Government now has their hands in your FOREIGN bank accounts.
- Thread starter peilthetraveler
- Start date
A copy of the law is available here.
It is confusing and I think it can impose an additional tax on a non-complying foreign bank or other payor. On the other hand, if the bank complies and payments are appropriately withheld upon, I believe those amounts are simple withholding and treated as advance payments of tax that are credited against amounts due when you pay your taxes. That is, there are no additional taxes, just withholding to ensure compliance with the current law. I don't think the collection of taxes that are otherwise due are typically thought of as "capital controls."
I'm talking more about just maintaining assets overseas that the USG doesn't know about, for hedging against a Doomsday scenario or collapse into dictatorship (since fretting about such scenarios is very popular here on ET). If you have to actually call on those assets, presumably you'll have fled overseas and won't be worrying about getting dinged with a tax bill. More along the lines of making sure that your foreign accounts won't be auto-drained by Uncle Sam without your knowledge.
Those of you that thought you would sneak your money out of the country.
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First of all, this is old news. It started with the Patriot Act. "Sneaking" money out of the country is a old street tale.
There are areas where less "Info" was given out.....however that has all changed in the last 5 years or so.
The most popular place for the Wealth (Clients of mine) was Liechtenstien. For one reason and one reason only, they were very secretive once the deposit was made and would not give out any account info other to the holder. That has changed. However, Liechtenstien has very low taxes, so if you can create a shell in Lichenstien, that was the attraction....of course, rules changed on that as well.
The "Tax Shelters" that the old school street stories were about are all gone.
It amazes me how many people are so gulliable as to fall for the idea that a "True Tax Shelter" ever existed. All money, income, dividins, interest is taxable... no way around that unless you get involved in the Tax Act of 85, here in the US , the rules on the books keep't in place by Regan. That is LAW and includes Oil and Gas, Race Horses, and some REITS, as 100% write off against Gross Income.
Some states, like Texas have AGI Tax Exemptions...some many, including me, bought 5 plus acres of land...have some "Live Stock", nonthing huge....and your excempt from Taxation on that land. Many more wealthy are doing that, buying land tracks of 5 plus acreage, near water, river, streams, etc, ....putting some goats, a few chicken and keeping the land for appreaction value.
I've gained 20% in less than a year and a half, in one of the worst recessions on record.
There are Plenty of ways to make money, make more money legally. There are no short cuts.
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First of all, this is old news. It started with the Patriot Act. "Sneaking" money out of the country is a old street tale.
There are areas where less "Info" was given out.....however that has all changed in the last 5 years or so.
The most popular place for the Wealth (Clients of mine) was Liechtenstien. For one reason and one reason only, they were very secretive once the deposit was made and would not give out any account info other to the holder. That has changed. However, Liechtenstien has very low taxes, so if you can create a shell in Lichenstien, that was the attraction....of course, rules changed on that as well.
The "Tax Shelters" that the old school street stories were about are all gone.
It amazes me how many people are so gulliable as to fall for the idea that a "True Tax Shelter" ever existed. All money, income, dividins, interest is taxable... no way around that unless you get involved in the Tax Act of 85, here in the US , the rules on the books keep't in place by Regan. That is LAW and includes Oil and Gas, Race Horses, and some REITS, as 100% write off against Gross Income.
Some states, like Texas have AGI Tax Exemptions...some many, including me, bought 5 plus acres of land...have some "Live Stock", nonthing huge....and your excempt from Taxation on that land. Many more wealthy are doing that, buying land tracks of 5 plus acreage, near water, river, streams, etc, ....putting some goats, a few chicken and keeping the land for appreaction value.
I've gained 20% in less than a year and a half, in one of the worst recessions on record.
There are Plenty of ways to make money, make more money legally. There are no short cuts.
For those with serious money who use and know about tax havens the Government is still unlikey to uncover many.
What is currently happening is that so many who just hid untaxed money in a tax haven bank account in their own personal name were asking to get caught. Accordingly, as a propaganda campaign the Government here is hauling all these people into their net and levying tax on their monies. The Government by its own making is trillions in debt and it is an excellent diversion to go after alleged tax cheats. But the gain in any extra tax collected from this diversion will have no real impact at all on the trillions of Government debt.
Trading in stocks and futures can be done anywhere, here in the US or in many other commendable places not in the US. And you will certainly be using a corporate or trust vehicle in the process of establishing legal tax avoidance. The process of doing all this has many options and it is too detailed to post but nor would I want to set out even the main details.
So if you're going to make yourself rich you are going to incur heavy taxation. And sooner or later you will want to do something to reduce or stop paying all that tax.
What is currently happening is that so many who just hid untaxed money in a tax haven bank account in their own personal name were asking to get caught. Accordingly, as a propaganda campaign the Government here is hauling all these people into their net and levying tax on their monies. The Government by its own making is trillions in debt and it is an excellent diversion to go after alleged tax cheats. But the gain in any extra tax collected from this diversion will have no real impact at all on the trillions of Government debt.
Trading in stocks and futures can be done anywhere, here in the US or in many other commendable places not in the US. And you will certainly be using a corporate or trust vehicle in the process of establishing legal tax avoidance. The process of doing all this has many options and it is too detailed to post but nor would I want to set out even the main details.
So if you're going to make yourself rich you are going to incur heavy taxation. And sooner or later you will want to do something to reduce or stop paying all that tax.