Panama Trade Deal Would Undercut Efforts To Get Rich Americans To Pay Taxes

[BFT3K]

The corruption runs too deep! We need to start this "American Democracy" experiment over again, from scratch!...

During a Monday press conference addressing Standard & Poor's downgrade of U.S. debt, President Barack Obama reaffirmed his commitment to raising taxes on the wealthy. But as he pushes to get the rich to pay more into federal coffers, Obama is also urging Congress to approve a trade agreement that would cement a key tax avoidance tactic deployed by some of the richest Americans.

Story continues here...

http://www.huffingtonpost.com/2011/0..._n_922398.html

[12clicks]

Originally Posted by BFT3K

The corruption runs too deep! We need to start this "American Democracy" experiment over again, from scratch!...

During a Monday press conference addressing Standard & Poor's downgrade of U.S. debt, President Barack Obama reaffirmed his commitment to raising taxes on the wealthy. But as he pushes to get the rich to pay more into federal coffers, Obama is also urging Congress to approve a trade agreement that would cement a key tax avoidance tactic deployed by some of the richest Americans.

Story continues here...

http://www.huffingtonpost.com/2011/0..._n_922398.html

The rich already pay more in one year than you will in a lifetime.
stop whining and get a job.

[BFT3K]

Originally Posted by 12clicks

The rich already pay more in one year than you will in a lifetime.
stop whining and get a job.

[candyflip]

Originally Posted by BFT3K

[sperbonzo]

That may be the biggest load of crap you have ever posted. Either the author is hideously ignorant of tax law and procedures as they now exist or he is lying. Flat out. I deal with banking in Panama all the time and between the IRS office in Panama City and the office of foreign asset control, even the most innocent and above-board transactions can end up frozen for upwards of a year EVEN with all SARs filed prior to the transaction. Like I said, either this guy I an idiot with 7 year old info or he is just a lying political hack

Either way... FAIL


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[TheDoc]

Originally Posted by 12clicks

The rich already pay more in one year than you will in a lifetime.
stop whining and get a job.

I expected you would be okay with criminal activity... it fits you perfectly.

[TheDoc]

Originally Posted by sperbonzo

That may be the biggest load of crap you have ever posted. Either the author is hideously ignorant of tax law and procedures as they now exist or he is lying. Flat out. I deal with banking in Panama all the time and between the IRS office in Panama City and the office of foreign asset control, even the most innocent and above-board transactions can end up frozen for upwards of a year EVEN with all SARs filed prior to the transaction. Like I said, either this guy I an idiot with 7 year old info or he is just a lying political hack

Either way... FAIL


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He's lying that some people/corps are using methods to hide/shift money earned, off shore, and not report it, and the irs doesn't have enough man power to follow the leads?

It's criminal... what part of that confuses you?

[sperbonzo]

Originally Posted by TheDoc

He's lying that some people/corps are using methods to hide/shift money earned, off shore, and not report it, and the irs doesn't have enough man power to follow the leads?

It's criminal... what part of that confuses you?

. None of it confuses me. This is a large part of my business daily and his information regarding banking privacy in Panama with regards to US citizens, corps and assets, is hopelessly out of date and false, and the allegations regarding the trade deal changing that in any way are also nonsense.


.
Period.

[_Richard_]

Originally Posted by 12clicks

The rich already pay more in one year than you will in a lifetime.
stop whining and get a job.

socialism for the rich, capitalism for the poor

[TheDoc]

Originally Posted by sperbonzo

. None of it confuses me. This is a large part of my business daily and his information regarding banking privacy in Panama with regards to US citizens, corps and assets, is hopelessly out of date and false, and the allegations regarding the trade deal changing that in any way are also nonsense.


.
Period.

Chances are you don't do business in the area that the trade agreement falls under. Not a bad thing, but you just have no idea how it works, you don't use it. I do business with Canada, but I only fall under trade when I do distro/manufacturing, and then that has rules as well.

And honestly, if you're legit, doing it the right way, the article isn't talking about you... without question, some people use the system to straight up avoid taxes, which is illegal. That isn't you.... so no worries, but it damn sure happens.

[Tom_PM]

Volume is irrelevant. Taxes work on percentage.

[bloggerz]

Originally Posted by PR_Tom

Volume is irrelevant. Taxes work on percentage.

Yes but there are different percentages also.

[sperbonzo]

Originally Posted by TheDoc

Chances are you don't do business in the area that the trade agreement falls under.

And honestly, if you're legit, doing it the right way, the article isn't talking about you... without question, some people use the system to straight up avoid taxes, which is illegal. That isn't you.... so no worries, but it damn sure happens.

Yes, I do deal with firms that are directly affected by this deal (I'm thinking you probably have no idea what I do besides CC processing and offshore bank consulting). And no, innocence is no protection against asset freezing and financial ruin that often happens when it comes to dealing with OFAC. Oh, you may get your your money back in a year or two when they are done with you, but what do you live on in the meantime? There is no banking privacy in Panama for US citizens so they are better off trying to hide money in China at this point. I'm telling you, this article is factually and inferringly wrong.



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[BlackCrayon]

as much as everyone hates paying taxes, imagine if every citizen has a method of avoiding all income taxes? the system would be screwed. i realize there are a lot of freeloaders who sponge off the system but that does not make it ok to avoid taxes.

[BFT3K]

If you want to know why politicians are so eager to pass a free trade agreement with Panama this month, type “Panama offshore banks” into Google and look at the paid ads. What you’ll see is advertising by law firms and banks that will offer you help to set up a secret corporate structure in Panama immune from taxes.

more here...

http://www.dylanratigan.com/2011/07/...ade-agreement/

[sperbonzo]

Originally Posted by BFT3K

If you want to know why politicians are so eager to pass a free trade agreement with Panama this month, type ?Panama offshore banks? into Google and look at the paid ads. What you?ll see is advertising by law firms and banks that will offer you help to set up a secret corporate structure in Panama immune from taxes.

more here...

http://www.dylanratigan.com/2011/07/...ade-agreement/

Yes, and they are all scams, playing to people like you, and they don't actually work. They can't hide anything. The only illegal activity that anyone is getting away with regarding Panamanian banking are those websites promising secret accounts and tax havens there.

You will not only lose the money that you pay to them, you will lose all of your property, everything you own, to the Federal government.

Don't believe me? Think that these loopholes aren't utterly and completely closed? Please go ahead and give it a try.





It will take about a month for all your accounts to be frozen, both in Panama, and here.


Have fun!!

[BFT3K]

Originally Posted by sperbonzo

Yes, and they are all scams, playing to people like you, and they don't actually work. They can't hide anything. The only illegal activity that anyone is getting away with regarding Panamanian banking are those websites promising secret accounts and tax havens there.

You will not only lose the money that you pay to them, you will lose all of your property, everything you own, to the Federal government.

Don't believe me? Think that these loopholes aren't utterly and completely closed? Please go ahead and give it a try.

It will take about a month for all your accounts to be frozen, both in Panama, and here.

Have fun!!

If you're right, then I'm happy, but as the trade agreement hasn't been signed yet, and members of congress look like they are going to approve it, then I would bet the house that it will benefit the rich much more than it will benefit anyone else.

If laws and regulations are currently in place to "flag" these tax havens now, BEFORE the agreement is signed then that's great, but let's see how it goes once the trade agreement is enacted.

[sperbonzo]

Originally Posted by BFT3K

If you're right, then I'm happy, but as the trade agreement hasn't been signed yet, and members of congress look like they are going to approve it, then I would bet the house that it will benefit the rich much more than it will benefit anyone else.

If laws and regulations are currently in place to "flag" these tax havens now, BEFORE the agreement is signed then that's great, but let's see how it goes once the trade agreement is enacted.

Have you read it?


This bill is being opposed by big unions because they don't want free trade with any country that they don't have control over. Big Labor is using it's money and political muscle to fight all free trade agreements, and they are sending out their political goons to try to muddy the waters with this kind of crap in order to help their cause.


Don't be suckered in.


....and by the way, be careful with all your "Eat the Rich" crap. Compared to the whole world you are in the wealthy top 8% easily, and they will all be gunning for YOUR "rich parasitic ass" soon, (because obviously you got all your money by stealing it from the poor and you contribute nothing to society).


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[TheDoc]

Originally Posted by sperbonzo

Yes, I do deal with firms that are directly affected by this deal (I'm thinking you probably have no idea what I do besides CC processing and offshore bank consulting). And no, innocence is no protection against asset freezing and financial ruin that often happens when it comes to dealing with OFAC. Oh, you may get your your money back in a year or two when they are done with you, but what do you live on in the meantime? There is no banking privacy in Panama for US citizens so they are better off trying to hide money in China at this point. I'm telling you, this article is factually and inferringly wrong.



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Oh so you're saying it's b.s. because you have issues with banks because they freeze money... well, that's easy to work around... don't use those banks for anything that's related to a transfer/movement of money.

I personally know several people within this Industry (as do others), that have setup with corp boards in Panama, which setup other corps for you, in unique places... allowing you to move money, ie: "transfer pricing" - into various corps (which doesn't have to be in Panama). So basically they do various types of fake business transactions that actually buy nothing and do nothing, other than move money to avoid paying taxes... which is criminal

The people that can do this for you... post on gfy.

[Joshua G]

this thread is all the proof you need that BFT outsources his thinking to slanted politically motivated propaganda. Why hate the tea party, why? you are one of them.

[sperbonzo]

Originally Posted by TheDoc

Oh so you're saying it's b.s. because you have issues with banks because they freeze money... well, that's easy to work around... don't use those banks for anything that's related to a transfer/movement of money.

I personally know several people within this Industry (as do others), that have setup with corp boards in Panama, which setup other corps for you, in unique places... allowing you to move money, ie: "transfer pricing" - into various corps (which doesn't have to be in Panama). So basically they do various types of fake business transactions that actually buy nothing and do nothing, other than move money to avoid paying taxes... which is criminal

The people that can do this for you... post on gfy.

I'm saying it's B.S., because it is no longer true, and it's the feds (OFAC) that freeze your accounts, or force the banks to, not the banks themselves. They will also take your house, car, and clothes, while they make up their minds whether or not you are innocent. I'm talking about movement of assets, not acquiring credit card transactions through merchant accounts.

As for your friends in the biz, maybe they could have gotten away with it 4 or 5 years ago.... But not since the new Mutual Legal Assistance treaty was signed under President Martinelli and the new IRS office was opened there. I would be willing to bet that, if they were willing to tell you the truth, they would admit that they have moved on to other jurisdictions.



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[marketsmart]

i dont know why everyone is getting all pissy about this..

there are currently several places to place money to avoid paying taxes..

sperber, do you know if dubai is still a hot spot to stash money?




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