The Marxist Noose Tightens

I mentioned that it was time to get your money out of the country.  The well-thought out Marxist plan, nearly a century old, is being executed, see yesterdays KGB lecture, so the operatives have already figured on how to prevent refugees.  They won't build a wall, since that will stop illegal aliens from ariving, so they did the next best thing.


In a bill called Hiring Incentives to Restore Employment Act (H.R. 2487) a small section was included that CONTROLS your capital even outside the country.  It is ordering the world to comply. Most countries will.

Read throught the statute provisions, below.  I bet a bunch of Republicans voted for this as no one reads bill. This bill makes sense when you understand socialists want money from the working class, while, at the same time, the better-off working class wants a new country.  


Challlenged leftists, I see, gloat and taunt people, saying they should leave. The insane are in charge of the institution. Of course they will leave and the morons will be wondering what else can be taxed.  They will have to tax themselves, but there is no comprehension that there is no such thing as a perpetural motion machine. 


The Marxist operatives love that because there will be a violent reaction and that will provide the justification to use force to control the masses.

Even the most reflexive leftist now has to understand what is going on. They are not democrats or liberals, they are the bagmen of the Marxists. (As I say, the loudest will be the first to go.)

The government is a new form of organized crime and has its enforcers out to keep people in line. You are supposed to stay in line because you were born here, making this a prison, not a republic.  You may recall we had a revolution about this.  

Also, recall yesterday, we had our first gun shot at a Virginia legislator, the minority leader, while he was in his car. This is going to get ugly. The government will circumvent the Constitution to prevent gun ownership claiming there is a national crisis, just as Marxists have done all over the world for 75 years.

Leftist may feel glee, but it is a short-term one as services plunge and money vanishes, resulting in uneard of taxes and income tax rates. The world is a global market - that is what the left wanted, now they have to live with it.

This law merely demonstrates to the slowest among us what is going on;  it does nothing to stem the tide of capital disappearing.  After a minute of thought, I figured out how to legally circumvent this intrusion and I will.  I won't publish it here, as I see sites annoying to the great Obama vanishing from the Internet. I wonder if Google will close its U.S. facilities.   

The status of gold and silver is not determined here, but plan on it being controlled or confiscated.

So far, we haven't seen people disappearing, but that is a matter of time.  Notice the M-16s in the New York subway today?  Please, don't bother me with saying they are a response to old ladies who might set off a bomb. There is ZERO chance they will stop anything.

Wiki on the subway: it is one of the oldest and most extensive public transportation systems in the world, with 468 stations in operation (423 if stations connected by transfers are counted as a single station);^[1] 229 miles (369 km) of routes,^[4]translating into 656 miles (1,056 km) of revenue track; and a total of 842 miles (1,355 km) including non-revenue trackage.^[5] In 2008, the subway delivered over 1.623 billion rides, averaging over five million on weekdays, 2.9 million on Saturdays, and 2.3 million on Sundays.^[1]

So, we are supposed to accept a paramilitary presence on our streets.



---------The Bill ----------

Offset Provisions - Subtitle A—Foreign Account Tax Compliance. In brief, the Provision requires that foreign banks not only withhold 30% of all outgoing capital flows (likely remitting the collection promptly back to the US Treasury) but also disclose the full details of non-exempt account-holders to the US and the IRS. And should this provision be deemed illegal by a given foreign nation's domestic laws (think Switzerland), well the foreign financial institution is required to close the account.

(a) IN GENERAL.—The Internal Revenue Code of 1986 is amended by inserting after chapter 3 the following new chapter:

‘‘CHAPTER 4—TAXES TO ENFORCE REPORTING ON CERTAIN FOREIGN ACCOUNTS
‘‘Sec. 1471. Withholdable payments to foreign financial institutions.
‘‘Sec. 1472. Withholdable payments to other foreign entities.
‘‘Sec. 1473. Definitions.
‘‘Sec. 1474. Special rules.
‘‘SEC. 1471. WITHHOLDABLE PAYMENTS TO FOREIGN FINANCIAL INSTITUTIONS.

‘‘(a) IN GENERAL.—In the case of any withholdable payment to a foreign financial institution which does not meet the requirements of subsection (b), the withholding agent with respect to such payment shall deduct and withhold from such payment a tax equal to 30 percent of the amount of such payment.

Clarifying who this law applies to:

‘‘(C) in the case of any United States account maintained by such institution, to report on an annual basis the information described in subsection (c) with respect to such account,‘‘(D) to deduct and withhold a tax equal to 30 percent of—

‘‘(i) any passthru payment which is made by such institution to a recalcitrant account holder or another foreign financial institution which does not meet the requirements of this subsection, and

‘‘(ii) in the case of any passthru payment which is made by such institution to a foreign financial institution which has in effect an election under paragraph (3) with respect to such payment, so much of such payment as is allocable to accounts held by recalcitrant account holders or foreign financial institutions which do not meet the requirements of this subsection.

What happens if this brand new law impinges and/or is in blatant contradiction with existing foreign laws?

‘‘(F) in any case in which any foreign law would (but for a waiver described in clause (i)) prevent the reporting of any information referred to in this subsection or subsection (c) with respect to any United States account maintained by such institution—

‘‘(i) to attempt to obtain a valid and effective waiver of such law from each holder of such account, and‘‘(ii) if a waiver described in clause (i) is not obtained from each such holder within a reasonable period of time, to close such account.

Not only are capital flows now to be overseen and controlled by the government and the IRS, but holders of foreign accounts can kiss any semblance of privacy goodbye:

‘‘(c) INFORMATION REQUIRED TO BE REPORTED ON UNITED STATES ACCOUNTS.—
‘‘(1) IN GENERAL.—The agreement described in subsection (b) shall require the foreign financial institution to report the following with respect to each United States account maintained by such institution:‘‘(A) The name, address, and TIN of each account holder which is a specified United States person and, in the case of any account holder which is a United States owned foreign entity, the name, address, and TIN of each substantial United States owner of such entity.
‘‘(B) The account number.
‘‘(C) The account balance or value (determined at such time and in such manner as the Secretary may provide).
‘‘(D) Except to the extent provided by the Secretary, the gross receipts and gross withdrawals or payments from the account (determined for such period and in such manner as the Secretary may provide).

The only exemption to the rule? If you hold the meager sum of $50,000 or less in foreign accounts.

‘‘(B) EXCEPTION FOR CERTAIN ACCOUNTS HELD BY INDIVIDUALS.—Unless the foreign financial institution elects to not have this subparagraph apply, such term shall not include any depository account maintained by such financial institution if—
‘‘(i) each holder of such account is a natural person,and‘‘(ii) with respect to each holder of such account, the aggregate value of all depository accounts held (in whole or in part) by such holder and maintained by the same financial institution which maintains such account does not exceed $50,000.

And, while we are on the topic of definitions, here is how "financial account" is defined by the US:

‘‘(2) FINANCIAL ACCOUNT.—Except as otherwise provided by the Secretary, the term ‘financial account’ means, with respect to any financial institution—‘‘(A) any depository account maintained by such financial institution,
‘‘(B) any custodial account maintained by such financial institution, and
‘‘(C) any equity or debt interest in such financial institution (other than interests which are regularly traded on an established securities market). Any equity or debt interest which constitutes a financial account under subparagraph (C) with respect to any financial institution shall be treated for purposes of this section as maintained by such financial institution.

In case you find you do not like to be subject to capital controls, you are now deemed a "Recalcitrant Account Holder."

‘‘(6) RECALCITRANT ACCOUNT HOLDER.—The term ‘recalcitrant account holder’ means any account holder which—
‘‘(A) fails to comply with reasonable requests for the information referred to in subsection (b)(1)(A) or (c)(1)(A),
or ‘‘(B) fails to provide a waiver described in subsection (b)(1)(F) upon request.

But guess what - if you are a foreign Central Bank, or if the Secretary determined that you are "a low risk for tax evasion" (unlike the Secretary himself) you still can do whatever the hell you want:

‘‘(f) EXCEPTION FOR CERTAIN PAYMENTS.—Subsection (a) shall not apply to any payment to the extent that the beneficial owner
of such payment is—
‘‘(1) any foreign government, any political subdivision of a foreign government, or any wholly owned agency or instrumentality of any one or more of the foregoing,
‘‘(2) any international organization or any wholly owned agency or instrumentality thereof,‘‘(3) any foreign central bank of issue, or
‘‘(4) any other class of persons identified by the Secretary for purposes of this subsection as posing a low risk of tax evasion.