Why you shouldn't trade Forex
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- Patch
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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
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
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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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