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Just a few thoughts-
Recently 'tradergirl' has posted many notes to this rather PUBLIC group
about some of her (imo) juvenile thoughts and opinions on how things in
the U.S.A. Should be done,and also childish 'public' braggart statements
about personal assets,etc.
Another poster,who has researched offshore schemes, has recently written
about the 'dangers' some of her posted ideas may pose to naive readers.
Ideas expressed in her notes about the impotency of the IRS are
reminiscent of many,who,over the years,have succumbed to successful IRS
prosecution-why even the infamous Al Capone,those many years ago..
If one wants to flee the United States to avoid prosecution,as
espoused-they then are subject to the laws of where they run to.
Also,there 'may' be some international and/or specific 'agreements' that
are not too well known,furthermore, living a 'fugitive' type lifestyle
is most likely not as glamourous as some might believe.
Finally,to inject a bit of levity to this note,perhaps tg should check
her systems date/time,as Jimo's list server relays her last two notes
were resent this Sunday morning (and his server is relatively quick to
post),whereas her notes have a date of yesterday,Saturday,5/20-perhaps
that is Really how to trade tomorrow's markets,today! (same time
zone)-maybe a side benefit of using Linux? (then again,it might be My
system or isp,if so,I apologize)
ps: this is posted in an informative,my opinion only,manner,about
possible hazards of believing all you read (including this note)and is
not meant to flame anyone.
"[ tradergirl ]" wrote:
>
> ----- 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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