All you have to do to capture the IRS’ attention is deposit less than $10,000 at a time in your account.
Banks that get deposits of more than $10,000 have to report those deposits to the federal government. A person who purposely tries to evade these reporting requirements is guilty of a crime known as “restructuring” (or “smurfing.”) It’s a crime to purposely duck these reporting requirements even if the money comes from a legal source.
If the IRS even suspects you’re guilty of restructuring, it can take your cash. The problem is that people, especially small business owners, could have other reasons for making large deposits under $10,000.
A recent study was conducted that concluded that all these new laws the IRS has passed and is trying to enforce from spying more on Americans who have accounts overseas to trying to use the laws illegally as is the case above to steal cold hard cash from hard working Americans hardly justifies the expense. In fact, if they closed the loopholes many large corporations use to pay little to no tax the haul would be much larger. So what gives? Well, they want to control the population and have them live in fear. When you are in a fearful state you cannot think well. A stressed animal cannot respond well and thus the government can continue to rob the people blindly. However, the big D-day of change is dawning closer. The IRS will be eliminated and most likely the process will be violent. Change is never easy and big change is always preceded with a massive spike in violence.
A final huge back lash from this is that the very wealthy will start to renounce US citizenship; given this trend it’s becoming more of a pain than an asset to be a US citizen especially if you have money. Between having to worry from being sued by unscrupulous lawyers and the IRS many small to middle size businesses are closing shop or relocating. Why would you want to deal with this crap when trying to succeed in a competitive world is already hard enough without any added burden?
Recent IRS abuses of American businesses, taxpayers and non-profits for political views and contributions — and Justice Department reluctance to prosecute malefactors — only add to perceptions that the U.S. tax system makes America no place to do business. And increasing numbers of businesses and individuals are making that choice.
American corporations are merging with foreign competitors for the explicit purpose of locating corporate headquarters and tax residences outside the United States. These so-called “tax inversions” started as a trickle in the 1990s but are increasing. Activist investors are pressuring U.S. corporate executives to maximize stockholders’ after tax profits — and to shield stockholders from IRS and Justice Department enforcement abuse
The U.S. tax system is so burdensome and arbitrary that a 2013 study undertaken by a European think tank ranked it 94th out of 100, right after Zimbabwe, for its impact on business competitiveness. Full story
‘I was terrified we’d lose all our money’: banks tell US customers they won’t work with Americans
Angry Canadians are rare. But Patricia Moon qualifies. Until 2012, Moon was actually an American – albeit one who had lived in Canada for 32 years. She settled in so well that in 2008, she added Canadian citizenship to her US one. But Moon cut ties with America three years ago, after new banking laws aimed at tax evaders required expats like her to file more thorough US tax returns. She was five years behind on the news. “I was terrified we’d lose all our money,” she says. After back-filing years of tax returns, Moon renounced her US citizenship in 2012. It was a defiant act she describes as being one of the first canaries to leave the coalmine as US banking laws make life more difficult for American expatriates. She wasn’t pleased she had to do it.
“It was like cutting off my right arm,” to not be American any more, says Moon, who only became a Canadian citizen in 2008. “Now, I’m simply angry.” In February this year, the US and Canadian governments signed an intergovernmental agreement to co-operate on Fatca. The Foreign Accounts Taxation Compliance Act required all foreign banks to disclose the financial information of any American with assets over $50,000 sitting in banks outside of the US. Steep penalties add muscle to the law. If a foreign bank – not just in Canada, but anywhere – fails to report even a single US citizen as a customer to the IRS, the US Treasury department would withhold 30% of the banks’ US income as penalty.
Foreign banks, some of whom earned a reputation as tax scofflaws, are now deeply afraid of the Internal Revenue Service. The US government is policing foreign banks aggressively as it comes down hard on any company that helps tax evaders, money launderers and other criminals. Full Story
You can see America trying to push and force sovereign nations to do as it bids by using black mail. However, the end game is in sight. This strategy is really idiotic and will back fire. One would think as USA find itself about to lose the number one position that it would be more humble; apparently those in the government and who think they control everything (when in fact they do not) have paid any attention to history. England and before that Portugal, France, Rome, etc all become more arrogant and belligerent just before they fall. Those who do not learn from history are doomed to repeat it. The IRS is just completely out of control today and if this government cared about its people, it would rein this agency in. The reason so many companies are going through the process of inversion, where they purchase a foreign company and in doing so move their location to outside of the USA, is not to evade tax but to avoid having to deal with extremely cumbersome and invasive tax laws.
If you seek freedom, the 1st task is to attain financial freedom so that you can break free the clutches of the top players who seek to enslave you. They want you to run in a circle like a hamster that runs on a spinning wheel; the hamster thinks the faster it runs the further it will go, but sadly it is going nowhere.
We teach how to use Mass psychology to your advantage, how to view disasters as opportunities and how not to let the media manipulate you and direct you towards actions that could be detrimental to your overall well-being. Visit the investing for dummies section of our website; it contains a plethora of free resources and covers the most important aspects of mass psychology.
Secondly, subscribe to our free newsletter to keep abreast of the latest developments. Change begins now and not tomorrow, for tomorrow never comes. Understand that nothing will change if you don’t alter your perspective and change your mindset. If you cling to the mass mindset, the top players will continue to fleece you; the choice is yours; resist and break free or sit down and do nothing.
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