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Everyone is complaining about taxes. Be thankful for Regan. When I was a floor
trader the tax rate was 70% on unearned income. Trading income was classified
as unearned. It is obvious they were never a floor trader. When he cut the rate
to 50% we all bowed to Washington. Don't complain, things can get worse and the
usually does. Ira.
BrentinUtahsDixie wrote:
> RT's,
>
> Wouldn't it be nice if we didn't feel like running to a tax haven. As
> traders we face greater tax challenges then most average Americans. We
> accept greater risks and are rewarded with greater reporting burdens as are
> most businessmen.
>
> I have a dream. That being of a tax system where all Americans would not be
> considered as those likely to defraud or cheat the government, where our
> liberty could be restored and we would not be required to report all the
> details of our life to the tax man. I would happily and patriotically pay my
> fair and reasonable share of taxes. I think that most Americans would do
> likewise if given the opportunity. Something simple enough for all to
> understand. Say for example a 10% sales tax on all sales transactions no
> mater what level of sale, whether retail, wholesale etc. 5% goes to the Fed,
> 3% to the state and 2% to the local and no other taxes, not property,
> estate, luxury, etc. etc. etc. etc. The saving in paper work alone would be
> unfathomable and banks could set up accounts so that the tax could be
> deposited daily (frequently) into a tax account.
>
> Relieved of that burden would even make me a better trader I think. Pleasant
> dreams.
>
> Brent
>
> -----Original Message-----
> From: John Cappello <jvc689@xxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: Tuesday, March 09, 1999 3:42 PM
> Subject: GEN: Trust accounts
>
> >Dear Zaheer and Group,
> >
> >I have been checking into this for 2 years.As long as you are a US
> >citizen and direcly or indirectly control the trading accounts it is
> >no tax haven.The US paper work is quite clear and you have to lie to
> >make it work.
> >
> >US legislation has been passed to further crack down on this area.
> >
> >Be careful.Even posting one's intent to a group could target you if
> >someone wanted to be mean.
> >
> >John
> >
> >
> >
> >------------------ Reply Separator --------------------
> >Originally From: Zaheer Bhyat <zaheer@xxxxxxxxx>
> >Subject: GEN: Trust accounts
> >Date: 03/09/1999 04:19pm
> >
> >
> >Dear RT's,
> >
> >I want to set up a trust account in a tax haven eg. Cayman islands,
> >BVI's
> >etc. I would appreciate any insight in to doing this that anyone would
> >like
> >to share, also would appreciate any experiences and contacts.
> >
> >Thanks for your help
> >Zaheer
> >
> >
> >
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