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By ronscarpa
Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON
*** Frank26 [Q? : What if they show you the new 'samples' [of the new small category notes]?] ...you will be inches away from what you want.
*** BobTheTaxMan Estate [taxes] right now it's wonderful. If they leave the stepped up basis alone which it seems to be hinting that they are going to leave it alone then if you're holding IQD in your estate and you pass on and your kids pick up that IQD they can exchange it tax free. However, we don't know for sure that's what's going to happen because this is still in the throes of the government...(NOTE: President Biden plans to dramatically change the tax laws that will impact dinar investors in a big way if/when an RV/RI/Rate change should happen...)
*** Desert Advisor 10% of the world's phosphate in Iraq. Huge amounts of it. But it just came out a few days ago Article: "7 billion weighted tons and 2 billion confirmed...Phosphate rocks in Western Iraq are waiting investment" Quote: "The total resources of the Iraqi deposits are estimated at 9.5 billion metric tons." How much is 1 metric ton worth? "$245 to $388 for a metric ton. Let's do some math, if it's around $300 for a metric ton an Iraq has 9 billion of them...you're telling me Iraq has 2 quadrillion dollars worth of phosphate in the ground? That's pretty cool...it's now being attracted for investors. Come mine it. Come get it out of the ground y'all..!
*** Pimpy This is my opinion, my opinion only as they continue to rebuild they're going to need a much stronger currency but right now I think what they're trying to do is figure out how to just manage the budget, which they're doing, implement the white paper reforms, all the things that need to be done for them to get on solid ground, which they will, but once that starts to happen and it looks like they're definitely heading in the right direction, they're going to have to change the value of their currency. It has to start increasing in value... I think it's going to go up in increments...quickly over time...
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By ronscarpa
Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON
** BobTheTaxMan [Exchange tax scenario] You've got the IQD in your hot little hand...you run to the bank or an exchange location of some kind. You hand them the IQD, they hand you dollars... Yay hallelujah! You're automatically exposed to ordinary income taxes...if it's under $400,000 it's going to be treated exactly the way it has been under the Trump Administration but when you get over that $400K mark it's a new ballgame...(Post 1 of 2)...
** BobTheTaxMan You lose more on schedule A. You have a higher tax bracket. If you hit that million mark and particularly the 5 million mark in your exchange they whack the heck out of you. And now plant your butt in California and see what it does. I did a calculation today - 60 some odd percent between the fed and the state. 60%. [Note: At the appropriate time consult your tax professionals to create a tax strategy that's right for your unique circumstances]..(Post 2 of 2)..
Happy Thursday...Be Blessed...RON
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By ronscarpa
Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON
*** Pimpy Article: "In preparation for the upcoming Baghdad conference, the formation of a ministerial committee that includes Iraq, Jordan and France" Looks like Iraq is going to be hosting yet again another type of conference in Baghdad. This is good. They're networking with other nations. This is what you want - to start getting out back on the international scene which is important to strengthen their economy. We know what happens if your economy is strong, well so is your currency...
*** Desert Advisor You probably realize Iraq is still .0006 as an exchange rate compared to the dollar and all the other countries [In the region] so...they need a strong foundation when it comes to their economy and how's that going to happen? First off they need to make sure they they make the right connections. So who are they talking to? Article: "Al-Kazemi's government signs the two largest contracts that will put Iraq in the category of the largest energy sources in the Middle East".
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By ronscarpa
Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON
** Frank26 Article: "Al-Amiri promises the "Lord of the Land" a promising plan and pledges to end the "occupation of the dinar" Quote: "the plan includes the development of the industrial and banking sectors, accompanied by the practical sovereignty of the national product," pledging to "end the external occupation of the Iraqi dinar by certain and specific countries." THE NATIONAL PRODUCT ... IS THE NATION’S CURRENCY
...THIS POLITICIAN IS SAYING THE CBI IS NOW IN TOTAL CONTROL OF ITS NATION'S CURRENCY ...NO ONE OUTSIDE OF IRAQ NO LONGER HAS CONTROL OF THE CBI AND THE IQD!!!
** BobTheTaxMan Keeping your taxes as low as possible saves you money...Cashing in - my suggestion if you have just a small amount of IQD just cash in enough to meet your goals. You want to reduce those taxes as much as possible. [for example] I'm gonna say $1 just for a number...I think it's gonna be lower than that but for calculation purposes I'm gonna say $1. Lest say it does come at $1 and let's say you've got 2 million IQD. If you run off and cash that in, remember, you bumped over that $400,000 mark, you also got that extra 3% tagged on there and you got the state coming after you as well. You lost...(Post 1 of 2)..
** BobTheTaxMan ...only cash in just enough to take care of the things you want to get done, to get some professional help and if you're going to buy a home, borrow the money. Borrow it. Believe me the interest rates are a heck of a lot lower than the taxes are by a long shot. And then when you do cash in pay the freaking taxes...Pay those taxes immediately. You don't need to have...the IRS show up. And then what happens? All those things that you bought have to be sold in order to satisfy a tax liability. (Post 2 of 2)..(Note: At the appropriate time consult your tax professionals to create a tax strategy that's right for your unique circumstances and consult your financial advisor before making major financial decisions.)
** Frank26 There are no 800 numbers, although... wouldn't it be something if the United States Treasury was to put out an 800 number to help you exchange your dinars. If I was the US treasury I would do that, 'Call me Mr. and Mrs dinar holder...I'll tell you what bank to go to.' The U.S. Treasury is going to be so desperate to help Joseph Biden because he's spending money left and right...if you want to exchange in an American bank go for it. In a bank outside of the United States of America, go for it, it's your prerogative. (Note: Consult your tax professional and always pay your taxes.)
** Pimpy Article: "Vietnam dong seen weakening next year on deficit, FDI-HSBC Vietnam" They think the Vietnam dong next year is going to lose some of its value. Wow. How much? Quote: "Vietnam dong's currency is expected to weaken too 23,000 per U.S. dollar from 22,700 currency..." Vietnam they're slowing down just a little bit...they were doing really good. They were really rocking and rolling but they just had gotten hit by the coronavirus and it looks like the corona is doing the damage that it was doing to the rest of the countries...
** Kaperoni From time to time people ask me why they just don't float the currency now? Part of the reason is because this is on Iraq's time table...But most importantly, Iraq needs to create the engine to drive the economy forward first and foremost. Once they do they can float the currency and let market forces dictate the rate. That engine is a process of passing laws, creating a suitable business environment, and encouraging a diverse diverse market economy. Be assured everything Iraq is doing is being watched by professional organizations such as the IMF and World Bank.
Good Night Everyone ... Blessings ... RON
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By ronscarpa
Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq. RON
** Frank26 ** It is extremely close IMO and I think all of you agree with that...I believe that when it goes intentionally it has a chance to be a very very interesting rate.
** Pimpy ** I spoke about this before, I said Iraq didn't just have oil they discovered the second largest gold deposit found in Iraq and no body is mining it right now. The gold is close to the surface of the Earth which makes it real inexpensive to mine. What I'm monitoring is which company wins the opportunity to go into Iraq and start mining for gold because that's one I definitely want to invest in...Investing in Iraq is a good deal.
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