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This could be a reason for RV delay


Don Paul
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November 10th, 2011

Starting January 1, 2012, Form 1099s will become a means of reporting

to the IRS the purchases of all goods and services including precious

metals such as gold coins and bullion.

Furthermore, the HIRE Act passed in April 2010, effective January

1, 2012, requires banks to withhold 30% of any dollars being

transferred/wired offshore to another country and remit it to

the IRS.

You can get it back when you file your tax return "IF" you tell

the IRS where it went and that you are paying taxes on it. And

banks cannot be held liable for making a mistake. Want to place a

$50,000 down payment on a property in Panama? You'd better wire

$75,000. Your daughter is on study-abroad and needs $4,000?

You'll need to send your daughter $6,000.

think about it...

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Is there a link to the article? Is there anything in it about foreigners abiding by the same rules, or will illegal aliens get a pass on this one too?

I think wiring limitations will apply across the board as long as the wire is initiated from the US. Not sure what other countries are imposing as capital controls, but wouldnt doubt broke countries would follow suit. Greece has an occurence of about 25% that dont pay tax, followed by 22% by Italy and Spain and Portugal hover around 19%...

Guess it would make you think to only cash in the country you plan to plant a flag on... but limiting any movement thereafter

What if you purchase something in another country?

Guess it will be your decision to declare when you come back, as you know the new customs reporting rules have changed dramatically.

Then you start the game from there...

Also new IRS rules state you must declare any accounts anywhere

From what I understand, US citizens are the only ones in the world that are taxed regardless where they live/work anywhere in the universe.

Ill quote Mr S Black :

"the United States is on a one-way collision course with its financial judgment day; the country long ago passed the historical point of no return-- the point at which it has to start borrowing money simply to pay interest on the money it has already borrowed.

Throughout history, countries that passed this point of no return soon defaulted on their debts, entered into extended periods of severe inflation, or both. This is nothing new-- the idea of a government going bankrupt is practically as old as the concept of government itself.

Along the way as they slide down the slippery slope of economic calamity, governments typically hit the accelerator by resorting to financial repression; rather than making the economy open and attractive to talented people and investment capital, they instead confiscate, inflate, and overregulate.

These tactics include oldies but goodies like civil asset forfeiture, capital controls, and a host of whacky new taxes. Like a Christmas Tree tax, for example.

Sumptuary laws (regulation and taxes over lifestyle habits) are quite common, dating back to the Renaissance period 'beard taxes'. If you wore a beard during the time of Peter the Great in Russia, or Henry VIII in England, you paid a tax to the government for the privilege.

There are many modern day equivalents of the beard tax-- taxes on cigarettes, mobile phones, vehicles, luxury goods, etc. We should expect the introduction of even more-- a national sales tax, an Internet tax, a carbon emissions tax, and a financial transactions tax.

After this, the next mind-boggling category of taxes that will be introduced are 'social taxes'. In other words, you get taxed on what everyone else is doing... like an anti-terrorism security tax, or better yet, national healthcare where you pay for other people to go to the doctor.

During the Tokugawa period in feudal Japan, they called this 'honto mononari'. Village peasants were taxed by the local daimyo on the basis of the entire village's rice yield for that season. Even if you didn't grow a single grain, you still paid.

Perhaps the most heinous forms of taxes to come, though, are asset taxes. And at roughly $5 trillion in total value, individual retirement accounts (IRAs) are the lowest hanging fruit that the federal government can grab.

It's not that far-fetched. Argentina has done it. Hungary and Ireland have done it. Even France passed a law last year authorizing the government to use pension fund assets to pay off its debts. And if you recall, the US Treasury raided public pensions this year to tide itself over during the budget debacle.

The next step will be for the government to nationalize a portion of IRA assets. They'll wait for a severe market downturn that wipes a huge chunk from most IRA accounts, blame capitalism for the failure, and then pass a law requiring that X% of IRA funds be held in the 'safety and security' of government debt. "

You really need to plan this out VERY CAREFULLY > FROM BEFORE WHERE AND WHEN YOU CASH IN because moving it from there will cost you dearly... just saying...

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will illegal aliens get a pass on this one too?

well, I doubt there are too many illegal alliens swimming across the border with extra Dinars in their jeans considering it takes 3-4 years savings to pay the coyote just to pass them across...

What if you purchase something in another country?

funny that now the question at the border isnt if youre carrying over 10,000 in cash, but 'any financial instrument'.... guess that was to cover the 50 dol face value of a gold eagle coin ... hehehe - cause if you didnt declare 10,000 or less in face value , thats a LOT of gold... like about 360,000 dollars worth at 1800 an ounce

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Ill quote Mr S Black :

The next step will be for the government to nationalize a portion of IRA assets. They'll wait for a severe market downturn that wipes a huge chunk from most IRA accounts, blame capitalism for the failure, and then pass a law requiring that X% of IRA funds be held in the 'safety and security' of government debt. "

The statements by Mr. Black are frightening. If that is where we are headed, I'm out of here! We can only hope the RV happens and it resets the world economies back to a more manageable load.

well, I doubt there are too many illegal alliens swimming across the border with extra Dinars in their jeans considering it takes 3-4 years savings to pay the coyote just to pass them across...

I meant illegals that work here and wire funds back home to their families in Mexico and other countries.

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On April 14, the President signed into law H.R. 4, "Small Business Paperwork Mandate Elimination Act." This law repeals the 1099 Legislation the onerous reporting requirement included in last year's health care law.

Don this has been repealed it was in the health care act. Here is the email we received from our PAC group. Sorry no link.

Below is the press release from the White House about H.R. 4

Starting January 1, 2012, Form 1099s will become a means of reporting

to the IRS the purchases of all goods and services including precious

metals such as gold coins and bullion.

The White House

Office of the Press Secretary

For Immediate Release

April 14, 2011

Statement by President Obama on H.R. 4

"Today, I was pleased to take another step to relieve unnecessary burdens on small businesses by signing H.R. 4 into law. Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork. I look forward to continuing to work with Congress to improve the tax credit policy in this legislation and I am eager to work with anyone with ideas about how we can make health care better or more affordable."

As far as Hire. Yes, most foreign countries will not even open an account with you once you tell them you are from the good old US of A

Edited by Abarvets
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