Why you shouldn't trade Forex

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jhtumblin
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Postby jhtumblin » Sat Nov 28, 2009 12:34 am

Got an email from MB today....as coincidence would have it they have lowered their commissions more than 40% on forex starting the 29th. Coincidence.......right.

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Patch
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Postby Patch » Sat Nov 28, 2009 1:35 am

jhtumblin

I was not aware of the details of the UBS story. Thank you for opening my eyes on it.

Question, If I am a US citizen and earn money and park it in a Swiss bank or offshore, and am I doing so without paying my "legal" prescribed income tax on those funds, am I withing the tax laws or outside, or breaking them?

I love the writing and speaking of Walter E. Williams on US taxation, he calls it legal thievery. Here is an article by Dr Williams about the dumbing down of America. I add we are getting dumber and sicker, and are in a big mess.
http://townhall.com/columnists/WalterEW ... ing_dumber

Patch
In VA USA
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

jhtumblin
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Postby jhtumblin » Sat Nov 28, 2009 3:23 pm

Question, If I am a US citizen and earn money and park it in a Swiss bank or offshore, and am I doing so without paying my "legal" prescribed income tax on those funds, am I withing the tax laws or outside, or breaking them?


Well the IRS would debate me, they think all money made by any U.S. citizen is taxable. However, If you make money outside of the States, especially from an entity that is not U.S. based, and you do not use it to pay any of your U.S. bills or buy your U.S. luxury items etc. Then no it's not outside the laws.

Think of it this way, If I go to live in Acapulco for 2 years, I maintain my trading habits, I am still a U.S. citizen, but I am not conducting any business in the U.S. Then in what world of sense would it make for me to pay U.S. income taxes even if I maintain a residence in the U.S. that I haven't been to in 24 months? Or for instance I live in the U.S. but am investing solely in Chinese companies, because the government here is killing capitalism. So, once I collect gains on that I move it straight into my Swiss account, why would I pay income taxes to the IRS on it?

So, you see Patch, you can make your own judgment call on that, the IRS however would still be on my tail.

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Postby Humble » Sat Nov 28, 2009 10:53 pm

jhtumblin wrote:Or for instance I live in the U.S. but am investing solely in Chinese companies, because the government here is killing capitalism.


The irony of it all.
Is price closing higher or lower than something? Simple yet powerful question. ..MO

jhtumblin
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Postby jhtumblin » Mon Nov 30, 2009 2:00 am

I suppose you could say that

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aVi
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Postby aVi » Mon Nov 30, 2009 2:33 am

TheRumpledOne wrote:We are all 21st Century Slaves.

Government around the world needs to be disassembled.


=D>
Wake up Mr. Green...

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PTG
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Postby PTG » Mon Dec 28, 2009 1:20 am

jhtumblin wrote:Now I realize that trading is not investing


Oh yes it is. When investing, you trade one asset for another expecting to trade it again in the future at a profit. That is the definition of trading !
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DaleTee
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Postby DaleTee » Mon Dec 28, 2009 9:15 am

You will find that the IRS thinks your income is taxable if you process a USA passport or green card. They believe you derive benefits from these documents and will discus this when you return to their control.

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newschool
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Postby newschool » Tue Dec 29, 2009 12:23 am

I think Internet has really made things easier for us.
My FX broker is based and regulated in Russia, so as long as I don't withdraw tons of money to my bank in Canada, I don't see how they could be aware of my capital gains...

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newschool
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Postby newschool » Tue Dec 29, 2009 12:36 am

noone22,

could you talk a little bit about your current situation.... if I am right you have a 0% tax on capital gain in Argentina.

I am very interested in living in B.A. too.

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