Why you shouldn't trade Forex

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Patch
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Postby Patch » Wed Nov 25, 2009 3:41 am

I wonder how many billions the president bribed the Swiss bankers with to turn over their list of US account holders.

Democracy cannot survive in the absence of morality, simply knowing right from wrong.
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby jhtumblin » Wed Nov 25, 2009 5:50 am

I wonder how many billions the president bribed the Swiss bankers with to turn over their list of US account holders.


Not possible Patch and thank goodness too. If any information about Swiss account holders were ever leaked, Switzerland would be ruined literally. Banking is their golden goose, and money from everywhere in the world is housed there. Even the most hated terrorist organizations can safely hold funds in Swiss banks without worry. If WWIII broke out....Switzerland is the place I would want to be, safest place in the world.

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Postby dragon33 » Wed Nov 25, 2009 6:15 pm

noone22 wrote:If I were in USA, I would then consider either of 2:

1) opening offshore company and trade from its account,
virtually paying no taxes at all

2) open trading account with Swiss or Dutch broker,
and not declaring this income to US taxman
(assuming that he wouldn't ever find out)

Giving away more than 50% - it's a Middleage robbery on the open road.


That's right here in Belgium we don't have to pay tax at all on trading.
But we pay 52% tax on our income from our daily job.
Trading is like cycling, first you need to learn how.
Two options: you either lose or win!

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Postby TheRumpledOne » Wed Nov 25, 2009 6:34 pm

We are all 21st Century Slaves.

Government around the world needs to be disassembled.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Postby Humble » Thu Nov 26, 2009 3:56 am

Hey dragon, you're going to be laughing when you change from your day job to full time trading!
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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Postby dragon33 » Thu Nov 26, 2009 5:19 pm

Humble wrote:Hey dragon, you're going to be laughing when you change from your day job to full time trading!


If that happens i have to pay taxes on my savings! When we in Belgium have enough savings we pay taxes on it.
It is everywhere the same. Here in Belgium we pay tax on our job and still we want to save some money. If we have saved enough we pay taxes if the interest exceeds 1664 euro (between 12 and 20%).

Yes it will be fun changing from daily job to fulltime trader. I keep at least 30% more the i do now. Only the returns are much bigger.
Trading is like cycling, first you need to learn how.

Two options: you either lose or win!

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Postby Patch » Thu Nov 26, 2009 10:50 pm

jhtumblin

The Swiss vail has been pierced, and the flood is coming. Below is a quote from the URL at the beginning. I first read about this on Drudge Report and I highly recommend it for anyone interested in breaking news: http://www.drudgereport.com/

We are living in a critical time of the dumbing down of America. It is time for all free people to stand against this present tyranny. For freedom and liberty to expand and grow, the government needs to recede and shrink.

May God Protect America,

Patch
In VA USA

http://savestanton.com/overseas-bank-ac ... searching/
Brother is Searching
Published: Sep 12th, 2009 | Author: ardhi Add Comment

Let?s say you have an overseas bank account, and you are trying to hide money from the federal government. You are now between a rock and a hard place. For years, you could depend on foreign banks keeping your account a secret from all interested governments. For decades our government tried to pierce the veil of these secret accounts, and for years the government failed in its quest, until now that is. The IRS has successfully taken the Union Bank of Switzerland better known as UBS to court in an effort to force the big bank to disclose the names of American citizens maintaining overseas bank accounts, to the American government.

Tens of thousands of Americans illegally maintain overseas bank account(s). What makes such an account illegal is its non-disclosure to the federal government. On your tax form there is a sentence with a box that clearly states, do you maintain an overseas bank account. If you do, and you don?t check the box, you are in violation. There are hundreds of thousands of Americans with such accounts that do disclose their existence to the IRS and properly report any income arising from such accounts.

In a surprise turn of events, UBS has agreed to give up the names of several hundred of these illegal account holders, which the bank believes are guilty of criminal behavior, to the IRS. You are making a big bet if you are a holder of an overseas bank account. The number of Americans having such accounts are in the range of 50,000 plus. The bank is giving up 250 accounts to start begin with. Is your name in that 250, or are you in the remaining 50,000? That?s the bet you are making, whether you realize it or not.
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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THE VAIL BROKEN

Postby Patch » Thu Nov 26, 2009 10:50 pm

jhtumblin

The Swiss vail has been pierced, and the flood is coming. Below is a quote from the URL at the beginning. I first read about this on Drudge Report and I highly recommend it for anyone interested in breaking news: http://www.drudgereport.com/

We are living in a critical time of the dumbing down of America. It is time for all free people to stand against this present tyranny. For freedom and liberty to thrive and grow, the government must recede and shrink to its prescribed powers specifically listed in the US Constitution.

May God Protect America,

Patch
In VA USA

http://savestanton.com/overseas-bank-ac ... searching/
Overseas Bank Account - Big Brother is Searching
Published: Sep 12th, 2009 | Author: ardhi Add Comment

Let?s say you have an overseas bank account, and you are trying to hide money from the federal government. You are now between a rock and a hard place. For years, you could depend on foreign banks keeping your account a secret from all interested governments. For decades our government tried to pierce the veil of these secret accounts, and for years the government failed in its quest, until now that is. The IRS has successfully taken the Union Bank of Switzerland better known as UBS to court in an effort to force the big bank to disclose the names of American citizens maintaining overseas bank accounts, to the American government.

Tens of thousands of Americans illegally maintain overseas bank account(s). What makes such an account illegal is its non-disclosure to the federal government. On your tax form there is a sentence with a box that clearly states, do you maintain an overseas bank account. If you do, and you don?t check the box, you are in violation. There are hundreds of thousands of Americans with such accounts that do disclose their existence to the IRS and properly report any income arising from such accounts.

In a surprise turn of events, UBS has agreed to give up the names of several hundred of these illegal account holders, which the bank believes are guilty of criminal behavior, to the IRS. You are making a big bet if you are a holder of an overseas bank account. The number of Americans having such accounts are in the range of 50,000 plus. The bank is giving up 250 accounts to start begin with. Is your name in that 250, or are you in the remaining 50,000? That?s the bet you are making, whether you realize it or not.
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby Humble » Fri Nov 27, 2009 12:54 am

dragon33 wrote: Yes it will be fun changing from daily job to fulltime trader. I keep at least 30% more the i do now. Only the returns are much bigger.


I wish you every success. We have to pay tax on interest earned on our savings, regardless of how much. That's the attraction for us of shares (stocks) as per my post on the 1st page. Real Estate also has tax advantages, but not savings.
Is price closing higher or lower than something? Simple yet powerful question. ..MO

jhtumblin
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Postby jhtumblin » Fri Nov 27, 2009 8:51 am

The Swiss vail has been pierced, and the flood is coming. Below is a quote from the URL at the beginning. I first read about this on Drudge Report and I highly recommend it for anyone interested in breaking news: http://www.drudgereport.com/

We are living in a critical time of the dumbing down of America. It is time for all free people to stand against this present tyranny. For freedom and liberty to expand and grow, the government needs to recede and shrink.

May God Protect America,

Patch
In VA USA

http://savestanton.com/overseas-bank-ac ... searching/
Brother is Searching
Published: Sep 12th, 2009 | Author: ardhi Add Comment

Let's say you have an overseas bank account, and you are trying to hide money from the federal government. You are now between a rock and a hard place. For years, you could depend on foreign banks keeping your account a secret from all interested governments. For decades our government tried to pierce the veil of these secret accounts, and for years the government failed in its quest, until now that is. The IRS has successfully taken the Union Bank of Switzerland better known as UBS to court in an effort to force the big bank to disclose the names of American citizens maintaining overseas bank accounts, to the American government.

Tens of thousands of Americans illegally maintain overseas bank account(s). What makes such an account illegal is its non-disclosure to the federal government. On your tax form there is a sentence with a box that clearly states, do you maintain an overseas bank account. If you do, and you don?t check the box, you are in violation. There are hundreds of thousands of Americans with such accounts that do disclose their existence to the IRS and properly report any income arising from such accounts.

In a surprise turn of events, UBS has agreed to give up the names of several hundred of these illegal account holders, which the bank believes are guilty of criminal behavior, to the IRS. You are making a big bet if you are a holder of an overseas bank account. The number of Americans having such accounts are in the range of 50,000 plus. The bank is giving up 250 accounts to start begin with. Is your name in that 250, or are you in the remaining 50,000? That?s the bet you are making, whether you realize it or not.


I am familiar with the UBS story. Allow me to clarify my position of course. I am not nor have ever been a proponent for tax fraud/evasion. Taxes are a necessary evil, even if it is unnecessary for them to be such a high priced evil. In the particular cases where information was overturned, to my knowledge there was already evidence against the account holders linking them to crimes where money was being funneled back into the U.S. to completely avoid taxes (McCarthy's case). The IRS has been fighting this for years and years and I believe rightfully so, they finally got their information....only on those they had evidence for.

The smart offshore bank clients aren't using the bank to perform their illegal activity, which is what happened in the UBS cases. They are only using the bank to shield their assets from government eyes before they decide what to do with it. Compare it to breaking into a bank. If you break-in, take the money and leave, you have committed theft. If you break in and hide out in the vault for the rest of your life, nobody knows a difference. Sure you could be caught but if you were you wouldn't suffer the same penalties. This is where the secrecy of Swiss banks is important and what will always remain in-tact.

On another note:

The problem with U.S. taxes is that you are taxed before are ever actually "paid" your money (with-holdings, quarterly tax etc.) Then you are taxed again when you decide to use that money. Utilizing an offshore account, you can effectively only be taxed after you posses the money and decide to use it. By no means are you avoiding taxes you are just putting the government on your tax schedule, which is a purer form of capitalism.

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