In recent days, the fact that Mitt Romney has millions of dollars parked down in the Cayman Islands has made headlines all over the world. But when it comes to offshore banking, what Mitt Romney is doing is small potatoes. The truth is that the global elite are hiding an almost unbelievable amount of money in offshore banks. According to shocking research done by the IMF, the global elite are holding a total of 18 trillion dollars in offshore banks. And that figure does not even count any money being held in Switzerland. That is a staggering amount of money. Keep in mind that U.S. GDP in 2010 was only 14.58 trillion dollars. So why do the global elite go to such trouble to hide their money in offshore banks? Well, there are two main reasons. One is privacy and the other is low taxation. Privacy is a big issue for those that are involved in illegal enterprises such as drug running, but the biggest reason why people move money into offshore banks is in order to avoid taxes. Some set up bank accounts in foreign nations because they want to legally minimize their taxes and others set up bank accounts in foreign nations because they want to illegally avoid taxes. You would be absolutely amazed at what some large corporations and wealthy individuals do to get out of paying taxes. Unfortunately, the vast majority of the rest of us don't have the resources or the knowledge to play these games, so we get taxed into oblivion.
So why do they call it "offshore banking"?
Well, the term originally developed because the banks on the Channel Islands were "offshore" from the United Kingdom. Most "offshore banks" are still located on islands today. The Cayman Islands, Bermuda, the Bahamas, and the Isle of Man are examples of this. Other "offshore banking centers" such as Monaco are actually not "offshore" at all, but the term applies to them anyway.
Traditionally, these offshore banking centers have been very attractive to both criminals and to the global elite because they would not tell anyone (including governments) about the money that anyone had parked there.
These days some governments (particularly the U.S. government) are trying to change this, but we certainly will not see the end of offshore banking any time soon.
The amount of money that goes through these offshore banks is absolutely astounding.
It has been estimated that 80 percent of all international banking transactions take place through these offshore banks. $1.4 trillion is being held in offshore banks in the Cayman Islands alone.
One article in the Guardian estimated that a third of all the wealth on the entire globe is being held in offshore banks, and others believe that as much as half of all the capital in the world flows through offshore banks at some point.
Obviously, all of this tax avoidance means that governments around the world are missing out on a whole lot of money.
It has been estimated that the U.S. government is missing out on $100 billion a year because of these offshore banks. Others would put that figure significantly higher.
Avoiding taxes is a game that the global elite have mastered. They are playing a whole different ballgame than you and I are. They don't just sit there like idiots and get blasted with taxes. Instead, they hire the best experts and they employ every trick in the book to hold on to as much money as they possibly can.
These days, taking advantage of offshore tax havens is not that complicated to do. The following is from a recent Politico article....
A plausible scenario plays out like this: I hire an accountant. Doing her job, my accountant tells me that if I sign a few legal documents and route my money through a small Caribbean island, I could keep more of my paycheck and pay a lower tax rate. I may have earned my money in the United States, but legally I can claim that it was, in fact, earned in a tax haven.
If it is legal, perhaps more of us should look into this.
After all, if playing these kinds of games is good enough for Mitt Romney, then why isn't it good enough for all the rest of us?
During a campaign stop recently, Romney said the following....
"I can tell you we follow the tax laws"
I certainly believe him when he says that. But it is what he said next that is troubling....
"And if there's an opportunity to save taxes, we like anybody else in this country will follow that opportunity."
I certainly believe him when he says that too.
ABC News recently revealed that Bain Capital has established an astounding 138 different offshore funds in the Cayman Islands.
Something has got to work pretty well to want to do it 138 times.
But Bain Capital was also very busy over in other offshore banking centers as well.
One of the largest shell companies that Bain set up down in the Caribbean was called Sankaty High Yield Asset Investors Ltd. It did not have an office in Bermuda and it had no staff in Bermuda. But it helped clients of Bain Capital avoid a whole lot of taxes.
The following comes from a 2007 Los Angeles Times article....
In Bermuda, Romney served as president and sole shareholder for four years of Sankaty High Yield Asset Investors Ltd. It funneled money into Bain Capital's Sankaty family of hedge funds, which invest in bonds and other debt issued by corporations, as well as bank loans.
Like thousands of similar financial entities, Sankaty maintains no office or staff in Bermuda. Its only presence consists of a nameplate at a lawyer's office in downtown Hamilton, capital of the British island territory.
"It's just a mail drop, essentially," said Marc B. Wolpow, who worked with Romney for nine years at Bain Capital and who set up Sankaty Ltd. in October 1997 without ever visiting Bermuda. "There's no one doing any work down there other than lawyers."
The amount of money being funneled through Sankaty today is absolutely stunning....
Today, Bain Capital manages $60 billion in assets, according to a spokesman. The total includes $23 billion in Sankaty debt and credit funds. Half a dozen Sankaty affiliates now are active in Bermuda, corporate registry records show.
The Sankaty debt hedge funds are organized as partnerships in Delaware that produce taxable business income by investing in fixed-income bonds and other debt instruments. Under tax law, even tax-exempt U.S. institutions may face a 35% tax if they invest directly in such hedge funds. By investing instead through a Bermuda corporation, the taxes are legally blocked, experts say.
Of course all of this is perfectly legal.
So nobody gets into trouble for any of this.
By keeping money offshore, even those managing these kinds of funds can avoid being taxed.
Victor Fleischer, a tax professor at the University of Colorado Law School, recently explained how this works....
"The idea behind some of the Cayman Island strategies was that the income that the fund managers receive for managing the money would be kept offshore in the Cayman Island — and the chief benefit is that you can defer when you recognize that income until a later date and you can reinvest the money from the Cayman islands and none of those reinvested funds get taxed until you bring them back either"
So was Romney doing this?
We may never know unless he shows us his tax returns.
What we do know is that Romney has millions of dollars of his own personal wealth invested in offshore tax havens.
The following comes from ABC News....
In addition to paying the lower tax rate on his investment income, Romney has as much as $8 million invested in at least 12 funds listed on a Cayman Islands registry. Another investment, which Romney reports as being worth between $5 million and $25 million, shows up on securities records as having been domiciled in the Caymans.
But Romney does not just have money invested down in the Cayman Islands. Apparently his money is invested in a whole host of offshore tax havens.
The following quote comes from a Reuters article....
Bain funds in which Romney is invested are scattered from Delaware to the Cayman Islands and Bermuda, Ireland and Hong Kong, according to a Reuters analysis of securities filings.
So is there anything wrong with this?
Well, it depends on how you define "wrong".
What Romney is doing is perfectly legal.
But it also stinks. Washington lawyer Jack Blum recently told ABC News the following about Romney's finances....
"His personal finances are a poster child of what's wrong with the American tax system"
So now we may have a few hints as to why Romney may not want to release his old tax returns.
But as noted above, what Romney is doing is just small potatoes compared to what the ultra-wealthy do.
The U.S. Congress has been trying to clamp down on offshore banking, but the ultra-wealthy are always two or three steps ahead of them.
The ultra-wealthy will go to just about any extreme in order to avoid paying taxes.
In fact, the Washington Post has reported that an increasing number of wealthy individuals are actually deciding to renounce their citizenship rather than face the wrath of the IRS.
The ultra-wealthy aren't really concerned that much with national citizenship anyway. If they want to influence an election, they can have far more influence by donating a few million bucks to a "Super PAC" than they can by casting the few votes that they have.
In a previous article, I described how the ultra-wealthy use offshore banks as a "shadow banking system" that plays by rules that most people don't even know exist....
It is a shadow banking system that most Americans don't know anything about. Most Americans don't have the resources to be able to set up shell companies in half a dozen different countries so that they can "filter" their profits. Most Americans don't know a thing about complicated tax avoidance plans that tax lawyers use such as the "Double Irish" and the "Dutch Sandwich". Most Americans would have no idea how to eventually have most of the money that they make end up in Bermuda so that it can avoid taxes.
Most among the global elite simply do not care that U.S. debt is climbing into the stratosphere. All they care about is keeping as much of their own money in their pockets as they possibly can.
Of course there are always exceptions to this rule. Warren Buffett recently wrote a check to the U.S. Treasury for a little more than $49,000 to help pay off the national debt.
But considering the fact that the U.S. national debt is increasing by more than 100 million dollars an hour, that didn't exactly do much to help.
Our system is deeply broken and the global elite are getting away with bloody murder. Over the decades, they have carefully crafted the rules so that as much wealth as possible is funneled into their pockets, and they have carefully crafted the rules so that as much wealth as possible stays in their pockets.
Of course if we got rid of the personal income tax and the corporate income tax entirely and replaced them with a completely new system we could get rid of all of this game playing once and for all.
But what do you think the odds are of that happening?
Can someone answer this: If anyone who denounces their citizenship can still donate to a super pac, does this not mean that even a foreign terrorist/leader who hates the US donate and influence our election?
Well Deborah, when it come to the possibility of foreigners affecting our elections, what do you think the Dem’s policy of allowing anyone to vote without proper ID? Any illegal alien here in the US can actually VOTE to affect the outcome of any election to supposedly accomplish the desires of any of our enemies from any other country or faction who wants to bring us down or to aid their agenda. That’s why only LEGAL CITIZENS should be allowed to VOTE!
A terrorist imho is someone who controls elections, wouldn’t you say? If you think so, then they could be in the United States or a foreign country. There is an organization that is controlling elections and has been doing so since at least 1976 when Carter was elected. For proof check out http://www.truedemocracy.net/w01/3.html especially the third section of that article where the names of members of that organization that is relatively secret are named.
That link is not the only link. There are many others in that e-zine too that are controlled by organizations that very few people are aware of.
The truly wealthy aren’t even thinking about redistributing the wealth. They’re too busy stashing it overseas.
Too bad the average American isn’t able to have a portion of his taxes transferred to the Cayman Islands. Oh, noooo, it doesn’t work that way for the average Joe. He has to pay FICA tax, income tax, state tax, and just about every other tax imaginable.
Come to think of it, your taxes ARE being transferred to the Cayman Islands. Unfortunately, you won’t see one red cent of it.
The IRS has the American people fooled. The IRS was actually surprised when the American people filled out their 1040 after the IRS was formed which was directly after the Federal Reserve Bank was established, because people thought that they had to pay income tax on their salary.
But there is a way of eliminating income tax on one’s salary that is completely legal. You just need to know how to endorse your paycheck to avoid the income tax. Here is what one of my supporters told me people should write instead of “For Deposit Only.”
“Deposited for credit on account or exchanged for non-redeemable Federal Reserve Notes”
The problem is that only a few banks will accept a check that is endorsed this way. I checked when I was in Massachusetts, and was told that the wording could only be “Deposited for credit on account” not the whole phrase. And I can’t remember which bank told me that either except I remember that it was not Bank of America. And I don’t know if that phrase would be sufficient to avoid having to pay income tax on salary.
But one of my supporters told me that the following banks, one of which is in North Dakota and the other of which is in North Carolina do.
The bank that did not bat an eye was American Federal in Wahpeton, North Dakota. Another bank there, had to consult with their management at first.
The bank in Winston, North Carolina is SunTrust Bank. The only thing they require is they won’t give cash back on the deposit. I have to write a separate check to withdraw cash.
A credit union in Wahpeton, ND gave my friend a great deal of trouble. I don’t remember what all happened, but maybe a credit union follows different banking procedures.
Wow! no answer Hu? I use to like this site But now im starting to see that you truly are steering people in the wrong direction! Most of your articles are great and helpfull, and thats why I come on this site, but im afraid your way off on this one. This is a great fourm for people who are trying to get a grasp on the economic machine that have destroyed there lives. So when you misdirect the blame it truly hurts. There is one problem in this nation and the world and its the Fed and it tenticles.
The Fed has tenticles, the people need testicles.
Unfortunately, the vast majority don’t have a pair.
Your are demographically and annotomically correct, men are out numbered greatly in the population. And of those, too may have dried, sriviled up little dust bags.
Yeah, no surprise. None at all.
And right now, I’m not backing anyone for any political office… they won’t back me (except into a corner for a good mugging and beating).
As long as the dumb@zz sheeple keep paying their income taxes…these things will never end…
We don’t have much of a choice, but to pay income taxes.
I hate it when April 15th comes around. But guess what happens if I don’t pay? Yep, the IRS will send the bloodhounds after me, and once they find me, the feds will haul me off to prison for tax evasion. Since I don’t want to go to prison, I have to pay up.
Life is sooo not fair.
There’s always an alternative, of course.
Let the government come after me, and lock my little Mondobeyondo butt in prison for 20 years or so. See if I care. The problem is, I DO care. I have family and friends that would miss me.
And that’s the government’s trump card.
If you get busted no paying taxes you could ask the judge to send you to “Club Fed” the mega rich white collar prison, but more than likely send you to Pelican Bay Hell Hole.
What on earth difference will it make to tax the wealthy if 95% of their money is unreachable for taxing because they are hiding it in the Bahamas??? Of course they are all going along wit the “tax the rich” policy because what they WILL be taxed is a mere pittance of what they SHOULD be. Makes me so farking mad!!!
Ness;
If those with money paid their taxes then why do you care where they store it? If the man increases the rate and the money has already been taxed once then it is exempt. Taxes are on new income not stored wealth. Get it?
Oh no my friend-we empower the IRS to go after their money where ever it is. The USA has a lot of power to make the tax shelter countries do as we say. Just look at how fast Switzerland came lean a couple of years ago.
Egad, you are 1.) a programed robot spitting out the same illogical drivel time after time, 2.) truly brainwashed, 3.) a running dog lackey for the DNC, or 4.) all of the above.
http://www.youtube.com/watch?v=JY8LKII_MNA&feature=youtube_gdata_player
they are in the process of nailing the scum bag rich who stash wealth in swiss bank accounts. The Caymen Islands are next. We goona tax the f-ing rich hard.
Simple answer.
All organizations are FICTIONs. Even the most fundamental, long-standing law states this clearly by calling all organizations “fictitious entities”. This is what the term DBA also makes clear (DBA == “doing business as”). Thus, the world today is mostly controlled by:
predators DBA government
predators DBA corporations
predators DBA central banks
The predators are quite real, Obama and Romney most certainly included. The so-called organizations (governments, corporations, central banks, think tanks, etc) are pure unadulterated fiction.
There is exactly zero LEGITIMATE reason to pay any attention to government, corporations, central banks, think tanks and other forms of so-called organizations. They are not real.
Of course, the military and police-state thugs they hire WITH MONEY STOLEN FROM YOU are quite real. The predators and thugs are indeed real. So the question then becomes, when you realize no so-called “institution” is real, is clearly “what do we do about it?” and “how should we live and behave?”. The most obvious answer is: DO NOT HELP THE PREDATORS AND THUGS IN ANY WAY. The next most obvious answer is: DO EVERYTHING POSSIBLE TO EXPOSE THEM AND SCREW UP THEIR SYSTEMS. And finally, take every possible feasible action to treat them like all predators must be treated.
The “answer” is not to make Romney pay taxes. The “answer” is to stop paying ANY taxes, direct or indirect, obvious or obscure. And stop obeying the predators-that-be and predator-class. Every penny of fiat, fake, fraud, fiction, fantasy, fractional-reserve debt-money is… NOTHING. If they loaned some to you, understand they loaned you NOTHING. Don’t pay them back, and start demanding real payment for your time, efforts and products… in the form of any other real, physical good, including gold, silver, platinum, palladium, rhodium, nickel, copper, wheat, bread, rice, anything real and valuable to you.
If human beings don’t destroy the predators who now control mankind with their endless fictions, humans are finished.
Essentially, you are paying your tax money to the people who will imprison and possibly kill you. Just like turkeys voting in favor of Thanksgiving.
Yup. Good analogy. Except, of course, that turkeys aren’t dumb enough to support the predators who prey upon them. Only humans are that dumb.
Michael, I wasn’t refuting your claims. I think everyone should pay something. When half of us pay nothing then we create a dependent class. I am mostly speaking to those simple minded folks who bash the rich because they are rich. Our current president is doing everything he can to divide us, black, white, rich and poor, dems and repubs. We are Americans first and we need to act like it. Yes, the tax code is broken. If 10 percent is good enough for God why not the government?
Half of us do not pay “nothing.” half of us do not pay income tax. Half of us do, though, pay payroll taxes, sales tax, and property taxes (if we own). That adds up to a larger percentage per capita than the upper tier pay. It’s the very definition of reverse Socialism. Those at the top need to put some skin in the game and pay what everybody else does at an effective rate on thieir income.
We pay property taxes if we rent also.
did you happen to see steven colbert’s video with romney being a serial killer? its quite funny… sad..
http://www.colbertnation.com/the-colbert-report-videos/405930/january-15-2012/colbert-super-pac-ad—attack-in-b-minor-for-strings
Plus the money from Iraq, and now from Lybia, maybe 30 T
more, and going.
This is America;s democracy.
Everybody forgets that in the end when we die, we can’t take it with us. All this power, prestige, fame and fortune will not do us any good when we are dead. God is going to ask what we did on earth, did we help our fellow man or were we greedy. All that matters for a better life is our penitence and love for God, family, respect for natures laws including our rights, love for fellow man and seeking knowledge to improve our civilization.
hey michael
just seen your name mentioned in today’s rueter’s online prepper article- congratulations!
Yeah I saw that, but they spelled my name wrong.
Michael
The US is the only country that taxes based on citizenship not residency, which is despicable!
Obviously, if one lives outside of the US, then why should they be made to file? but it’s true. In the case of Mittens and the other low-life creatures, they clearly made their money in the states and then funneled it to offshore accounts.
The IRS (Internal Robbery Service) isn’t too concerned about ex-pats overseas. Don’t know that for a fact, just from second hand knowledge.
Infernal Robbery Service
It’s more like ex-pats overseas aren’t to concerned with the IRS.
Im amazed so many of you have woken up.
Just think, did the gov and irs just learn this?????
of course not, you have been under full attack since the creation of the criminal federal reserve system for all most 100 years.
Ron paul know this and knows your all being assaulted.
Long live our rebublic.
And
Death to the new world order.
A redistrobution of money is not the fix.
It will just come again.
Restore the constitution
Eliminate the federal reserve and irs
Have a sound currency
Stop policing the world
Ban lobbying
Reform tax code.
Basicly undo the last 95 years of corrupt legislation.
Thats the only solution there is.
Who would do this?
RON PAUL OF COURSE.
but america is chocked full of indoctranation people
So its going to take them loosing everything and being enslaved
Sad but true.
RIGHT ON!!!!!!! these are the true answers. ending the fed would be hard but repealing legal tender laws and allowing other forms of currency to compete aginst the Federal Reserve notes would be a great start. Also fractional reserve banking must be outlawed, as it was in 1361 in Vinice, all banks were requierd to hold 100 percent of there deposits and have there books open to the public. These same bankers were banned form being able to reinvest there clientels money in to any other comercial persuits. People figured sound banking out long ago, but of course as time passed and the ones who sufferd passed away and with newer generations who were ignorant to history, fractional reserve banking came back and begain its ravages agin.
Nothing is new under the sun, passing on real history is the only to keep from repeating the past.
A redistrobution of money is not the fix.
It will just come again.
Sorry-yes it is the fix and if it just comes again than redistribute again.
Every $1 added to the IRS for enforcement, the data show, yields over $4 in revenue.
Yes we can tax the rich hard and spread the wealth!
Michael-in reading the responses to this post I am dismayed at the low information posts that are actually defending the rich not paying even close to their fair share.
I do realize this is a right wing leaning libertarian site so I should expect such drivel but the sheer appallingly defense of the rich not paying their fair share is stunning.
I think you hit a new low in the intellectually bankrupt responses in this post.
Are people really this ignorant or do you pay people to post the non intellectual crap to make this site more interesting?
Gary: What % is their fair share. I mean in all taxes paid out. Do you really see it the responsibility of the more wealthy to pay the way of the less wealthy? Do You really?
Do a mental experiment:
put anyone of the ultra-rich – anyone you like, Steve Jobs, Warren Buffett, Bill Gates or WHOMSOEVER – on a lonly island, maybe like in LOST.
Now leave this person there…1 year…5 years…10 years.
Now, after 1, 5 or 10 years, visit them and guess what they have “earned” or “accomplished”.
What will you find – a 330 feet yacht? A 50.000 sqft Mansion? A private Jet?
No. You will find, that – whosoever! – ALONE, without a society of other people, without infrastructure, AT BEST will accomplish BARELY to SURVIVE!
WEALTH is a phenomenon, which completely depends on the existence of a society – if you find a pirate’s treasure on said island, gold, pearls, diamonds…are you RICH then and there, ALONE? Hardly. You will still have to go yourself to gather leaves to wipe your a**.
Insofar: the sheer opportunity to amass “wealth” depends on the existence of a working society, education, healtcare, infrastructure, civil peace and protection.
For this, everybody has to pay his fair share…and those people, who, as described abore, reap the most benefits from the existence of said working society, i.e. are able to amass wealth far above the average, have to pay far more than the average.
Its simple logic.
yes-its called dues for living in this once great country. Giving back to the country that gave uyou the nopportunity to become rich in the first place. NO ONE gets rich on their own-see Elizabeth Warren take on this via u-tube.
I heard Bill Gates say that if he was born and lived in the rain forest somewhere he would not be where he is today.
please understand economics and history before you speak. Im not a rep or dem they are both crooks! obama bush and the rest before them. so what has obama or bush given you? if you think our govornment would give you anything your crazy, even if they took more from the rich do you think they would right you a personal check???? Do you realize how much our govornment makes in Taxes, bond sales, and fines and other revenues. And guess what its still not enough to pay for there squandering. thats why we have a 15 trillion dollar debt. because they rob us all blind rich and poor. The rich arent the problem, The federal reserve is!!!!! Remeber our dollars are backed buy bond debt, wich means that if we paid of our debt our dollars would litteraly be worthless, thats why they dont want to pay our debt off!
Should this article really Shock anyone?!
Our system is intrinsically flawed, it’s only going to get worse
Leona Helmsley once said that taxes were for “little people,” not an ultra-rich person such as herself. It was an honest statement that landed her in prison; the IRS decided to make an example of her for thumbing her nose at them, but it didn’t invalidate her point. And she was really the exception rather than the rule. The ultra-rich know how to get out of paying taxes, while the IRS will hound their favorite cash cow, the middle class, to death. But now that the former USA has become The Banana Republic of America and the American middle class is an endangered species, the IRS is losing its favorite cash cow. The poor majority are barely surviving and don’t have a lot to tax. And if the poor turn to crime and join the underground economy, that won’t be a source of tax revenue because the cash-only profits from drug sales, kidnapping, carjacking and violent home invasions aren’t reported on tax returns.
Welcome to huge deficits, a weak currency, dirt or gravel roads, crappy drinking water, social unrest, violent crime galore, and the lousy infrastructure of a Third World country. How lousy? I’ve been saying that conditions in the BRA will ultimately become Guatemala bad or Bolivia bad—some folks think I’m overly optimistic and that when the you-know-what really hits the fan, we’ll be looking at Sub-Saharan Africa bad or Haiti bad. I’m not quite THAT pessimistic…..not yet, anyway.
Hmmm, maybe the destruction of the American middle class wasn’t such a good idea, now was it?
The problem is not that the wealthy are sheltering their money in offshore accounts to avoid taxes. That does not make them evil. What sane person would not? The problem is that the 1% have opportunities that the rest of us do not. We are not privy to them. And when they fail WE bail THEM out.
Ron Paul 2012… or more of the same.
To learn more about the IRS “illegal” income tax, checkout the link below. It is the full documentary made by the late film producer Aaron Russo. I would also advise you Google his name and watch some of his other material re his brief friendship with Nick Rockefeller.
America: Freedom to Fascism (Full Length Documentary)
http://www.youtube.com/watch?v=lUpZhhbKUBo&feature=youtube_gdata_player
In the meantime, we are all being distracted.
It’s going to be the Giants and Patriots in the Super Bowl. So, you are all going to get your pizza, buffalo wings and tortilla chips (bread) and the Super Bowl with its pre-game, halftime, and post-game entertainment (circuses). Just like the ancient Roman Empire. Enjoy the show, your imminent doom is about to follow.
Don’t worry, I’ll still watch it, but afterwards, I’ll continue to focus on what REALLY matters.
I KNOW A PLACE THE RICH CAN STORE ALL THEIR MONEY!!!!!“Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal; but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. For where your treasure is, there your heart will be also. The lamp of the body is the eye. If therefore your eye is good, your whole body will be full of light. But if your eye is bad, your whole body will be full of darkness. If therefore the light that is in you is darkness, how great is that darkness! No one can serve two masters; for either he will hate the one and love the other, or else he will be loyal to the one and despise the other. You cannot serve God and mammon”
It is all stacked by the marriage of governments and corporations!
People, whether elite or not, have a RIGHT to hide their money any where they want. It’s THEIR money.
It’s not tax evasion. The “Income Tax” is a fraud!!! The 16 Amendment was never ratified… the government lied about the ratification. No one owes taxes.
~Bob~
Want to know where the money really is? What’s really been going on with the “elite”? Check out David Wilcock’s website at divinecosmos.com. He’s
got a new story out I think everyone will be interested in: FINANCIAL TYRANNY: Defeating the
Greatest Cover-Up of All Time. Amazing article. He’s got a lot of links and information to back up much of what he says. I’m not telling you to believe, only to consider what he has to say.
if they renounce citizenship, then what nation gives them visa’s? passports? or, are we talking about people that eventually get citizenship w/another country?
You have to get a passport and citizenship in another country before renouncing US citizenship.
Well, I guess then, if the dollar fails, they have 18T zeros and they’ll be as broke as the rest of us.
Buy gold and silver, get rid of promises of government like 401k plans and all the other **********, including life insurance! These promises are based on fiat money printed out of thin air.
Listen to Ron Paul’s messages and go to mises.org to educate yourself!
The 18 Trillion of the so-called Elite are on the other side promises as well: Promises that are betting on YOU: How far can we go? When will the sheeple wake up? Are they going to join us on THEIR ROAD TO SERFDOM AND DESTRUCTION?
The words honest and rich can not be used in the same sentance as it is an oxymoran!
You just did gary. Doh.
“deciding to renounce their citizenship.” Heck, I want to do that and I don’t have any money left. If I go to another country, I have to go with nothing and hope to live off the land if that is at all possible. But, being too old, broke, and without the knowledge of how to go about leaving this rotting place, I guess I will have to stay and throw rocks when the SHTF big time.
Do most people commenting on here know that its a made up system that we can have a system were no one has to pay taxes of any kind. If the government (not the FED) created the money interest free what taxes would they need they would create the money they need and would spend it into circulation. The taxes we pay only goes to pay the interest (they did not create) on the debt. It is a made up system people and the system loves the “lets get those evil rich” because it keeps everybody distracted from the truth ITS A MADE UP SYSTEM. How did America become the greatest country in history before 1913 and there was NO income tax. This is what the FED system has done. In 1920 only 7yrs after the FED not long to work there magic.
Gold $20.68oz
Ford Model “T” Pickup $290 or 14oz Gold
Bricklayer $2860yr or 138oz Gold
2011 Nov
Gold $1750oz
Ford F-150 pickup $23,000 or 13oz Gold
Bricklayer $66,000yr or 37oz Gold
See the truck cost even less than the 1920 model but the bricklayers pay went down 101oz Gold and I did not even figure in taxes or that pay your fare share BS. In 1920 a bricklayer could buy 9.8 new trucks with one yrs pay today the same brick layer can only buy 2.8 new trucks. The rich are not the enemy the FED is the enemy when is the last time a person on welfare gave anybody a job and when does the person on welfare start paying there fare share. America has taxed and regulated its self out of business. If we got rid of the income tax and corp tax think how much of that money would come back to America and create real jobs.