Some time ago I mentioned conversation with my tax attorney friend. He has been telling me stories from his regular meetings with fellow tax attorneys. The stories are both interesting and disturbing. My friend and his associates represent a very wide range of clients – multinationals, small and medium businesses, and individuals who are modestly wealthy to super wealthy. Following are some of things that he is finding, and what the attorneys are saying and hearing:
He says that every attorney he knows is being inundated with requests for help protecting, and liquidating, individual’s assets. Extremely high numbers of small and medium business owners are looking to sell up, or to simply walk away from their businesses, and to shelter assets from tax. The requests for assistance are far greater than ever before seen or known. Obamacare, tax on investment income, escalating red tape, etc. are given as reasons. People want to protect what they have spent their lives earning, and no longer see the risk being worth the reward. He says the amount of capital being pulled out of the economy is astonishing.
He indicates that larger businesses – multinationals and larger nationals – are seeking advice on how to relocate entirely overseas. In other words, they are seeking to no longer be incorporated in the US, and seek to move their companies entirely off-shore. He indicates that this is largely in response to the US having the highest corporate tax rate in the world, and that they feel that they are being unfairly targeted in the media and by the government for failing to pay their “fair share”, and they believe that their tax is going to skyrocket, and that they will become uncompetitive as a result. Their response is to seek to take their businesses elsewhere.
He says that there is currently an attack by the IRS on expatriates (the US is effectively the only country on earth that requires its citizens to pay tax on world-wide income. A person can live for decades overseas, have no US income whatsoever, and will still be liable for US tax). There are around 6 million US expatriates living overseas. They fall into two categories in general – reasonably affluent professionals and such working overseas, and retirees living in low cost of living places. He says that the IRS sees them as a source of revenue, and believes they are being targeted as they effectively have no representation. The targeting takes the form of tax reporting. The number of tax forms required of overseas Americans is extraordinary, and invasive. Bank accounts must be reported (if you sign checks for a company, those must be reported – bank account number, value, etc.), all assets must be reported, financial reports of companies you work for must be reported if you own 10% of shares in the company, trusts must be reported, gifts from foreign “entities must be reported, investments in mutual funds must be reported, retirement account info must be reported. If you are a businessman with interests in a business overseas, the reporting requirements require hundreds of hours of work per year. And an individual is not capable of doing it him or herself, and must get professional help. My friend says that the reporting requirements are so difficult that NO ONE can meet the burden without making mistakes, and making mistakes can be a criminal offense or subject the person to draconian civil penalty.
My friend says that the reason that these reports are being required is to 1) confiscate assets of expats living overseas, and 2) to force the expats to return to the US, and to bring their assets with them. The general belief is that the expatriates are seen as having escaped the clutches of the taxman, and that a concerted effort is being made to draw them back into the system.
My friend says that the attorneys are advising their clients that the must consider that all forms of communication are being intercepted and listened into – phone, email, text, anything. He says that the attorneys are advising that only face to face communication can be considered to be confidential, and that they should behave accordingly. He said that especially applies to overseas communications. He also indicates that the general belief is that every electronic communication must be considered to be being copied and saved by the US government, and that as computer systems improve that every communication a person makes will be instantly available for scrutiny by the government, and that he does not believe that privilege can be counted on to apply to communications made via technology. That is astonishing.
All in all, tax attorneys are seeing what everyone on TBP is seeing – the system is in collapse, freedoms are being ripped from the people, and that responsible, productive people are scrambling to protect what they have earned as they believe that a massive confiscatory movement is underway, and if they do not act soon, their assets will be taken from them, and business is jumping ship at increased pace as they believe they are being targeted.
I doubt this surprises many. Prepare accordingly is my best advice.
Paul was tripping on acid and had hallucinations for he himself said “whether in the body or out of body, I do not know”. lol
Stuck – seriously, you need to lay off. Last warning, you piece of shit.
Stuck compares current situation to 1776. Let’s see – currently there is a democratic republic. 1776 there was a monarchy. Etc etc etc. and by all indications the majority supports the current system. That being the case count me out.
Revolution my ass. There will not be a revolution. There will be economic riots. And there will be collapse. And then I expect much pain. And i do not see a replacement or reconstruction of the system, as I see to few leaders.
Hey Stuck, what are you waiting for? Have at it. If you think that is the way to go, go for it. I guess you are like the schoolyard bully waiting for a few more cronies to show up. Who is the coward? Where is the courage of those convictions Stuck? Guess you need more support.
Damn, I am still surprised at how fucked up the world is when someone who believes in the republic, and the rule of law, and of majority rule is ridiculed for those beliefs. Unbelievable.
Again, Stuck – first and last warning. And I fucking am not kidding. It would be a crying shame for years of association and internet friendship to go up in flames, but I am taking that shit personally, and if you do not stop I will pull out all stops. You will not like it.
One other thing – citizens have the right to flee. They need not maintain citizenship if they do not so desire. I try to change the system as I can, but to little success. If the majority believes something I do not, I do not have the right to take up arms against them. And I will not. I will move someplace more in line with my beliefs,and leave them to theirs.
Stucks family surely did something of same in the past, or he would still be in Austria.
If your feeling low down
Cuz’ your tip jar is taxed
And your second job @ Loopy’ s
Just got the axe’
Ain’t no use to complain
It’s a democracy, see
Wherein the corporate know best
The regulation of thee
So stop your frettin’
Slide that thumb ring off
Get back in line
Bend over and cough
The corporate will attend
to your every need
Your choices are two
Either bow or bleed
Neither buck the system
nor break the law
This is your first and last warning
And,you heard it from the Choctaw
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Catchy.
Novista – good post.
With respect to revolution, here is the thing I believe. Even if the government were to be overthrown, there is nothing of substance to replace it. Grievances will be economic, and not based on loss of freedom and liberty and justice, which I believe Stuck and I both believe is happening. He wants to see the issues addressed in some kind of purge – the result of such will be catastrophic (tho likely it is inevitable). In my opinion.
There are no leaders like Washington, Franklin, Jefferson. There are few men of principle – of whatever principle – and no great leaders or thinkers. And so what will happen will be similar to what has happened in Egypt: throw the old bastards out, elect new bastards. Damn, that doesn’t work, so do it again.
What system will replace the current one? The current one is failing rapidly. Heaving out one set of bastards in favor of another will not fix the issue.
What will be the new system? I do not know. The democratic republic is failing. It is the best system I know of, yet it is going down fast. Rebooting seems like pouring good money after bad – why will it work the second time when the first time it failed?
So what do we turn to? I do not know. This Fourth Turning will be a bitch. It could be dark ages stuff.
Stuck – olive branch? I really do not know why you are pursuing me so hard, and I am prepared for a truce, or a war. If you prefer to battle, say the word. It will be unfortunate, but there it is.
No one wants revolution, but it will happen whether we want it or not.
“Government is instituted for the common good; for the protection, safety, prosperity, and happiness of the people; and not for profit, honor, or private interest of any one man, family, or class of men; therefore, the people alone have an incontestable, unalienable, and indefeasible right to institute government; and to reform, alter, or totally change the same, when their protection, safety, prosperity, and happiness require it.”
John Adams
@Loopy,…even more catchy.
Oakland will raise taxes to cover it. No problemo!
Yep, Admin, revolution is coming. I think maybe Stuck wants it, based on his comments. Me, I am gonna try to keep clear when it happens. Green Acres is the place to be. It is gonna be ugly.
llpoh
Do you have a guest house for a domestic terrorist blogger on the run from the DHS?
But when it comes it will not be for the reasons Adams says. It will be over free shit. Or lack thereof.
Isn’t it cool how a thread about what attorneys are saying turns into a debate about revolution? Gotta love TBP.
The more the merrier.
T4C says: The new system will be better, more humane, more flexible, more transparent, with more opportunity, for it will be everything the current corrupt, sclerotic, parasitic and exploitive system is not.
And, this future Utopia will most certainly be achieved via popular vote.
Rock it!
Diversity is our strength
A new system may well develop as a process and change the way things work. Or chaos and anarchy could rule until the nation can reorganize most likely into many smaller regional or even local governments. Many might even use the Current Constitution as a model for their small states, some won’t. No matter what levels of consumption will become reduced, greatly reduced in the USA. When the dust settles that might not mean out right true poverty for those who live through the process or survive the chaos but it may feel like poverty to a great many citizens who remember today’s standards.
There are great problems for a happy ending. One is that The FSA, many workers, professional, business people, government employees and even wealthy people will find themselves irreverent. Much of what hat they know how to do, the services they provide and the work they preform will not have a use or value. Even if there abilities are desired they may not be practical or affordable. What happens to all of those people?
Reduced systems of consumption will also result in reduced capacity and smaller population sustainability.
If new more sensible monetary and banking systems are developed that does not magically mean prosperity. It fact it might inflict extremely harsh constraints on prosperity and living conditions at least for a while and probably longer than will be tolerated by a culture like ours.
We also have to consider Peak Oil, Natural Disasters, Man made Disaster, Agricultural production problems , transportation problems, energy production issues, and unsustainable living situations that might develop for suburbs and many large cities. These things have all happened in the past or are happening right now. They can not be ignored and will continue and happen again as sure as the sun comes up.
Even if we some how pull together and manage through all of the above we must consider that no mater what we do we will have places like Europe, Russia, South America, The Middle East, Asia, China and Africa all doing their own thing and it almost guaranteed that at least one of more of them will screw things up and cause problems for everyone. And then there is the issue of World population. There are probably way to many people on earth as it is so even if we declines in birth rates its not likely to be enough fast enough to prevent a horrible situation for many and possibly all of us.
We also have war and wars to consider. Not everyone is going to quit having wars and many won’t ever quit until they just can’t anymore.
If we go through this process of change ( and we have been for quite some time) it will not be pleasant as we all devolve kicking and screaming, hating and lashing out, scheming and scamming, evading and hoping in to the future. Personally I think it will all come to a head, and thirteen different kinds of hell will rip mankind a new asshole.
Things may well be better off in the distant future. But there will probably be a lot fewer people and ways of life that are closer to nature and rooted in the soil. As for most all of us alive today we are doomed and doomed in a big world wide way. Those of you are fleeing to better places remember this: Doom knows who you are and where you are better than the NSA. Her black heart of fairness will provide you with your share of her abundance.
Llpoh
In 1776 the people had a government they did not like ……. for many reasons, MANY of them almost identical to today. So, the people got rid of that government. Case closed. I win.
When the time comes, a leader will emerge. Don’t worry about that.
Yes, I am waiting. I am guessing right now at least 5% – 10% of the population is waiting – that’s 15-30 million like-minded folks. It has nothing to do with cowardice. It means the time is not yet. But, it will be some time in the not-too-distant future.
My family did not leave Austria because they hated the government, or because of persecutions, or loss of freedoms. They left solely and entirely for economic reasons. Totally different circumstances.
The reason I push you so hard is not necessarily because our views are far apart on this particular issue. Rather, it is because my perception of your extreme arrogance and, yea, even self-righteousness. ….. and my duty as Da Judge to bring you down a notch. I mean for someone to say they don’t break any laws, except some minor traffic laws, well, that’s hard to believe. And then to make mountains out of molehills such as a waitress (and, others) not reporting their entire income — when tax avoidance whether “legal” or otherwise is the Great American National Pastime done by 95% or greater of the population — and then to figuratively scream at the top of your lungs, “I don’t that and you’re a bad person for doing it” – well, think for moment and tell me how that doesn’t smack of self-righteousness.
Nevertheless, I will heed your warnings. Not that I am afraid, but because what you said is true about — “years of association and internet friendship to go up in flames” It is something I value.
I’ve made my points. You’ve made yours. I’m done with this thread. Time to move on to something else.
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OK, one last thing because I read more posts, specifically these two comments.
“About 10% of the colonials supported the Revolution.” ——- Novista
“No one wants revolution, but it will happen whether we want it or not.” —— Admin
A violent revolution will suck ass much more than people realize. It will be a time of extreme hardship and suffering. I have the benefit of having heard stories from both my parents who lived through them. It was a time of HORROR. I myself was stationed in Greece during the 1973 coup there – a relatively bloodless one, but one that still produced more hardships than what the press revealed (one of my first clue that the media was a bunch of lying fucking whores). Obviously, I don’t want to see that happen here. Llpoh’s more peaceful way of change would suit me just fine.
But everything I see, read, hear, and observe …. coupled with observations from other revolutions both abroad and here in our own past … only lead to one conclusion for me; that it is, as Admin said, inevitable whether we want it or not.
Herr Schtuckenheimer , you will..you must henceforth…
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Novista,
Re: 1776… what was fought for was a loose affiliation under the Articles. The Constitution of 1787 was a coup de tat, plainly evident from the fact that minutes of the convention were secret until everyone who attended was dead.
Had it been made public what they were about, all of the attendees would have been (rightly) hung as conspirators and traitors.
The whole point of the revolution (from the philosophical perspective) was lost in just those few short years. In no time Washington DC was putting down tax rebellion with the Army (Shays Rebellion) and the work of centralization was begun in earnest.
Tyrant Lincoln settled the question of a monopoly central state by murdering approximately 800,000 people, including sending Sherman through the South on a Burn-everything, Murder men, women and children kind of barbarism. Calling that catastrophe a “Civil War” is NEWSPEAK of the best kind: The South sought to cede…not to take over the whole of the government. That was a war to prevent secession, which is an entirely different animal than a “civil war.”
Then along came 1913 (direct election of senators, eviscerating what vestigial state house power existed) and the largest nation-state of America came full circle. Today’s central government is far, far worse than that which incited rebellion in the 18th century.
Philosophy (ultimately, the line between right and wrong) drives everything. The West was built on one consensus of this, and that consensus has been completely undone by the Progressive/Fabian-socialist era, where it became fully acceptable to steal from one to give to another without any regard for justice.
Western Civ is pretty much dead now. Government officials are expected to violate natural rights to life, liberty, and property every minute of the day.
We reap what we sow.
Stuck – the thing about me and laws is I spend much of my life navigating them. The business I run is dependent on my ability to meet the extreme number of regs imposed upon it. Every waking moment I navigate that mindfield. It is what I do.
Even if I had no personal belief in being a law abiding citizen, the risks to my business is extreme if I do not obey the law. And that carries over into my personal life. I am pretty confident I am law abiding. I am sure there are laws I am ignorant of.
I am more than happy to debate the positions. I hold you and other long-termers in a different light . I am glad we will remain friends, albeit with differences.
Re me being arrogant, what the fuck are you talking about? It ain’t bragging if you can do it.
I knew llpoh and Stuck would make up.
Bankers may not always be upfront and truthful concerning their modus operandi on making of a buck but at least they pay their corporate tax and by this they do the work of their god..
Empty your tip jars good ,brethren…do it for US…do it for the law.. …follow the financial leaders stand against unlawfulness and deceit.
Corporations are people too! … according to the law as interpreted by the sainted keepers of all compromise.
http://www.zerohedge.com/node/476057
So even though it seems that every month, more and more people are awakening to the global bankers’ plan to loot everyone’s assets to recapitalize the world’s major banks, all of which are essentially bankrupt today and cannot be recapitalized by the creation of trillions of more ‘free” money as the total amount of derivatives owned by these global banks are believed to exceed $1,200,000,000,000,000. Consequently, the only way to resolve this problem, since many of these derivatives are worthless or are only worth pennies on the dollar, would be to create so much more new money out of thin air that hyperinflation in all the world’s major fiat currencies would occur. And if this occurred, then mass global revolution against the bankers would undoubtedly occur. And the global bankers fully understand this equation. This is why their much preferred plan is to bankrupt as many people as possible, so that no one will have the financial means to revolt against them when the global financial system finally collapses. If you still are so naïve as to believe that the Central Banking system is not deliberately designed to transfer money from all citizens to the top executives at banks to enrich them at our expense, then listen to these tapes of John Bowe, the Director of Retail Banking and Peter Fitzgerald, the Head of Capital Markets, at Anglo Irish Bank. Note in the audio file in this link, how these top two banking executives express not the slightest shred of guilt about undermining every citizen in their nation through their failures and instead, joke and laugh about how they will never pay back a 7 billion euro loan from the Irish Financial Services Regulator Authority (IFSRA) that was provided to them to recapitalize their failing bank.