Cashing in, in another country

[Scortch]

Doesn't the U.S. govt. consider any profit you make taxable income, no matter where you cash in?

For instance, I cashed in in Canada and opened a canadian bank account to draw from.

[Kanga]

Absolutely! There are strategic ways for tax avoidance that one can find in the VIP section. There is also great information in the wealth preservation and tax forum.

Do not attempt Tax evasion as you may end up with Bubba as your new room mate where the only places that you see along ways is through iron bars. :P

[tennesseem]

NICE TRY!

[Mythyme]

As a Canadian, I'm interested to know which bank allowed you to cash in for Can$$ and at what price?

Thank you.

[Theflyingbird]

Absolutely! There are strategic ways for tax avoidance that one can find in the VIP section. There is also great information in the wealth preservation and tax forum.

Do not attempt Tax evasion as you may end up with Bubba as your new room mate where the only places that you see along ways is through iron bars. :P

I don't think any of us wanna meet Bubba. That sounds like a bad nightmare.

[TexasFisherman]

Why not just pay our taxes and help our country and countrymen. I plan on paying mine. America is too great a country to try to cheat even if I could. I'll still have plenty left to do what I want.

Then have one heck of an AFTER PARTY. Might even invite Warren Buffet.

[debbieb40]

Absolutely! There are strategic ways for tax avoidance that one can find in the VIP section. There is also great information in the wealth preservation and tax forum.

Do not attempt Tax evasion as you may end up with Bubba as your new room mate where the only places that you see along ways is through iron bars. :P

that is for sure. We are taxed no matter where we cash in. good to ask and thank you for the good question

[NonLinear]

Why not just pay our taxes and help our country and countrymen.

/quote]

Why stop there?

The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke(pictured to the left), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning:

What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious — the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.

To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only� $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is “only� $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.

In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.

“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.� – Bernie Sanders(I-VT)

When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.

Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses will eventually plunder the world economy.

The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..

Citigroup: $2.5 trillion ($2,500,000,000,000)

Morgan Stanley: $2.04 trillion ($2,040,000,000,000)

Merrill Lynch: $1.949 trillion ($1,949,000,000,000)

Bank of America: $1.344 trillion ($1,344,000,000,000)

Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)

Bear Sterns: $853 billion ($853,000,000,000)

Goldman Sachs: $814 billion ($814,000,000,000)

Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)

JP Morgan Chase: $391 billion ($391,000,000,000)

Deutsche Bank (Germany): $354 billion ($354,000,000,000)

UBS (Switzerland): $287 billion ($287,000,000,000)

Credit Suisse (Switzerland): $262 billion ($262,000,000,000)

Lehman Brothers: $183 billion ($183,000,000,000)

Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)

BNP Paribas (France): $175 billion ($175,000,000,000)

and many many more including banks in Belgium of all places

View the 266-page GAO audit of the Federal Reserve(July 21st, 2011):

Source:

FULL PDF on GAO server:

Senator Sander’s Article: http://sanders.senate.gov/newsroom/n...3-62060dcbb3c3http://www.gao.gov/new.items/d11696.pdfhttp://www.gao.gov/products/GAO-11-696http://www.scribd.com/doc/60553686/G...-Investigationhttp://sanders.senate.gov/newsroom/n...3-62060dcbb3c3

[inwest]

There is reciprocity between the US and many countries so bank deposits are reported to the US by the country where you open the account. Since the downturn in the US economy the IRS has actively been "encouraging" countries to repeal their laws that protected the identify of depositors at their banks. A good example is Panama which had long standing laws to protect the identy of depositors. Now if you deposit money in a Panamanian bank your account will be open for inspection by the IRS. There are few places to hide and no place is 100% safe. I question whether you will do jail time but with taxes and penalties there might not be much left after the IRS is done.

[sandyf]

There is reciprocity between the US and many countries so bank deposits are reported to the US by the country where you open the account. Since the downturn in the US economy the IRS has actively been "encouraging" countries to repeal their laws that protected the identify of depositors at their banks. A good example is Panama which had long standing laws to protect the identy of depositors. Now if you deposit money in a Panamanian bank your account will be open for inspection by the IRS. There are few places to hide and no place is 100% safe. I question whether you will do jail time but with taxes and penalties there might not be much left after the IRS is done.

As an American citizen you will be lucky to get an overseas account. Banks do not want the paperwork involved so they are closing down accounts.

[Scortch]

Oh, believe me, it wasn't a question intended to try and avoid taxation. It was just something that came to mind in reading all sorts of stufff on taxes and whatnot.

I don't need any trouble. I just want to cash in and pay my taxes and reap the rewards of a long term investment. I can't afford some of the strategizes mentioned here to MINIMIZE taxes as I am on disability and a very tight budget. My investment came from a time I could afford the investment.

Thanks for the answers and clarifications. I pretty much figured it was the case that countries worked with the US. It was still a curious idea.