[Maryrose] OK, I had a thought last night and I need to run it by you, the informed to see what you think..........If our law says Congress, their families and aides have to report any and all income as of Oct 1st, 2012 wouldn't it make sense that they'd cash in for vouchers now, hence the cash in stories???
[spades] maryrose if its in a voucher . then I dont think its income yet . jmo
[Maryrose] spades but our Congress is spectacular at skirting issues and playing with words!! All depends on what your definition of IS, IS!!!!
[Maryrose] Stitch Hi !! What do you think of my post??
[Stitch] Maryrose well, imo you are certainly right about Congress being good at skirting issues! rofl
[Maryrose] Stitch read the post prior too, it is a thought I had last night
[BigB] Maryrose Maybe you just hit upon it" any and all income" Could it be that our blessing is not going to be "income"?
[prissynell] BigB sure not earned income, just an exchange of currency
[Stitch] Maryrose yes, you pose an excellent possibility...
[spades] bigB I like the sound of that again
[Maryrose] BigB or they cashed in for vouchers so they wouldn't have to disclose how deep they were into it???
[Stitch] BigB that poses a very interesting possibility...
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[Mitzi] Maryrose I think you are talking about the "Insider Trading Law"...not positive but I think congress and families had to declare all purchases (dinar in particular) or else sell it by Oct 1...so they got vouchers so they didn't have to claim the dinar.......I am not 100% sure I am correct
[BigB] Maryrose I have faith in our government - they will find a way to skate by as they stick it to us. They have always played by different rules.
[prissynell] Mitzi yes vouchersssssssss
[klee123] you sure are correct, BigB
[Mitzi] prissynell they found one more way to screw us
[prissynell] it is not only just our gov that got vouchers
[BigB] Stitch klee123 Maryrose Mitzi I think if you would really examine this "law", you will probably find something that exempts them from almost everything.
[2mater] IMO lots of groups, whales and government peeps have been vouchered out - think that's the story behind all of the Reno scuttle - think it gets confusing when a it's called 'cashing in' - noone has been paid as it's against the law - but I feel that a large number of people have been 'accomodated'
[spades] I dont know about yall , but I just want it to happen,before the tax cuts expire in jan .
[BigB] Stitch Isn't that the reason these people run for office - power, money and perks? Just think, a congressman makes about $175,000.00 a year and finishes his career about 10-15 years later and has accumulated millions of dollars! would you like examples?
[BigB] Stitch Well, back to the topic - maybe they are not going to define this as income, Currency Exchange!
[BigB] Stitch And don't forget cost of living increases and the best health care our money can buy!
[2mater] BigB personally I think that those that are not prepared to pay significant tax are being foolish
[Stitch] BigB right - no O Care for them!!! rofl
[bambam] Stitch. My blood pressure is rising. Wonder why we are going broke...
[BigB] spades 2mater After all, these guys do not want to pay any taxes. And they do not want their benefactors to have to pay, that might cost them huge re-election contribution cuts.
[bcrt1] Stitch The old...Do as I say, not as I do! Roflmao
[2mater] BigB agree - what a racket!
[BigB] 2mater I think almost all of us are going to be prepared - we just will not take a chance. After all, we are used to getting the smelly end of teh stick
[spades] BigB I concur . I know if they get over it might be over for them . lol
[BigB] spades Better to let us get some of the pie than for them to lose the bigger pieces.
[klee123] jimho, it seems to me that this is a cash exchange, in reality....non taxable issue
[prissynell] klee123 it is not an asset it is not earned income it is a currency exchange non taxable
[BigB] prissynell It is called "double talk". Ever read 1984 by George Orwell? Great book. That is where we are now.
[prissynell] true BigB
[spades] klee123 I will set aside the tax anyway just in case . you never know .
[klee123] yes, spades; best to be prepared in case "they" throw us a curve ball, as always
[prissynell] since Kuwait is 4.05 now and it will revalue and we will be approx .50 above Kuwait that will be a fair rate if so
[2mater] prissynell think you're going to be surprised
[BigB] prissynell Keep in mind that Kuwait can and probably wil RV also to a higher rate. The scale now slides....
jack1977] If i am not mistaken there was a post regarding taxes,,,, NO tax on ce ,,, Per I.R.S someone called and talk to a person and even gave a ID # to whom they spoke to....But any way I will make sure I have plenty aside just in case. u never know? Our GOV,,,,,,
[blessedandhighlyfavored] prissynell I do not disagree with you on taxes, however, I am going to be prepared because they are not going to catch me slippin'...if not then WOOO HOOO for more money in out pockets.
[Maryrose] jack1977 do you think it will matter that the EO calls it an "investment"?? Just askin
[bookings] imo if anyone thinks the irs aint going to be all over us for taxes , is only fooling them selfs!!
[2mater] bookings so right!
[Maryrose] bookings I agree with you. They are greedy little bastar.. in Washington!!!
[jack1977] Maryrose From what I have read .... NO ,,,, it is a ce,,,, No matter what,,,,, NO tax ,,, That is hear say,,,,, just call the I.R.S ...... they will give u answers,,,,,
[klee123] bookings, they may try, but the bottom line, is this is a cash exchange....
[spades] jack1977 I think it was a bondlady post last month
[bookings] Maryrose Maryrose Maryrose Maryrose i'm with bwm ,he said back some time ago, if you don't pay your taxes, he said i'll be visting you looking thru bars. Lol
[weimar] I am planning on the 35% rate, then when it RV's will turn info over to a Tax expert
[2mater] klee123 good luck trying to explain that to the IRS once you get a letter requesting an appearance and all documentation
[bookings] weimar weimar my taxes person said 15% on it. So we shall see.
[BigB] weimar Maryrose Most of them don't have any better guess than you or I. We still have one that thinks it is going to RV at $.10 in about 4 years!
socalcutie] FYI, we really have to wait until there is a ruling as this is a special case, but go to IRS publication 525, pg 33 under foreign currency exchange. No guessing for normal circumstances.
[jack1977].... but a easy phone call to the I.R.S will give u answers,,,,
[socalcutie] FYI, we really have to wait until there is a ruling as this is a special case, but go to IRS publication 525, pg 33 under foreign currency exchange. No guessing for normal circumstances.
[klee123] i'm too scared to call the i.r.s......will turn it over to my tax atty when the time comes; he is also into this cash exchange
[BigB] jack1977 You best get that answer in writing! They will come back on you 6 years later with penalties and interest!
[socalcutie] we really can't get overly excited as we have heard that this is "special" so may, i say may, be a special ruling. we MUST wait
[bookings] FOR ME I'M PLANING ON PAYING TAXES , BECAUSE WHEN WE GO TO THE BANK, WE HAVE TO FILL OUT 2 PAPERS ONE THAT GOES TO irs, 1 to home land sucurity. so imo irs will be over over us. because this document that goes to them has our name, social security number, address on it. my banker told me this, and he told me do not think you won’t pay taxes. lol
[2mater] Here we are talking about whether and how much tax we're going to pay on a speculative investment that has been a mystery for almost ten years - how foolish do we look from the outside - just want it to happen - don't care at this point about the rate or the tax - just come on already!
[Retchie08] The annual meeting of the International Monetary Fund and World Bank kicked off Tuesday in Tokyo with a somber assessment of the global economy by the IMF, which cut its growth forecast, citing uncertainties in Europe and in emerging economies, including China
[perky2] The finance minister started paying Kurtistan . The first payment of 650 million. for oil
[okrocks] Parliament session lifted till next Thursday Baghdad (IraqiNews.com) -The parliament has lifted its regular session held on Tuesday. http://www.iraqinews.com/baghdad-politics/parliament-session-lifted-till-next-thursday/#ixzz28oEZ7knb
[2012jesus] Parliament discusses Eid holiday breaks; Oct 15-Nov6, Nov 14-Jan 1http://thecurrencynewshound.com/2012/10/09/parliament-discusses-eid-holiday-breaks-oct-15-nov6-nov-14-jan-1/
[okrocks] Urgent .. parliament voted to ratify the Law of the Federation Council to be more like the Senate .. provides for the selection of four members from each province, and distributes law of powers between the House of Representatives and the Federation Council, which like the Senate.
[klee123] 2012; regarding that break til jan 1; maybe that is why some are saying it wont happen before 2013...
[cisco411] okrocks i thought rv was out of iraqs hands how is this relavent?
[okrocks] Breaking News …Parliament approves forming Federal Council similar to US Congress .. “The Federal Council is similar to the US Congress and its authorities will be higher than the parliament.”
[okrocks] cisco411 you have to follow their bread crumbs... thats all
[cisco411] okrocks i see