War on Jesus

thought-provoking and powerful documentary film on the current and historical root causes of the Israeli-Palestinian conflict. Unlike any other film ever produced on the conflict — 'Occupation 101' presents a comprehensive analysis of the facts and hidden truths surrounding the never ending controversy and dispels many of its long-perceived myths and misconceptions

Archive for the tag “sovereign man”

Your Pension Plan and The Government Plan of Confiscation

Yesterday an online newsletter written by Simon Black, “Sovereign Man” indicated the IRS had found a backdoor way of stopping IRAs from going offshore. Simon wrote-

” More specifically, the IRS is refusing to issue tax ID numbers for single-member LLCs that are owned by an IRA… which is the specific structure that US taxpayers need to create in order to ship their retirement savings overseas.

Of course, no LAW has been passed. No vote has been conducted. The IRS simply decided by policy in its sole discretion to stop allowing Americans to create this structure, and hence, force them to keep their retirement savings in the US.”

I haven’t heard or seen anything to support this claim, nor have I heard anything to refute it. I actually wouldn’t be surprised if it turned out to be true. There has been a very disturbing trend lately for those who are in power to completely ignore the rule of law in this country. They basically do and say whatever they want with impunity.

But this is not meant to be another political op-ed about the governments current policies. If you are like me, you are now sick of the political banter.

Here is the bottom line. I have been warning people for years about what I believe is a concerted effort to stop IRAs and retirement plans from going offshore. Frankly the government wants to stop all assets from leaving this country but lets just focus on retirement plans and IRAs.

Why?

Because our country has amassed a staggering load of debt. Some wonder if it can ever be repaid, and others are worried where the money is going to come from for future spending. I can tell you where it will come from. If THEY have their way, Retirement plans, that’s where! There is a lot of money tucked away in IRAs and retirement plans and if the government can figure out a method to get their hands on it, then it would sure help out. Well that IS the plan and it has shown up numerous times over the last few years. Just take a look at any of my previous articles and you will find mention of hearings before congress, proposed legislation, government initiatives etc etc. The latest being a statement from the Consumer Financial Protection Bureau where they are seeking legal authority over retirement plans and how they are invested.

I don’t really think it is a question of IF they force retirement plans into Treasury Bonds but WHEN.

Back to the matter at hand. There has been no rule change that would prohibit an IRA from investing in an LLC that I am aware of and Simon says the same. I am not sure how they handle IRAs and LLCs but our system works a little differently.

Standard Disclaimer- We don’t provide tax or legal advice. Blah blah blah——
Take a look at IRS form 8832. A single member LLC has the right to be treated as a disregarded entity for tax purposes.

Why is this important? Because you don’t need a tax id or EIN to take your retirement plan offshore using a foreign LLC.

Our clients typically have us establish a non-US LLC for their IRA. The client then directs the LLC to buy real estate outside of the US, or opens a foreign bank account, an online offshore trading platform or whatever the client wants to do. NONE of these actions require the LLC to obtain a tax-id.

The moral of the story-

I would not be surprised to wake up one day and find you can no longer take your retirement plan offshore. They will do it in a way that does not require them to change the rules. They will simply tell the IRS to do something and we all know by now it can happen.

I urge you-take your retirement plan offshore NOW while you still can.

Source: Simon Black – Sovereign Man

FAIR USE-
“Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use”

Eight ways that young people are getting the shaft

1) Whenever governments gone wild engage in military folly on the other side of the globe, it’s the younger generation that’s expected to go fight and die in foreign lands.

2) They’ll pay rising taxes for their entire working lives in order to service the debts of previous generations.

3) They’ll have to support a ballooning number of retirees more than any other generation in modern history. Census data show that the number of workers per retiree is now at the lowest on record in the US, France, Germany, UK, Italy, Japan, etc.

4) Yet given the precarious balance sheets of most Western pension and Social Security Trust Funds, when it comes time for today’s younger generation to start collecting retirement benefits, those funds will have run completely dry.

In other words, they’ll pay for decades into a system that won’t be there for them when it comes time to collect.

5) And with youth unemployment rates over 50% in some places in the world, it’s the younger generation that often feels the brunt of economic difficulty more than anyone else.

Young people are the last to be hired, the first to be fired. They’re told that in order to be employable they have to get a university education, and enslave themselves with tens of thousands of dollars in debt (which, by law in the Land of the Free, can never be discharged in many cases).

6) Factoring in ‘underemployment’, the rate is even higher. In the United States, the Bureau of Labor Statistics tells us that there are over half a million janitors, bartenders, and waiters who have university degrees.

7) If they do find more meaningful work, they’ll spend an entire career roaming from job to job facing enormous competition from an increasingly globalized world, in a way that previous generations never had to contend with.

8) This will put a lot of pressure on earning potential. And with cost of living being so high, many folks simply won’t be able to make it.

It’s no wonder they call them the “Boomerang Generation”, and that 45% of college grads aged 18-24 in the United States were still living with Mom and Dad (source: Pew Research Center, 2011).

It should be obvious by now that the old adage– study hard, get good grades, go to a good school, get a great job, and work your way up the ladder– really doesn’t apply anymore. And it’s time to re-invent the model.

Source: This article is an extract from sovereign man

FAIR USE-
“Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.”

Today is the Memorial Day holiday in the Land of the Free

Today is the Memorial Day holiday in the Land of the Free.

Curiously, this is the day that the federal government sets aside for citizens to reflect on the sacrifices made by soldiers throughout history to ‘preserve our freedoms.’

At least, that’s what we’re told.

We’re programmed to sing the anthem, wave the flag, and cheer at the parade. We swell with pride at the high note, wear the ribbons, and solemnly nod our heads in approval when politicians make speeches about freedom and fallen soldiers.

Wartime Presidents routinely tell crowds that it is the ‘hardest decision of their lives’ to send soldiers into combat, but that it’s necessary to to preserve peace, freedom, security, and democracy.

Yet with each conflict, we are less peaceful. Less secure. Less ‘democratic’. And certainly less free.

And with very few exceptions, the true motives for war throughout history have almost always been about resources (oil), power, corporate interests, and imperialistic expansion… all started by politicians who send young people into harm’s way from their air-conditioned Ivory Towers.

It’s truly ironic that we have a holiday to remember this.

Coincidentally, today is also the anniversary of the day I graduated from West Point years ago. And having spent some time myself on that side of the world, I’m thinking today of the friends and classmates I knew who lost their lives needlessly in Iraq and Afghanistan.

When I was in the service, I remember being constantly told by senior officers that our actions were making the world safer.

I realized very quickly that this was completely baloney, and I left the service as soon as I could.

But it’s difficult, even after so many years, to choke down the deceit of a day like today… a day to commemorate millions of people, both military and civilian, who supposedly died in support of something that no longer exists.

Politicians want us to turn out for the parade. They want us to stand in a moment of silence. They want us to rally around the flag. They just don’t want us to think too much about it.

Because if people do… if they start to peel away at the onion, they’ll realize that this purported freedom that so many soldiers fought for is rapidly deteriorating.

Most of all, people will realize that the same politicians who give us this holiday to think about such freedom are the ones responsible for destroying it.

Until tomorrow,

Simon Black
Senior Editor, SovereignMan.com

FAIR USE-
“Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use”

Post Navigation