You know America used to be revered. We were known for bravado, for getting the job done, and for the most part getting it right.
I find it very ironic that the cabal crowd along with our government stood for principles that fought against communism and socialism, and now we turn to socialism for our solutions.
Someone once said the height of capitalism would be the height of corruption. While all is not bad, it would seem that we have corruption running through every sliver of society.
Our image has been tarnished badly as of late, and are we not the laughing stock of the world? Not our country and its vast wealth, but we the people. We preach free markets, privatization, and little regulation, how sad is it that we must turn to socialism to get out of our problems.
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NO ONE COULD RIDE A HORSE IF THE HORSE DISCOVERED ITS REAL STRENGTH. THE SAME THING IS TRUE FOR PEOPLE.
Horses are massive, gentle creatures who are by far larger and stronger than the men and women who handle them, yet they docilely obey the commands they are given. It doesnʼt seem logical that a large, powerful animal would allow itself to be mastered by a human being, yet we have been able to use our intelligence to dominate the animal kingdom. You can use these same forces to allow the positive side of yourself to dominate the negative. A Positive Mental Attitude allows you to tap the source of great power that resides within you, enabling you to accomplish things you never before believed were possible.
~The Napoleon Hill Foundation
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Americans are the horse, but we have been flayed into shape. Taxpayers always bailing out the greedy and foolish. I say find your inner strength America and unite before we truly have no chance to rally.
http://www.newswithviews.com/Devvy/kidd377.htm
http://www.dailypaul.com/node/55331
It is not good enough to just be a survivor, or to sit around and bank coin thinking of the next rib eye and planning our next fun filled adventure!
Enjoy your weekend becuase it is like that!
[youtube:http://www.youtube.com/watch?v=OwuMXL1TmP0 450 300]If you enjoy the content at iBankCoin, please follow us on Twitter
Actually, taxpayers aren’t bailing out anybody, just like taxpayers aren’t paying for the Iraq war.
We’ve put it all on credit.
When our Homeland Equity Line of Credit gets cut off, then the taxpayer suffering will begin.
Technically yes.
In reality no. We along with future generations pay.
Money borrowed from the Federal reserve is given to congress; it comes with interest. This interest is paid through federal income tax.
If the “equity line of credit” runs out or gets cut off then potentially all citizens pay the price of hyper inflation or loss of value on property.
The suffering began in 1913 when the federal reserve was unconstitutionaly enacted.
Since then we have had a consistent decrease in savings while having to contend with currency debasement (inflation.)
Now to be to negative this aspect of the money supply has allowed for great wealth to be amassed, but as you now it is concentrated in a small percentage of the population.
It has also allowed this country to pull away from the abyss of reckless spending by government. However today we are a net borrower rather than a net lender. Big difference since the 1950’s.
Now because we have to compete with a global economy we must hurt ourselves to try and save ourselves. At least that is how it has turned out so far.
In other words the suffering is clearly eveident when people must choose between gasoline, medicine, or food.
GW,
An interesting snippet for you; in June, the US Consulate in Hong Kong had to close it’s doors to US citizens wishing to renounce their US citizenship.
It has to do with US tax laws, viz. US citizens are taxed on their citizenship, rather than their place of residence.
Bush, has changed the tax law to levy a tax on all assets as if they were sold at fair market prices, whether they are actually sold or not, as a one time tax payment, if citizenship is renounced.
This is to pay for his HERO Bill.
Record numbers of US citizens are renouncing citizenship currently, all over the world. They perceive it cheaper to pay now, than down the road.
jog on
duc
I never heard that version of survivor before. Its freaking awesome!!
Holy shit Hippie! I’ve got every single one of Marley’s albums, and this is the best remix I’ve ever heard!
Awesome!
___________
Otts — When our Homeland Equity Line of Credit gets cut off, then the taxpayer suffering will begin.
For those of us left paying taxes, I guess.
_
GW–
Now to be to negative this aspect of the money supply has allowed for great wealth to be amassed, but as you now it is concentrated in a small percentage of the population.\
What utter horsehit, hippy. Take a drive down the east coast or West Coast and do a catelogue of the cities you encounter. And Flyover country aint exactly going begging either.
Tell me about that “small percentage of the population” owning all the wealth. Whose keeping all these fucking brokers employed? The working poor?
GMAFB with that socialist nonsense.
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Jake,
As always you make me laugh….
I don’t have real stats {sic} for you, but you know that wealth is concentrated.
An average life in America is worth $6.9 million.
The average person in the U.S. makes $45k a year….x 50 years = $2.25 million. This encompasses at least 75% of the population.
Oh it would seem that our government is socialist now with our problems….
Goldie,
The album is obviously a remix… its called Chant Down Babylon.
Good Stuff…to get the message out to a new generation.
Peace
Duc,
That is sick….I never heard of this…I’ll be researching the new tax as it were.
Peace.
Duc:
How new is this tax law?
I don’t see any mention of the tax on unrealized gains in either IRS forms or in the tax code behind the forms.
The only mention I saw that resembled what you are talking about was for asset exchanges that (1) would normally not be taxable and that (2) would exchange an asset that produces what would be considered US income for one that produces what would be considered non-US income.
http://www4.law.cornell.edu/uscode/uscode26/usc_sec_26_00000877—-000-.html
2) Gain recognition on certain exchanges
(A) In general
In the case of any exchange of property to which this paragraph applies, notwithstanding any other provision of this title, such property shall be treated as sold for its fair market value on the date of such exchange, and any gain shall be recognized for the taxable year which includes such date.
(B) Exchanges to which paragraph applies
This paragraph shall apply to any exchange during the 10-year period beginning on the date the individual loses United States citizenship if—
(i) gain would not (but for this paragraph) be recognized on such exchange in whole or in part for purposes of this subtitle,
(ii) income derived from such property was from sources within the United States (or, if no income was so derived, would have been from such sources), and
(iii) income derived from the property acquired in the exchange would be from sources outside the United States.
ottnott
HEART [Heros Earnings Assistance & Relief] Act
Under the terms;
Expatriates surrendering their citizenship with a Net Worth of $2M+ will be required to act as if they sold all worldwide assets at Fair Market Price.
All proceeds in excess of $600K they will pay capital gains tax at current rate.
This is only if you wish to renounce citizenship. Apparently, record numbers wish to, so much so, as stated, in Hong Kong they had to close the doors.
jog on
duc
OK, I see it. Passed and signed in June.
One important correction:
All proceeds in excess of $600K they will pay capital gains tax at current rate.
That would be all net gains subject to U.S. income tax in excess of $600k will be subject to capital gains tax. The tapayer can elect to defer payment of tax until the assets are actually disposed of by sale or other means, but must put up some form of security for the deferred tax.
I have no problem with this. If a big fish wants to give up U.S. citizenship, it gets a one-time capital gain exclusion of $600k and pays up on the rest of its unrealized taxable gains.
ottnott,
Once upon a time, entry to America was the world’s dream. No longer. In fact, quite the opposite.
While this may be a short-term trend, it may not be. This is serious as much innovation in the US is based on naturalised foreigners.
Certainly, in the past, almost all innovation was down to naturalised Americans.
jog on
duc
So was Argentina. In fact ~100 yrs ago it was “The Place” for European Immigration (or emigration depending on perspective)
Ducati, I’m not sure that one instance, the one you site in Hong Kong, makes the case, slammed shut, that no longer is it the dream of the world to enter America as a citizen, in fact quite the opposite.
First, I’ve not seen or read proof of how many showed up in Hong Kong, nor have I read anything which shows that Hong Kong may have closed their doors for reasons beside a sheer volume of people.
Anyway, I could go on and on here, but you, being a man of numbers and statistics, seems to have purposefully engaged in faulty inferrences, whereby you have listed one instance and extrapolated from that one instance a theory with which you have drawn a broad and general conclusion.
This is not about citizenship. It’s about statists not being able to accept the clue that “capital is mobile.”
America will always be a haven for those who want to make their lives better for their families as long as it maintains it’s Originalist ideals of freedom, rule of law, and respect for private property. If it pushes too much toward the European (Social Democratic) model (or the New Zealand model, for that matter), it will begin to lose that edge, to its peril.
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Wood,
Agreed, one example, in exclusion, pure inductive reasoning.
I was just surprised that anyone American, would want of their own volition, to give up citizenship.
I live in NZ, but I would never give up my British passport for any other passport [as it happens I can hold both]
But there are other, slightly different examples that while not constituting “proof” of anything, certainly makes one wonder at what is actually going on.
To wit, the number of “Working visa’s” was recently increased for “Cat-walk Models”
The number of “Working visa’s” for highly qualified “Tech” even after Bill Gates intervened, showed no change, or even fell.
What does that say?
If one were so inclined, thourough research across the board might illuminate some truly worrying trends within US demographics.
Education, could be an area that might contain some nasty surprises.
jog on
duc
From what I read, ducati, the overwhelming majority of those who are renouncing citizenship are people with dual citizenship and who have been living outside the US for some time.
The new tax law may be prompting a rush of such people to drop the US citizenship now rather than later, much as a pending increase in capital gains tax rates might prompt short-term selling.
The US has not lost much if they lose people who view citizenship as primarily an economic decision. Such people will continue to move their capital to whatever countries (including the US) and investments appear to offer the best risk-adjusted return.
Jake,
I agree, it is about capital.
We have various forms of capital. Human capital is being profiligately wasted.
The entire capital allocation model has been, and is being, trampled.
For what reasons? Well one reason would be; CEO’s in America are overpaid, and grossly unqualified [based on results] thus necessitating, it would seem your socialization.
jog on
duc
ottnott,
Yes, that is correct.
However I disagree that losing, or forcing such a decision on people is not detrimental to the US. Those people, obviously productive, may have had plans to return to the US at some point.
Losing them is I feel a real negative.
Look at the numbers of Americans “retiring” outside of American shores.
Why?
jog on
duc
Duc, I agree it is troubling that people would want to give up their citizenship of their own volition.
As far as a reason for the flood, maybe since Barack, aka, the 2nd Coming, has publicly stated his intention to almost double the capital gains tax under his Presidency, these folks are getting out now while the tax bill is less.
Wood,
Could be. But whatever the reason, you are losing productive people. To build up $2M+ is after all not that easy.
jog on
duc
For what reasons? Well one reason would be; CEO’s in America are overpaid, and grossly unqualified [based on results] thus necessitating, it would seem your socialization.
A ridiculous “hide the ball” argument, given the size of the subset you are talking about. You might as well get huffy about Shaquile O’Neill’s big bucks.
Average tenure of a Fortune 500 CEO? Eighteen months.
The top 20 guys at Goldman Sachs average far higher than the average Fortune 500 CEO salary, btw.
Maybe, like Shaq, they are worth it? Not for me to judge in a free society with a well established rule of law and mutually advantageous contracting in place.
_