It's Official - America Now Enforces Capital Controls (The Obama Fascists destroy Investing)

Zero Hedge ^ | 3/28/2010 | Tyler Durden

[Kay Ludlow]

But they forget a few things...

... We're armed to the teeth ;-)

[spaced]

“Does this mean that the money in my Canadian savings account, which was taxed by the IRS when I earned it, is now subject to an additional 30% tax when I withdraw funds?”

Probably not. Canada does not have banking privacy laws. Although US citizens with funds out of the country are required to report if the total is over $10k, this is an attempt to make foreign banks report that information as well. It’s really about control and will affect middle class expats as well as the jet-setters.

[luvie]

The mattress is sounding like the better alternative for my money every day.
November can’t come too soon!

[Son House]

Yep, that’s what I say, hold your ground! The truth will bear out, along with a few more folks finding out how miserable Socialism is. We’re the ones best prepared and informed.

[Bruinator]

It appears as if it is just on the earnings of that money.

[tsmith130]

By tax treaty. We have reciprocal enforcement treaties with most nations except a very few.

Ah...thanks. I googled 'Tax Treaties' and the first hit is an IRS page that lists of all the countries.

[Candor7]

Yep!

You got it.

Its called “witholding”

[riri]

That source link is excellent, thanks for posting the link.

[orinoco]

Good summary! I like your optimism. We must defeat tyranny here in the U.S.A.. We must continue to organize, fight hard and be patient.

The Progressive/socialists took a hundred years to get to where they are now. We are on to them now and we can turn back to our Constitution in a short time. It can be done quickly first by electing Constitutional conservatives to federal and state Congresses and then by appointing judges and Justices to the Courts who will interpret the Constitution and not legislate from the bench.

[wiggen]

I doubt it but they will hold onto your cash if you attempt to move it until they’re sure its not subject to further taxes.
What i get out of this is the daily flow of American capital held by individuals will,on a daily basis,be subject to 30% withholding which may or may not be kept by the govt depending on its tax liability if any. The results are twofold (though with many many ramifications).
First,the govt will show way more cash on their books thus hiding their own poor finances. It will cycle through on a daily basis and we’re probably talking significant funds.
Second they will be discouraging Americans from having funds in foreign banks which is tantamount to a trade war. If Americans pull their cash from these banks then those banks will see their tier one or equivalent measure fall.
How would our government react if measure like these were enacted overseas? If the Saudis decided on special taxes for holdings in foreign countries so all those princes started dumping American stocks? This feels extremely isolationist to me.

[BP2]

Obama's Redistribution of Wealth Checklist:

✔ Get Swiss to divulge secret bank accounts in 2009
✔ Bring back Estate Tax to all Americans in 2011
✔ Pass ObamaCare to Socialize the Health Industry in 2014
✔ Prohibit the of movement of American assets in 2014
__ Pass Cap & Trade (via Congress or Executive Order)
__ Pass Amnesty ...

[dcgst4]

Peter Schiff has been warning about this stuff for years. Damn sad. But even more sad is that you can bet the Republicans won’t do anything about it when they get in. Below is Peter’s latest vlog. Tell me it’s not scary that people are leaving the U.S. to FIND opportunity!!!

http://www.youtube.com/watch?v=KR8CLPUS5Y0

[Ghost of Philip Marlowe]

Who would ever have thought that tyranny would be implemented with such high-sounding, super-educated, legalistic language.

[ecomcon]

The Secretary can issue waivers to certain favored fatcats. The government chooses the winners from now on.

Fascism.

[GILTN1stborn]

Thanks for the pep talk

[ecomcon]

The prohibition of the movement of assets.

Next comes prohibition of movement through cap and tax.

[narses]

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[Tigerized]

Good summary! I like your optimism.

Thanks. Optimism, nothing! We simply don't have a choice! Are we gonna turn our country over to a bunch of leftists without a whimper? And where will the freedom seeking people of the world go in search of liberty, if America fails?

Americans have never stood still for being bullied and pushed around. By anyone. Hopefully, there's still a few of us left who appreciate our birthright of liberty, bought and paid for with the blood and lives of our forefathers.

We owe it to them, and future generations, to preserve it for ourselves and our heirs. Anything less is a sure path to slavery, as many of the oppressed in others countries have discovered.

[raybbr]

The results are twofold (though with many many ramifications). First,the govt will show way more cash on their books thus hiding their own poor finances. It will cycle through on a daily basis and we’re probably talking significant funds.

Exactly. There is absolutely nothing different about this compared to what Enron did. Cooking the books to make it look better to prop up bond sales. After these taxed kick in look for them to shout, "Look the deficit is going down." without any explanation. Or, at least, they will try to hide what they are doing. It's designed to show fiscal improvement by November.

These people are criminals in every sense of the word.

[Oldexpat]

Capital controls always work in disfavor of the banana republic who imposes them. Capital stays away. There are still many ways to secret money overseas. Risky, but identifying the beneficial owner of many assets is difficult. Once in place, they effectively block the flow of capital into the country.