset Provisions – Subtitle A - - Foreign Account Tax Compliance. This whole Tax Compliance Provision was scripted in the name of catching tax evaders, but in truth, it is nothing more than a blatant money grab and a set up for the preemptive final take.

Before I get into the essentials within the Provision, as a way to verify the information, about a week ago I received a call from one of my radio listeners. He stated that he has a friend in Panama who told him that they have already been implementing these measures from HR 2487 there. They are now in the process of closing all United States accounts that aren’t exempt. I will address the exemptions soon. Without going through the subsections of the Provision specifically, quoting from Jorgen’s Blog, the “Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account holders to the US and the IRS. And should this Provision be deemed illegal by a given foreign nation’s domestic laws (think Switzerland), well, the foreign financial institution is required to close the account. It’s the law.”

Cronyism anyone?

In simple terms, if a U.S. citizen is holding an account in any foreign bank, when he/she withdraws any money from that account the foreign bank takes a 30% tax off the top and ships the bundle to Timmy Geithner and his Gestapo Goons at the IRS. The Provision, however, doesn’t contain all bad news. There are two bright rays of sunlight in the exemption section. At the end of page three we find those luminescent rays highlighting two categories of exemptions which will not be subjected to the financial pain and humiliation of the grab. The first exemption is, “Any foreign bank of issue,” and the second exemption is “any other class of persons identified by the Secretary (Geithner) for purposes of this subsection as posing a low risk of tax evasion.”

Low risk of tax evasion? Hmmm. Who determines that status? Guess who? - - Timmy (who had to be prompted to pay his income taxes) and the good ol’ boys club. It’s called cronyism, the greedy elitists’ disease that is decimating the entire world. If you are not fortunate enough to fall into one of these two privileged classes, the foreign bank is mandated by this provision from H.R. 2487, to reveal your name, address, account numbers, PIN numbers, gross receipts, gross withdrawals, and the aggregate value of all your accounts to the Secretary and to the IRS, along with the 30% tax grab of course. From that point on you are all set - - - up.

Warning - - the final 50% take

Speaking of being set up, in my latest article “Greatest Heist,” I mentioned Lindsey Williams and his contact with one of the global elite. This man told Williams that in 2010 our government is planning to go into everyone’s bank accounts, IRAs, and all other investments and take 30% to 50% of whatever is there. This invasive 30% tax grab Provision in H.R. 2487 is just a shot-across-the-bow foreshadowing and preparation for the final money grab. Here is their strategy.

They are killing a few birds here. First, they are nabbing all the so-called tax evaders with the 30% tax heist from foreign bank accounts. Then they are closing down those US accounts and forcing people back into the U.S. financial system. Once people are back in the US with their money they have no choice but to invest it in whatever financial instruments that are available, like annuities or Treasuries. Once they have you here in our financial system your electronic money goes into the Fed owned DTCC money pool, you are then set up for the kill, like a bunch of sedated rats in a cage, prime stooges for the final 50% take. Again, according to Lindsey Williams, it’s going to happen this year in 2010 - - the 50% take.

It’s time to escape

As I have said many times, these Wall Street, global elite, government scumbags are demons in human bodies. If they were to come upon a car accident and find you trapped inside a burning vehicle screaming for help, they would take out their Jaws of Death, crush the vehicle with you inside it, laugh hysterically, and drive away. There aren’t even words for these reptiles. You need to take a hard look at what they have done, what theyare doing, and what they are planning to do to you. Get your money out of financial institutions as soon as possible and buy food, gold, silver, have a little cash cushion, and get on the side lines. It is survival time. Get out while you can.

[Telabiz]

It is my understanding you arn't depositing in Ali's Bank , at cash in he is transfering to your bank . Don't see the Problem .

[ronscarpa]

Thanks for your posts and research ONERIGHTHAND and EDDIEISME...!

These two posts will allow us to better understand the contents and ramifications of this Bill.

That is, if we can understand legalese...............

Be Blessed,

RON

[onerighthand]

Ya well the average Joe is not supposed to understand it. Were just supposed to fall in line and take it. Don't forget to bend over first!

Always question authority is my Mantra!

Edited June 8, 2010 by onerighthand

[onerighthand]

I could be wrong and probably am, but I suspect they are taking our capital gains or taxes off the top and the balance will be computed later after they audit your bank accounts, and probably your refrigerator.

Always question authority!

Edited June 8, 2010 by onerighthand

[smurf1955]

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