Posted on 04/03/2010 6:00:07 AM PDT by Candor7
When i see a bill like this i inevitably ask myself questions. In this case the first would be,who had input? This seems like a mistake with the potential for as we both said,a trade war so who decided the benefits outweighed the negatives? My second question comes off of the first and is,why do this if it was done with malice aforethought? The only conclusion i come up with is,assuming this was done knowing the potential fallout,is that our governments finances are far worse off than we know. Far worse than the rating agencies,our trade partners and those supporting us by buying our debt know as well.
The payments of bribes to the democrat party Permanent Government will be the only way to get waivers.
Australia is looking good about now.
Shifting their their hard earned resources so the socialist beast cannot detect it and find it and unconstitutionally seize assentsand render one a tax slave to the New Obama America, but still maintaining a presence and continuing unconventional resistence such as at Tea Party rallies and flipping the entire Congress and donating paypal or wire transfer to Conservative races in the primaries, is what a lot of these common sense Patriots are doing these days. They can fight Obama and his ilk from many nations of the earth, they dont have to physically be on US soil (though it helps).
There is a way around that.
We found no other countries in which we could own a gun so we decided to stay.
Okaka has been the best thing that ever happened to gun sales in our country.
CWII may happen or someone who hates him more than we do may cough up his birth certificate and other evidence that he isn't a U.S. Citizen.
God is still in control and I put my faith and trust in Him.
Touche! You might well have a point! What a blessing in disguise!
I saw this and was wondering how this can be enforced if one simply takes stock shares, bearer bonds, gold coins or any other readily negotiable asset across the border.
A liberal(?) comments on this thread article by Durden
as well as the new draconian Chapter 4 or the Internal Revenue Code.:
« Expatriation Slowdown | Main
April 01, 2010
USA: No Overt Capital Controls…Yet
Over the last week dozens of readers have sent me a link to an article with the provocative title of “It’s Official—America Now Enforces Capital Controls.” In the article, author Tyler Durden states that the Hiring Incentives to Restore Employment (HIRE) Act signed last month by President Obama “requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS.”
Mr. Durden is a terrific writer, and the series of articles he wrote analyzing the real causes of the crash of 2007-09 is the best explanation of these events I’ve read. However, his article on capital controls is highly misleading.
I wrote about the implications of the HIRE Act immediately after its enactment here. It’s a terrible law that will make it much more difficult for U.S. citizens to invest, do business, or even live outside the United States. But it doesn’t impose capital controls, although it’s an important step in this direction.
Along with requiring U.S. citizens and permanent residents to disclose a great deal more information about their offshore investments than they currently do, the law imposes a 30% withholding tax on certain types of U.S-source income and gross sales proceeds to foreign financial institutions (FFIs) and certain foreign non-financial entities (FNFE). The only way to avoid the tax is for the FFI or a “withholding agent” for the FNFE to enter into an information reporting agreement with the IRS. These rules become effective in 2013.
If entering into such an agreement violates foreign law…well, too bad. Indeed, the HIRE Act states that if a FFI refuses to enter into an agreement with the IRS, it must close all accounts owned by U.S. taxpayers.
So, the HIRE Act isn’t about capital controls, at least not directly. It’s about enforcing IRS rules. You can still have money offshore if you report it and pay tax on it. The challenge will be to find a bank that will let you open and maintain an account.
However, with this law, if the government ever imposes capital controls or foreign exchange controls, it will have a much more complete picture of assets U.S. taxpayers have stashed overseas. It could then try to force repatriation of these funds, although as a first step I believe the government will simply impose a tax on all outgoing capital flows, as Mr. Durden postulates. Fortunately, we’re not there...yet.
Nor is this type of withholding new. Numerous categories of U.S.-source income are already subject to a 30% withholding tax. This withholding can often be reduced or eliminated if a tax treaty exists between the United States and the country in which the recipient of the income resides. There’s also a 30% withholding tax imposed on U.S. source income and gross sales proceeds payable to FFIs if the FFI fails to sign a “qualified intermediary” (QI) agreement with the IRS. The QI rules have been in effect since 2001.
To recap, I think the main effect of the HIRE Act will be to make offshore financial services much more difficult for U.S. citizens and permanent residents to obtain. It will also isolate the United States economically. That has important consequences for the U.S. dollar and the market for U.S. Treasury debt. Even without this law, the Treasury is already having problems finding buyers for the gargantuan U.S. budget deficit, as Eric Roseman recently described here.
One final note: if the U.S. government ever imposes foreign exchange or capital controls, it will be in response to overwhelming popular demand. Those with investments outside the United States, or outside the U.S. dollar, will be labeled “greedy unpatriotic speculators.” The average Joe will believe the media hype and political posturing, and thus be manipulated into supporting them.
That’s what happened in Venezuela. And it could happen in “Amerika,” as well.
Copyright © 2010 by Mark Nestmann
Source:
You can into sone countries take an unlimited amount of bullion. IN most countries you enter, you are llinited to cash and negotiableinstruments of $10,000 USD or less, or you must declare. Ify9u try to depost a cash or such negotiable instruments at a bank in excess of ten grand, they will refuse to take it without a customs declaration form.
One can electronically transfer millions of bucks across national boundaries between banks without ANY of this problem. Go figure.
Should have been done the very first thing when he announced his intent of running as many of us requested. TOOOOO late now!!!
“...Every day something evil pops out of BO. He wants to control every aspect of our lives.
When will it stop????...”
January 20, 2013. That’s when Sarah Palin will take the Oath of Office.
But let’s hope that it’ll end a lot sooner than that.
RISE UP AMERICA!!!
LIFE IS TOO SWEET TO WASTE!!!!
CALL TO ARMS!!! ALERT THE MILITIA!
ONE IF BY LAND, TWO IF BY SEA!!! THREE IF BY SEDITION!!!
So before you go looking for a better country, don't forget that it's our job to first protect this one. And if it's broken, it's up to us to fix it.
We WILL fix it. Count on it.
Keep your powder dry.
Fascism
Strict regulation and control of the economy by the regime through some form of corporatist economic planning in which the legal forms of private ownership of industry are nominally preserved but in which both workers and capitalists are obliged to submit their plans and objectives to the most detailed state regulation and extensive wage and price controls, which are designed to insure the priority of the political leadership’s objectives over the private economic interests of the citizenry. Therefore under fascism most of the more important markets are allowed to operate only in a non-competitive, cartelized, and governmentally “rigged” fashion.
See also: http://www.econlib.org/library/Enc/Fascism.html
They’re on a spending spree with a maxed-out credit card and know they need to confiscate every source of cash they can. Witness the seizing of the student loan industry: now that “free money” interest is theirs for the general fund.
Fascism is here. I just now figured out the difference between communism and fascism: the former seizes private industry as a matter of principle; the latter out of financial desperation. Guess which we face now.
Will we wait for them to come for us?
I don’t have much, but what I have is free and clear.
I will fight them to the death.
If one declared the face value of the gold coins, which is significantly less than their actual value I don’t know how the Feds could do anything.
Going to the new tax code itself, it sounds like this applies to accounts in the USA (as with a Swiss bank that does business in the USA). There is no means other than treaty or war to do it otherwise, any more than Canada can force the closure of my personal bank account with a United States bank.
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