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----- Original Message -----
From: "Ron Augustine" <RonAug@xxxxxxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Sunday, May 21, 2000 2:05 AM
Subject: Re: Where is the Futures Industry Headed?
> At 03:06 AM 05/20/2000 -0700, tradergirl wrote:
> I have a better idea for a lot of traders. Go offshore, start trading at
$0
> commission forex brokers, or other markets. Europe is full of electronic
> operations, and there is no reporting to the IRS.
> ________________________________________
>
> Sorry TG, you're way off the mark on this one. I've studied offshore
> investments extensively for several years and some of the information that
> you've been spewing into this group lately is simply inaccurate and
dangerous.
Futures are dangerous. I also think giving 20-40% of our profits to the IRS
for our trades, and $10-$16/rt to our broker, and .05% for slippage, and $X
for DBC, and all the cost involved adds up to a ridiculous amount.
> You've obviously never been through an IRS audit or you would be well
aware
> of the hazardous nature of your comments. Any income received by a U.S.
> Citizen from any offshore entity has to be reported to the IRS as
> "worldwide income" -- If you have a simple a savings account in London,
> Tokyo, or Bangladesh, etc., and it pays you as little as $1.00 in interest
> in any given year, you have a legal obligation to report it to the IRS.
Legal obligation? I have now over $400,000 networth. If the IRS wants me,
they can come get me, and you know where I will go? London, Tokyo, or
Bangladesh, or whatever. I have NO LEGAL obligation to the IRS. They see
it like this. I do not see their authority over me. I can effectively go
off the radar
of the IRS pretty fast.
I only have two works to say to the IRS when they call my offshore banker,
and
so does he, and the first word starts with an F, and the second word starts
with
an O.
They are unclassy, mafia-types, that will ruin my life if I don't pay (if I
give them
the chance)
IS THIS FREEDOM??? is this the price we pay for it?
I have a better price, it is called going for it, and getting my money
offshore.
Anyone want to know where my money is:
IRS here you go:
$290,000 in Credit Suisse
$135,000 Bank of Scotland (Jersey UK)
I asked my bankers if I ever have problems with taxes in the USA what they
will do if the IRS contacts them. You know what there response was?
IGNORE, or HANG UP.
This is the power the IRS ACTUALLY has overseas, but they spread this
garbage that if you transfer over $10,000 you get tagged. This is a fear
tactic.
If anyone wants to know why I am like this, it is because you get a lot of
inner-power when you realize the IRS is nothing. It shifts your
personality, and trading ability.
===== = = ===
If I ever get an IRS letter of audit, you know what I am doing?
Transferring all my money offshore ASAP, and leaving the country a
millionaire. I'll write a book from Switzerland, and publish it on the web.
I can marry someone in Europe and dump my US passport if worse comes to
worse, or I can hang out in the Bahamas till I die.
> It is true that complex offshore structures can be established that will
> legally allow certain operations to receive favorable tax treatment in
> certain jurisdictions under special circumstances, but none are anywhere
as
> simple as "no reporting to the IRS", as you suggest.
Why legally ?
Why not just do like i am doing? I am making money in the markets and
transferring it all overseas. I have a good few years before any IRS audit
would ever come to me. Also, when it is overseas and you have tax
problems... you DO realize Swiss Bankers (CPA) will issue reports saying you
LOST the money in a bad real estate transaction for a little fee.
Is this illegal?
NO! It is the way you have to deal with the IRS, the same guys who kick
down doors, seize farms, seize your cars... if they play like this, then I
am not playing fair either. Its war against them as far as I am
concerned...
Will I ever end up in the news?
No. IRS is not as smart as everyone makes them to be.
> They are expensive and difficult to launch and it is very difficult to
find
> honest agents who are capable of setting up these structures and who have
a
> verifiable track record. Simply put, most are scammers. Why? -- because
> they know that most people who approach them are attempting to avoid
paying
> taxes and have no recourse when they suddenly discover that their advance
> funds have mysteriously evaporated.
Citibank NY . . .
transfer my money to Credit Suisse.
Reason: I am buying an apartment in Switzerland.
Time: 3 days
Cash disappears from any chance of the IRS coming in.
This concept that they can check bank accounts of US citizens who own Swiss
accounts is a SCAM. My banker when I mentioned this, reacted like this:
(humorous laughter) "This is very funny, it is propaganda, and has no basis
in Swiss Banking"
> Don't be naive -- it would be nice if the world were as simple and bubbly
> as your comments suggest-- but the truth is that it is nowhere near that
> simplistic...
>
Of course not. Make it sound difficult so everyone looks into setting up
Nevada Corporations, or USVI corporations or maybe BVI, or whatever. Then
getting an agent, and figuring out all the procedures, and and and...
you know what I did?
WIRE TRANSFER OUT OF THE COUNTRY
DONE.
=====
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