[FLPatriot59] 30MDINAR - Teaser: someone sent me some info last night that I asked them to get some more confirmation before I could share it. Today this person is getting that additional confirmation for me....read between the lines!
[FLPatriot59] 30M - I want to explain a little more in detail now what I could not explain last night. Last night in my update I said I can't go into details right now but we need to make a careful, calculated decision when exchanging. I found out that Obama had instituted a 9% tax.
Bottom line is we're going to have to make a calculation when we're going into a particular rate for our exchange. I'm hearing there may be a cutoff amount for the return that may be counted as an investment. Depending on the amount you're exchanging you may have to take a lesser rate in exchange for not having it considered an investment.
The amount could be the trigger - not certain, but we're looking into. I want you to know you may not want to run in and demand the highest rate possible and then get hit with more taxes. There may be a threshold where some of what we have is considered an investment.
[FLPatriot59] 30M - Before we get all excited, let's relax and wait for additional information to develop.
Read More Link on Right
[FLPatriot59] 30M - what you call it when you go in (exchange or investment) has nothing to do with it. What is being talked about right now is a threshold that puts you into the investment category based on the amount you exchange, not what you call it.
[FLPatriot59] 30M - we don't have that last piece of information with the rate. I'm hearing from multiple sources that is being worked out right now. We've got to know the spread (low end/high end for the rate) and what is that magical dollar amount that might move us into the investment category. By knowing those 2 things we can know whether we pay the 9% or the full tax right.
[hoot2602] FLPatriot59 I can't fathom the O administration giving us an option of taking a 9% tax or anywhere from 15% for long-term capital gains to 43.5% for standard income taxes. That's crazy! But, is there anything normal about our government?
[Gdsgrl21] Think of it this way...on this "ride" we've learned about world politics, Iraq, US, banking....we prob know more about banking and currency exchange than most bankers! AND made lifelong friendship in the castle
[OKCRN] Gdsgrl21 I can guarantee we know more politicians in Iraq than the general population....and I doubt you can find 10 people on the street who can tell you who the Secretary of Treasury for the US is!
[mark64] Jamison Hi, would you know anything about how the ce will take place in Canada, like witch banks will exchange , taxes. Thanks
[Jamison] mark64 The group leaders reported several months ago that there is preliminary situation with some banks in Cananda, but how it will be handled we will have to see when it happens
[sailman] mark64 Have been told that RBC and TD abk will for sure be available to CE -- as far as taxes it is to be treated as Capital Gains -- first 50% tax free and Second 50% taxed at your personal nominal tax rate depending upon province
[mort] CountryGirl59 i don't think we will be paying any taxes on this...my int lawyer says this is not taxable-its a currency exchange-if we are taxed he will sue-he sured them once and won and he said he will do it AGAIN...
[heartfelt] mort IMO, since this is now a IQN and IF it is recognized as a commodity instead of a currency this COULD change the whole issue on tax
[CountryGirl59] hmmm currency vs commodity
[mort] heartfelt no the federal reserve & the irs will be gone very shortly
[ChildOfGod] mort BYE BYE IRS! What wonderful words!
[heartfelt] CountryGirl59 I heard this and not sure if true but it is in the back of my mind it could be the hold up...we don't have the facts so we wait
[RVit] CountryGirl59 From my understanding, our currency is now viewed as a commidity and an asset. It creates an interesting situation. Who taxes who, etc.
[blessed1] We are getting crazy money! Of course it's going to be taxed heavily.
[mort] oucrazy federal reserve system will be here for us-but not against us
[RVit] CountryGirl59 That is one of the reasons we are hearing so much about the CME (Chicago Commodity Exchange)
[oucrazy] mort I had heard that but thought the IRS would not go away unless we went to a consumption tax
[ChildOfGod] mort And I am guessing a flat tax across the board ... am I totally off?
[mybreadcrumbs1] imo it does not matter if it is a commodity or not if you gain on both they both are caitol gain taxes
[rmjgold] [FLPatriot59] HR77 currently in Congress: SEC. 3. NO TAX ON CERTAIN COINS AND BULLION. (angel) In General.--Notwithstanding any other provision of law-- (1) no tax may be imposed on (or with respect to the sale, exchange, or other disposition of) any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion, whether issued by a State, the United States, a foreign government, or any other person; and (2) no State may assess any tax or fee on any currency, or any other monetary instrument, which is used in the transaction of interstate commerce or commerce with a foreign country, and which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution. (beer) Effective Date.--This section shall take effect on December 31, 2013, but shall not apply to taxes or fees imposed before such date.
[Capt Ron] If indeed many banks around the world have the same IQN rates at their screens (albeit hidden from the tellers for the moment) then it seems to me that that status can't last too long. Either we C/E or or see all those indications go away, and within days at most.
[BOBGETZ6] Capt Ron I don't know what to think about that.
[Capt Ron] have you gotten any independent feedback about these dinar rates being transmitted to many banks worldwide in the past day?
[BOBGETZ6] Capt Ron Not really. I don't know that I believe that. Not down to the teller or even regional level, IMO.
[Capt Ron] well, the assertion that this is happening (the view of both Tony and Okie) is a mighty big assertion, and I would expect that we all will see that either reinforced or debunked pretty quickly. That allegation is just too big to not go either way.
[BOBGETZ6] Capt Ron Just spoke with someone who felt as if it were to go now, it would be over the weekend when the banks are closed. However, with this, all of the rules, are no longer rules and it can be slipped in anytime.
[Capt Ron] if all we are now concerned wtih here are the tactics/logistics of HOW this gets released, then i'm a happy boy.
[BOBGETZ6] If only that were the case.
[Capt Ron] i agree that there is no precedent for a global financial event of this size. We're all just winging it.
Varda: I have a friend in Washington DC who walks past the IMF to work. This afternoon the building was hopping with dignitary limos and secret service. All the cars were flying a red flag with a yellow star, the country flag for VIetnam. What does it mean? Well. I know it means 'Vietnam is in the house"! Just passing it on...
loechin: As of this moment this second the rate is 23 plus change but if I were you guys I would switch those around when I go in and START there..
[loechin] As of today all I can say is the local WF here is ready to go and they will just call me.
[inwestNWT] Loechin earlier today I read where you stated that all of the banks must be open in order for the rv to take place. Can you explain why, please?
[loechin] inwestNWT Tony told us all open or all closed but who knows for certain.
[kord] loechin If we don't see anything by the time banks close today, would tomorrow while all banks are open be the next likely window?
[loechin] kord We hope tonight
[rasher4736] loechin is the Dong still between 2 and 4?
[loechin] rasher4736 I am hearing north of 4 but I just don't know yet