Dinar Updates Member Chat & Roundtable With BGG Part 2
Tex1 says to BGG(12:26 PM): Any more news on how much taxes we pay?
Tex1 says to BGG(12:27 PM): sorry for enteruption
BGG says to Tex1(12:27 PM): I don't trust any of the answers I have seen on the internet - those people will get you thrown in jail.
BGG says to Tex1(12:27 PM): you will not avoid taxes.
TONYV says(12:27 PM): BGG any opinion on XCHANGE of America? The corporate office just opened a few miles from my house.
Thunderbird says(12:27 PM): On your knowledgment from what to what your are expecting the rate would be .....
BGG says to Tex1(12:27 PM): there is no secret hand shake.
Thunderbird says(12:28 PM): doesnt has to be an exact number
jtank says(12:28 PM): how about a trust corporation --pay only on what u use
Tex1 says to BGG(12:28 PM): I will pay everything I'm supposed to ,, just don't want to pay more.
Zig says(12:28 PM): Always baffles me why wealthy people ever try to evade taxes....
BGG says to Thunderbird(12:28 PM): less has been discussed - but again - there is no guarantee they will do that.
Freddy says(12:29 PM): evading taxes is BAD avoiding them s smart
Thunderbird says(12:29 PM): OK .......
dego says(12:29 PM): ?
BGG says to Thunderbird(12:29 PM): at one time they had discussed at least 5 different plans (fact)... and still had not entirely settled on any one.
Papatom says(12:29 PM): I plan on paying what my Tax Attorney tells me to pay and he is willing to defend if it's challenged.
clay says to BGG(12:29 PM): ?
BGG says to Papatom(12:29 PM): exactly - alot will depend on the current long/short definition...
jtank says(12:30 PM): he will viit u in jail--lol
Zig says(12:30 PM): If you overpay you will eventually get a refund.....
BGG says to Papatom(12:30 PM): and then how you structure your situation...
Thunderbird says(12:30 PM): Thats the thing ...... depending the rate it is the type of post RV movement that you can do
Papatom says(12:30 PM): remember, if you creat a suspicious event, the IRs can freeze your assets till you prove THEM wrong.....
BGG says to Papatom(12:30 PM): if it were at 39% my advocate felt sure we could get things down to about a 25% "effective" rate...
Papatom says(12:30 PM): I agree with that structure Bgg
clay says to BGG(12:31 PM): no delarue machine in Asheville how do i find the closest
dego says(12:31 PM): BGG ?
TimandJulie says(12:31 PM): ??
BGG says to clay(12:31 PM): this will change quickly once there is an RV - they can rent one and have it overnited.
TONYV says(12:31 PM): Don't forget the 3.8% Obamacare tax!
clay says to BGG(12:31 PM): ok thanks
BGG says to TONYV(12:32 PM): be very careful there...
BGG says to TONYV(12:32 PM):
DiagyAAAE says(12:32 PM): Keep in mind, exchanging some in another country is ideal too... (for instance, Italy) ;)
Papatom says to BGG(12:32 PM): and that's the safe position for you.... as long as your advocate is experienced in defending His work.... adn I bet he is if you are using him.
TimandJulie says(12:32 PM): ??
TONYV says(12:32 PM): BGG Ok, thanks! I don't use them anyway, jst curious...
dego says(12:33 PM): BGG would you also have info on where the best exchange would be in Canada.?
BGG says to Papatom(12:33 PM): absolutely correct - I'm thinking if it is a long term cap gain - the tax liability will be very livable...
BGG says to dego(12:33 PM): we will...
BGG says to dego(12:33 PM): common question
dego says(12:33 PM): OK, thanks'
BGG says to TimandJulie(12:34 PM): go
TimandJulie says(12:34 PM): what would be the reasons we DON'T make money on this, i just have seen none
Papatom says to BGG(12:34 PM): and... if we donate dinar to charities as dinar, we won't get a deduction, but we won't pay ANY tax either on that amount....
TONYV says(12:35 PM): BGG Are you going to discuss investments at DU POST RV?
BGG says to TimandJulie(12:35 PM): I can't even think like that - I wouldn't be here if I could :D
jtank says(12:35 PM): U and MD
TimandJulie says(12:35 PM): LOL, OK THANKS
BGG says to TONYV(12:35 PM): Sure - I have all kinds of thoughts.
BGG says to TONYV(12:36 PM): never lose your principal
clay says to BGG(12:36 PM): does a gifting letter have to b a yr old or just my dinar for long term gain
BGG says to TONYV(12:36 PM): never give up control of your money
Zig says(12:36 PM): Banks will have books showing them what to look for....they do currency exchanges daily without any special equipment...we worry too much...banks have been exchanging currencies routinely a long time....when I first invested I brought my Dinar to my bank....they looked for it in their "Book" but was not there "yet"....but it will be when internationally accepted...
TONYV says(12:36 PM): BGG Great! Looking forward to them.
BGG says to TONYV(12:36 PM): which make annuities a BIG NO NO
BGG says to TONYV(12:36 PM): once it annuitizes they get to keep your money
TONYV says(12:36 PM): BGG Oh no! Jst tired of the stock market and low interest rates.
Gabriel24 says to BGG(12:37 PM): ESACTLY !
Gabriel24 says to BGG(12:37 PM): EXACTLY even
BGG says to TONYV(12:37 PM): most great traders I know use the market for very short in and out plays. They do not let it sit.
TONYV says(12:38 PM): BGG I see that. I don't see the market as a long term trades anymore.
BGG says to Zig(12:38 PM): You have a point - but when dealing with a lot of money... being a little paranoid is not such a bad thing
BGG says(12:38 PM): Use advisors - not decision makers...
Zig says(12:38 PM): Paranoid can be good.....lol.....true
clay says to BGG(12:38 PM): does a gifting letter have to b a yr old or just my dinar for long term gain 4 them
BGG says(12:39 PM): you got you here - you are the best one to make choices for your family
Gabriel24 says to BGG(12:39 PM): There is so much new technology we can invest in pro event. That will be a GREAT time for us !
BGG says to Gabriel24(12:39 PM): Amen
BGG says to Gabriel24(12:40 PM): but invest in the new using the "age old" advice...
Gabriel24 says to BGG(12:40 PM): ;-)
mrref1216 says(12:40 PM): The chart confirms the high inflation rate (1.6%) December 15, 2014 1: 39 pm
The planning Ministry said high inflation index for the month of November last (1.6%).
Ministry spokesman Abdul Zahra Al-Hindawi, said in a statement received underground press copy, the inflation index for the month of November last rose (1.6%) The annual index rose (3%) As a result of higher prices of housing section rate (4%) Food section (3%) ".
"The price survey for last month did not include the four governorates of Anbar, Ninawa and Kirkuk and Salahuddin where security conditions."
jarhead says(12:40 PM): I hope we RV while oil is low :)
TimandJulie says(12:40 PM): the un-circulated we rather most hold has always been my concerns, your thoughts on it
brett says(12:40 PM): ?? do I need a tax attourney or financial advisor or both
Tex1 says to BGG(12:40 PM): If I want to invest a Million Dinar in the ISX is there a way to do it without exchangeing it here for Dollars ??
(12:40 PM)THE BLOG - Dinar Daily NEWS Blog - http://www.dinarupdates.com/blog/
larrykn says(12:41 PM): sounds like we will spend more time trying to keep our money then to spend our money
steve says(12:41 PM): Will u adddress this 2% thing Kaperoni keeps talking about on your next call?
larrykn says(12:41 PM): I thought land was always a good thing
BGG says to Tex1(12:41 PM): Do not take harmful "internet advice"...
BGG says to Tex1(12:41 PM): why try to fudge.
clay says to larrykn(12:41 PM): me 2
Gabriel24 says to BGG(12:42 PM): And that is FACT !!!!!!
BGG says to clay(12:42 PM): a better ?? is - if you are giving something to someone - why do they have to go spend it - or exchange it right away??
Papatom says(12:42 PM): something to remember if investing outside of the USA, if you are a citizen. the foreign asset tax is 30% of the value of the asset per year. that's not advise, that's law.... so, are you creating an asset by investing? think about it
BGG says to clay(12:42 PM): they didn't have it to start with...
tom1400 says(12:43 PM): clay
BGG says to clay(12:43 PM): let it sit "as is" until it's a year old. DUH.
clay says to BGG(12:43 PM): thanks
clay says to BGG(12:43 PM): (lol)
BGG says to clay(12:43 PM): that's like being so smart they got an extra 20% return...
Tex1 says to BGG(12:43 PM): That's why I am asking questions ,, don't want to get cross ways with them.
MGM says to clay(12:43 PM): Got that?:D
brett says(12:43 PM): ?? do I need a tax attourney or financial advisor or both
clay says to MGM(12:43 PM): yep
Gabriel24 says to BGG(12:44 PM): NEVER lose your initial investment. Live off your gains !
DiagyAAAE says(12:44 PM): Let go, Let God'.... No need to worry folks! Do you know how the rich stay rich? they dont spend their money lol! If you are smart, you can live comfortably on accrued interest ALONE! Mr Diagy.....
larrykn says(12:44 PM): I have reserves that will be short term capital gains, I plan on holding it till it becomes long term
BGG says to clay(12:44 PM): the DUH is for whomever got the gift - not you. :)
DiagyAAAE says to brett(12:44 PM): Both
clay says to BGG(12:44 PM): ok lol
mrref1216 says(12:44 PM): 12/15/2014 14:43 GMT
Parliamentary Finance suggests deducting a percentage 15-25 percent of employees' salaries
Follow-up - and babysit - Parliamentary Finance Committee, announced Monday, for submitting a proposal to the Cabinet spends cut 15% to 25% of the employees and officials' salaries, which paid a million and a half million and receipt of them later in the form of savings compulsory.
He said the Finance Committee is capable member Mohammed that "the Commission submitted a proposal to the government to save compulsory for employees to provide material liquidity."
"The proposal refers to a discount of 15% of those who are paid monthly million and a half to two and a half and handed them later in the form of securities."
He reported that "the proposed reunification who earn salaries of two and a half to three and a half million of them to deduct 20%, while 25% is deducted for those who paid three and a half million and above."
brett says(12:44 PM): i dont have money to get a tax attorney right now
mrref1216 says(12:44 PM): He pointed out that "the withholdings will be delivered later in the form of bonds when the availability of financial liquidity and act as a forced savings
BGG says to Gabriel24(12:44 PM): isn't that the first "Buffet rule"
Zig says(12:4 PM): I will use several places to exchange...don't want one place to know all of my business...or how much I may be worth...
BGG says to Gabriel24(12:44 PM): and the second...
BGG says to Gabriel24(12:44 PM): and the third...
TONYV says(12:45 PM): BGG if Iraq uses a Peg to a basket of currencies like Kuwait, does that stunt our growth opportunities?
Gabriel24 says to BGG(12:45 PM): It sure is !
BGG says to TONYV(12:45 PM): They won't - that's all big talk...
TONYV says(12:45 PM): BGG Ok, thanks!
BGG says to TONYV(12:45 PM): I highly doubt it will be anything but the USD
mrref1216 says(12:45 PM): BGG your imput on the above article just posted, thanks
tom1400 says(12:45 PM): clay
Papatom says to BGG(12:46 PM): glad to hear you say that, I completely agree.... the dollar is the currency for oil. that's what they'll use regardless of news postulations pre RV.
clay says(12:46 PM): Tom
DiagyAAAE says to brett(12:46 PM): Even if you only have 25,000IQD, you'll do just fine ;)
tom1400 says(12:46 PM): next year???
clay says(12:47 PM): thinkin so
Gabriel24 says to Papatom(12:47 PM): It is also the contract with the USA
BGG says to mrref1216(12:47 PM): it is a "suggestion" from the Finance Committee
Zig says(12:47 PM): May also use more than one "adviser"...IMO you don't want to put all of your eggs in one basket...nor more than 20% in high risk investments...
tom1400 says(12:47 PM): still 3.65
BGG says to mrref1216(12:47 PM): they are just slightly more on the "inside" than you and I are... :D
mrref1216 says(12:47 PM): BGG just love those suggestion seems like thats all we've been getting lately
clay says(12:48 PM): tom sure hope so
BGG says to mrref1216(12:48 PM): the CoM would have to fire up such an event - I doubt they would do such a thing
tom1400 says(12:48 PM): the dong?
clay says(12:48 PM): not sure
mrref1216 says(12:48 PM): thats what I was thinking
BGG says to mrref1216(12:48 PM): the more we discuss it - sounds like a Maliki "booby trap" (lol)
mrref1216 says(12:48 PM): yes lol
graylnjo says(12:49 PM): BGG any chance of a short exchange window???
BGG says to graylnjo(12:49 PM): I doubt it.
BGG says to graylnjo(12:49 PM): JMHO though
smiller67 says(12:49 PM): BGG Thank you :)
larrykn says(12:50 PM): I thought I read somewhere that they said they will have a 2 to 3 year window to exchange
mrref1216 says(12:50 PM): Sources: dinar will not be affected unless the decrease in oil prices are borrowing from the central bank
BAGHDAD - Iraq Press - December 15 / December: commenting on the difficult economic situation that Iraq is going through because of the shortfall in the budget of 2015, which is estimated at $ 40 billion, in addition to the drop in world oil prices, assured members of the National Alliance, on Monday, that " any attempt to resort to borrowing from the central bank will certainly affect the dinar exchange rate, "noting that" the exchange rate will remain steady despite lower crude oil prices. "
Papatom says to BGG(12:50 PM): BGG, did you see an email I sent you this morning?
jtank says(12:50 PM): or can they set their own exchange laws
BGG says to Papatom(12:50 PM): Don't think so.
BGG says to jtank(12:50 PM): Not as long as there is an IMF
BGG says to jtank(12:50 PM): a WB
graylnjo says(12:50 PM): But I also read a 15 day window
Papatom says to BGG(12:51 PM): BUSINESS ECONOMY
Iraq issues tender to buy at least 30,000 tons of rice
The closing date for the tender is December 22, and offers should stay valid until December 26. (Shutterstock)
Reuters, Baghdad Monday, 15 December 2014
Iraq’s state grain buyer issued an international tender to buy at least 30,000 tons of rice, the trade ministry said in a statement on Monday.
The closing date for the tender is December 22, and offers should stay valid until December 26.
The rice can be sourced from the Unites States, Uruguay, Argentina, Vietnam, Brazil and Thailand. Thai white rice will be accepted, the statement said.
Gabriel24 says to BGG(12:51 PM): I believe it is Internal law to havethe old and the new co-exist gfor 2 years. Eg, Zambia and Mexico
BGG says to jtank(12:51 PM): and a consortium of Central Banks
Papatom says to BGG(12:51 PM): Hows THIS for a question builder????
Gabriel24 says to BGG(12:51 PM): International ..... sheesh typo virus again lol
Papatom says to BGG(12:51 PM): if Iraq is putting out a purchase of RICE..... and giving dates from 12/22 thru 12/26 what's that suggest?
mrref1216 says(12:52 PM): Parliamentary Economic postpone debt to Kuwait in 2017
BAGHDAD / Center Brief for the Iraqi Media Network (IMN) - Deputy Chairman of the Parliamentary Economic Commission Harith al-Harthy said on Monday that the committee deferred debt Kuwait amounting to 4.7 trillion dinars to 2017.
jtank says(12:52 PM): ive read 2 yr exchange
mrref1216 says(12:52 PM): Harthy said that "the economists put the program to overcome the deficit in 2014". Noting that "the experts have to re debt owed by Iraq structuring, programming and investment projects and economic Tjaosalozma in the next two years."
Parliamentary Finance Committee revealed earlier, that the estimated budget deficit in 2014 exceeded 23 trillion dinars, stressing that this deficit is the largest in the budgets of the Iraqi state.
Papatom says to BGG(12:52 PM): 1. they have to know what the value of their dinar would be during that time.....
Papatom says to BGG(12:52 PM): 2. their currency would have to be acceptable internationally during that time...
BGG says to Papatom(12:52 PM): Not sure - maybe they are just hungry?
Papatom says to BGG(12:52 PM): lol
BGG says to Papatom(12:52 PM): (lol)
Papatom says to BGG(12:53 PM): hungry for a rate!!!
Papatom says to BGG(12:53 PM): this article is very telling , imho
clay says(12:53 PM): so am I (lol)
vicki says(12:53 PM): BGG Great round table lots of info... cya tonight ...
Papatom says(12:55 PM): and it's from Reuters...not Bagdad press....
Gabriel24 says to BGG(12:55 PM): Watch Reuters VERY VERY carefully ; )
BGG says(12:56 PM): oK gang - got to go handle family business.
clay says(12:56 PM): BGG was great thanks
BGG says(12:56 PM): great conversation. Lets do it again soon!!
mrref1216 says(12:56 PM): Parliamentary Finance and Ministry of Finance decide to reduce the proportion of the shortfall in the budget of 2015
Parliamentary Finance Committee revealed that the meeting held today with the Finance Ministry came out with a number of decisions that would reduce the size of the shortfall in the budget next year.
Said committee member Najiba Najib told Radio tow One of the most prominent of those decisions mechanism to handle the Ministry of Finance with the decline in crude oil prices, and demand the government to cut expenses by eliminating unnecessary expenses, as well as the presence of proposals to increase non-oil revenues by imposing a tax on public services put and raise the government support it.
Tex1 says to BGG(12:56 PM): Thanks Sir very good info....!!!!!!
mrref1216 says(12:56 PM): She said those decisions that will reduce the size of the shortfall in the budget next year and revealed Najib said the regional countries will also have a role in reducing the proportion of Agr winning in next year's budget.
Noting that the prime minister Haider al-Abadi plans to Kuwait to visit in the coming days to study the issue of postponing the payment of the last installment of compensation for the Kuwait war,
amounting to about $ 7 billion, as well as the talks that will be made with the International Monetary Fund and with the Petroleum Exporting Countries to increase fiscal revenue.
Gabriel24 says to BGG(12:57 PM): Thanks :)
mrref1216 says(12:57 PM): Najib stressed that the budget year 2015 will be sent no later than the end of the current fiscal year, particularly after the end of the State Committee for review in 2015 of its expenses.
(12:57 PM)THE OBSERVER - http://dinarupdates.com/observer/
sheila3 says to Papatom(Whisper message)(12:57 PM): maybe ask md about it tonight
Papatom says to sheila3(Whisper message)(12:58 PM): I will if I'm here....if I'm not, will you? I think it's a HUGE clue....
Gabriel24 says to BGG(12:58 PM): I still think the IMF article last week was one of the biggest events of the year !
sheila3 says to Papatom(Whisper message)(12:58 PM): yep thanks
DiagyAAAE says(12:58 PM): When the IQD goes international, why would they only exchange the notes for 2-3 years? Makes no sense to me, and I firmly believe there will be NO window we need to look through... It's a currency exchange... Period! Now that's not to say that our gov't won't tack on taxes, ie C.Gains and/or income taxes. We are not the first exchangers in history though :)
Papatom says to sheila3(Whisper message)(12:58 PM): they can NOT do a tender internationally with out knowing what their currency is worth....and...their currency is CURENTLY NOT ACCEPTABLE internationally
Papatom says to sheila3(Whisper message)(12:59 PM): thanks