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U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?

 
Anonymous Coward
User ID: 27438174
Philippines
11/11/2012 06:11 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
From what I found it only applies to tax haven countries:

Anguilla

Belize

Bahamas

Cayman Islands

Panama

Most countries having information sharing agreements with the US and that is the sticking point.
Cassandra's Echo

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United States
11/11/2012 06:20 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
DELETED

Last Edited by Cassandra's Echo on 11/11/2012 06:23 PM
Anonymous Coward
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11/11/2012 06:43 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
The law requires that any financial institution (US or foreign) remitting any foreign payment to a bank in such a country
 Quoting: Anonymous Coward 19461620


in "such a country" means a country considered a TAX HAVEN, and MOST countries aren't in that category now, ARE THEY???



.
 Quoting: Anonymous Coward 6685296


Actually, there are a lot. I mean, go Google it yourself 'ignorance'-tard.
MarkinAZ

User ID: 20006444
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11/11/2012 06:45 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
This is going to be the creation of a cottage industry. I would imagine that people will be willing to pay at least 5 to 10 percent to get their money out of the US and into other countries accounts without paying this outrageous tax!

And there will no doubt be ways around it for the very rich. There always have been and always will be. Why do you think Mitt Romney paid less than 10% of his gross income in Federal and State taxes? (I grant you it was still 3 million dollars that he shelled out that year - but that means his income was close to forty-million dollars that one year!)

Most of us pay between 28 and 35 percent of our earnings in taxes plus the state tax burden that is usually but not always, about 10% of the federal tax owed.
Anonymous Coward
User ID: 20257839
United States
11/11/2012 06:46 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
The law requires that any financial institution (US or foreign) remitting any foreign payment to a bank in such a country
 Quoting: Anonymous Coward 19461620


in "such a country" means a country considered a TAX HAVEN, and MOST countries aren't in that category now, ARE THEY???



.
 Quoting: Anonymous Coward 6685296


Actually, there are a lot. I mean, go Google it yourself 'ignorance'-tard.
 Quoting: Anonymous Coward 20257839


Source: [link to www.zyra.org.uk]
Douchebag expat
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11/11/2012 06:51 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
Hahaha. I'm fucked.
5a
Anonymous Coward
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United States
11/11/2012 06:57 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
this will not include money sent from the IRS
to any other destination. IRS transactions
are exempt.

there's your loophole that TPTB
will exploit.
drhoecker
User ID: 19191405
United States
11/11/2012 06:59 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
this is a good law.
 Quoting: TSWB21


For whom?

It is a good law for greatly discouraging people from moving their wealth to a safer place...

This will help keep the money inside the country until the fed gov can figure out how to steal it too!
 Quoting: Anonymous Coward 26401225


the crooks already moved their cash ahead
Anonymous Coward
User ID: 27489035
Brazil
11/11/2012 07:21 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
Some people saw it comming and already got out of the country.

The people who are inside are screwed.
Anonymous Coward
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United States
11/11/2012 07:22 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
Cassandra's Echo

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United States
11/11/2012 07:32 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
this is a good law.
 Quoting: TSWB21


For whom?

It is a good law for greatly discouraging people from moving their wealth to a safer place...

This will help keep the money inside the country until the fed gov can figure out how to steal it too!
 Quoting: Anonymous Coward 26401225


The problem with this country for years was the money leaving it.

No more sending money home to Mexico.
 Quoting: TSWB21


this is a good law.
 Quoting: TSWB21


For whom?

It is a good law for greatly discouraging people from moving their wealth to a safer place...

This will help keep the money inside the country until the fed gov can figure out how to steal it too!
 Quoting: Anonymous Coward 26401225


The problem with this country for years was the money leaving it.

No more sending money home to Mexico.
 Quoting: TSWB21



You're absolutely wrong.

The only thing that has prevented the US dollar from going into a hyper-inflationary spiral, is the fact that at any given moment 60% of it is NOT in the country.

Very soon, within the next couple years, the US dollar will be abandoned as the world reserve currency, which is already on the way as many countries have ALREADY abandoned it. When that happens, trillions of dollars that live overseas, are going to come flooding home and there will be no way to stop the massive inflation.


When bread costs you $50 a loaf, and $80 a gallon for gasoline, remember how you wanted this to happen.
 Quoting: Anonymous Coward 16340594


Interesting point, AC. Are you saying that by steering more money into the US the government is encouraging hyperinflation...?
Anonymous Coward
User ID: 5637281
United States
11/11/2012 07:41 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?

this is a good law.
 Quoting: TSWB21


For whom?

It is a good law for greatly discouraging people from moving their wealth to a safer place...

This will help keep the money inside the country until the fed gov can figure out how to steal it too!
 Quoting: Anonymous Coward 26401225


The problem with this country for years was the money leaving it.

No more sending money home to Mexico.
 Quoting: TSWB21


 Quoting: Anonymous Coward 26401225



You're absolutely wrong.

The only thing that has prevented the US dollar from going into a hyper-inflationary spiral, is the fact that at any given moment 60% of it is NOT in the country.

Very soon, within the next couple years, the US dollar will be abandoned as the world reserve currency, which is already on the way as many countries have ALREADY abandoned it. When that happens, trillions of dollars that live overseas, are going to come flooding home and there will be no way to stop the massive inflation.


When bread costs you $50 a loaf, and $80 a gallon for gasoline, remember how you wanted this to happen.
 Quoting: TSWB21


THIS^^^^^^^^^^^^^^^^^^^^^^

congrats to you..

Your`e a smart one......


agent
Celtic Ranger

User ID: 26511160
United States
11/11/2012 07:41 PM

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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
This is going to be the creation of a cottage industry. I would imagine that people will be willing to pay at least 5 to 10 percent to get their money out of the US and into other countries accounts without paying this outrageous tax!

And there will no doubt be ways around it for the very rich. There always have been and always will be. Why do you think Mitt Romney paid less than 10% of his gross income in Federal and State taxes? (I grant you it was still 3 million dollars that he shelled out that year - but that means his income was close to forty-million dollars that one year!)

Most of us pay between 28 and 35 percent of our earnings in taxes plus the state tax burden that is usually but not always, about 10% of the federal tax owed.
 Quoting: MarkinAZ


I'm not sure what this has to do with Mitt Romney. But since you mentioned him at least be correct when you do.

It was 14% he paid in taxes not less than 10% that you claim.

[link to money.cnn.com]

Also, that income he made was on investments. He was essentially taxed again on money that was made from employment earlier in his career. The reason it was less than the 15% capital gains tax that everyone pays it due to philathropic donations.

The whole concept that the government has a right to the fruits of our efforts (through income tax) not withstanding, I think most people would like to have retirement savings. Taxing this investment income a second time via capital gains tax robs the economy of that 15% which would be invested directly in businesses or indirectly through consumption. Which incidentally would generate more of that "revenue" that government salivates over.
Be civil to all; sociable to many; familiar with few; friend to one; enemy to none.

Benjamin Franklin
Anonymous Coward
User ID: 7944629
Canada
11/11/2012 07:49 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
What about American Expats who are employed by US companies but stationed offshore? What about their payroll accounts? They have to move money to Europe or Japan or wherever they are all the time. Otherwise how would they live? This is insanity for those people.
 Quoting: MarkinAZ


screw overseas employees

what are they doing anyway, working outside of the U.S.A.?

What, are jobs here not good enough for them? Screw them if they think they're better than the rest of us

Asshole so-called executives, serves them right...keep their money in the US where the government can help them redistribute it to help their fellow man

there are people trying to just feed their families, no one cares if a few rich people have to pay a little bit extra on thousands of dollars they probably stole anyway

/ sksm

Idol1
 Quoting: IssueX


You should consider having a basic understanding about something before raging at it like this. Then you wouldn't end up looking dumber than a pile of shit like this.
Anonymous Coward
User ID: 7944629
Canada
11/11/2012 07:52 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
What about American Expats who are employed by US companies but stationed offshore? What about their payroll accounts? They have to move money to Europe or Japan or wherever they are all the time. Otherwise how would they live? This is insanity for those people.
 Quoting: MarkinAZ


screw overseas employees

what are they doing anyway, working outside of the U.S.A.?

What, are jobs here not good enough for them? Screw them if they think they're better than the rest of us

Asshole so-called executives, serves them right...keep their money in the US where the government can help them redistribute it to help their fellow man

there are people trying to just feed their families, no one cares if a few rich people have to pay a little bit extra on thousands of dollars they probably stole anyway

/ sksm

Idol1
 Quoting: IssueX


You should consider having a basic understanding about something before raging at it like this. Then you wouldn't end up looking dumber than a pile of shit like this.
 Quoting: Anonymous Coward 7944629


Of course, I just now see the "/ sksm" lol...

I guess I'm the one dumber than a pile shit!
Anonymous Coward
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United States
11/11/2012 07:52 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
This doesnt hurt the little guy... this goes after the millionaires sheltering their money offshore.... it is a good thing....
 Quoting: Anonymous Coward 27521009


Of course it hurts the little guy, it's more government control. Government control hurts everybody.
Anonymous Coward
User ID: 18942840
Canada
11/11/2012 08:13 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
Where is the incentive for the wealthy to invest in the American economy? If I was rich I would pack up and move to a country that supported free enterprise.
SilverPatriot

User ID: 10518597
United States
11/11/2012 08:29 PM

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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
this is a good law.
 Quoting: TSWB21


For whom?

It is a good law for greatly discouraging people from moving their wealth to a safer place...

This will help keep the money inside the country until the fed gov can figure out how to steal it too!
 Quoting: Anonymous Coward 26401225


Not really, we will find more affluent Americans will simply pack up and moving their businesses and homes to safer havens they will lose money in the process these laws will see to that but will no longer fund our tax and wanton spending president.
Anonymous Coward
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United States
11/11/2012 08:32 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
What about American Expats who are employed by US companies but stationed offshore? What about their payroll accounts? They have to move money to Europe or Japan or wherever they are all the time. Otherwise how would they live? This is insanity for those people.
 Quoting: MarkinAZ


screw overseas employees

what are they doing anyway, working outside of the U.S.A.?

What, are jobs here not good enough for them? Screw them if they think they're better than the rest of us

Asshole so-called executives, serves them right...keep their money in the US where the government can help them redistribute it to help their fellow man

there are people trying to just feed their families, no one cares if a few rich people have to pay a little bit extra on thousands of dollars they probably stole anyway

/ sksm

Idol1
 Quoting: IssueX


You should consider having a basic understanding about something before raging at it like this. Then you wouldn't end up looking dumber than a pile of shit like this.
 Quoting: Anonymous Coward 7944629



hello

/ sksm = / end SARCASM

get a sense of humor, seriously
Dr.DoomLittle

User ID: 6231580
United States
11/11/2012 08:59 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
This doesnt hurt the little guy... this goes after the millionaires sheltering their money offshore.... it is a good thing....
 Quoting: Anonymous Coward 27521009


yeah, fuck them
TT SCOTT TT

User ID: 4884715
United States
11/11/2012 09:16 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
bump
TT SCOTT TT
ehecatl

User ID: 27466874
Mexico
11/11/2012 11:37 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
Update: U.S. Currency Control Implementation Has Been Delayed Until Jan. 1, 2017!

[link to www.munknee.com]

Looks like you people got an extension to get your money out of there. Gee, 2017 seems like an eternity from now.

I bet the wealthy could have drained about a fourth or more of the money from the nation before Jan 1st if the deal had gone through. How much change could take place between then and now?

Last Edited by ehecatl on 11/11/2012 11:39 PM

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