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NO NEW TAXES

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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!

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HR 755 was Sponsored by Representative Jeff Davis [R-KY 4]........This bill was not sponsored by a Democrat, but rather a Republican....Link: www.govtrack.us/congress/bill.xpd?bill=h110-755

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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!

Although I thought most people knew this...

My sister works for the IRS and she confirms that as of now, the only Tax the applies to our investment is Capital Gains Tax. If your investment is under 1 year, you will pay 30% in taxes. If your investment is over 1 year old, you will pay 15% in taxes. Umm...Hmm...

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Although I thought most people knew this...

My sister works for the IRS and she confirms that as of now, the only Tax the applies to our investment is Capital Gains Tax. If your investment is under 1 year, you will pay 30% in taxes. If your investment is over 1 year old, you will pay 15% in taxes. Umm...Hmm...

I have a question how will they know if i have had my investment for 2 months or 6 months or a year or even 7 years.

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I have a question how will they know if i have had my investment for 2 months or 6 months or a year or even 7 years.

Mike1, That is why it is Critical that you have your receipts of your purchses. If you have no receipts, the IRS will tax you at the higher rate. Umm...Hmm...

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I love DR. RON PAUL. He is our answer to the Fed and the IRS, which he will abolish if elected. HELP US ALL BY VOTING FOR HIM.

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Dang! And I thought this was going to be an Obama thread. :lol:

LOL. And I thought it sounded more like George H.W. Bush......"Read my lips......" :lol: But the post is correct. There is nothing pending. It's just more pumper B.S.

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I love DR. RON PAUL. He is our answer to the Fed and the IRS, which he will abolish if elected. HELP US ALL BY VOTING FOR HIM.

If he wins I'll vote him.

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LOL. And I thought it sounded more like George H.W. Bush......"Read my lips......" :lol: But the post is correct. There is nothing pending. It's just more pumper B.S.

Legotlas, to the contrary, I thought it was about OBAMA: WE NEED CHANGE, MORE TAXES, MORE TAXIES, HIGHER TAXES TO COVER MY BIG BOO-BOO!

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Legotlas, to the contrary, I thought it was about OBAMA: WE NEED CHANGE, MORE TAXES, MORE TAXIES, HIGHER TAXES TO COVER MY BIG BOO-BOO!

The Streets of Chicago, New York, etc...already are flooded with too many taxies, we don't need anymore stinking taxies. Just kidding!

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Thanks for clearing up the 30% capitol tax gain. I thought it was 35%, but any % helps and I will take it.

To add GID has your history of purchases on your account, if you made one out when you fisrt ordered. I don't know about any of the rest of them. For me I would used that as my reciept. Plus I have bought some at the currency exchangers in Dubai and they given me a receipt. GO RV!!!

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HR 755 was Sponsored by Representative Jeff Davis [R-KY 4]........This bill was not sponsored by a Democrat, but rather a Republican....Link: www.govtrack.us/congress/bill.xpd?bill=h110-755

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."

Although I thought most people knew this...

My sister works for the IRS and she confirms that as of now, the only Tax the applies to our investment is Capital Gains Tax. If your investment is under 1 year, you will pay 30% in taxes. If your investment is over 1 year old, you will pay 15% in taxes. Umm...Hmm...

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.

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I agree with deerslayer, lets rv first then worry about taxes, because what ever the tax is you wont care to pay it.

Being ignorant on what one's tax liability could be is not the route for me. As I stated earlier, knowing what the potential tax bill can be if I do nothing to protect my "wealth" will be costly. I know how many dinars I hold and that amount multiplied by the probable rate gives me an idea of what I will gain even if it is pre Rv. I don't want to be paying out a 15 to 35% taxes on my profits, so I am making plans Pre-Rv so that I will be prepared ahead of time.

With regards to the remark - "Whatever the tax is you won't care to pay it" Are you kidding me??? If your Rv profit is a short term cap-gain rate - you will most likely pay $350K per million. So however many million your dinar is worth just multiply 350K by the number. No, most people want to shelter their Rv profits that is why all the Dinar Websites are offering Wealth Protection Seminars.

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