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I don't want to pay tax

  • #121
  • Jan 29, 2007 12:48am Jan 29, 2007 12:48am
Quoting Soros II
There are many places in the world were you pay ZERO capital gains on forex some of them are not even tax havens. Over here in Europe we almost a dozen countries to choose from in this regard.
Hi Soros,

Can you please list these European countries. I am very interested to know. The ones that treat forex as capital gains (not income) and do not tax capital gains (or do not tax forex for some other reason, if there is such a thing). thanks.

I couldn't figure this out myself when I tried to research it. The only one I have found so far is Slovenia (I think it was on this thread)
  • #122
  • Jan 29, 2007 4:22am Jan 29, 2007 4:22am
Quoting Lou
But if you live in the US and are not poor,then you SHOULD pay taxes or:

Get off and stay off the roads and sidewalks

Dont go to parks and playgrounds

Tell the police you do not ever want them to help you

Let the fire department know that they dont need to bother coming to your house for any emergency

Dont use the public library

Dont go to any sports arena or stadium (except maybe Green Bay)

Oops, you cant use the phone... taxes pay for some of that. Oh, and dont even think about using the post office.

Unless you own your own system, You had also better stop using city water and sewer, monthly charges dont pay for all of that.

So where does that leave you?

Lou
The park? the public library? the children's playground? Hmmm I wonder how much the library funding compares to the Iraq affair funding? Just curiosity, of course...
  • #123
  • Jan 29, 2007 4:26am Jan 29, 2007 4:26am
Quoting ycomp
Hi Soros,

Can you please list these European countries. I am very interested to know. The ones that treat forex as capital gains (not income) and do not tax capital gains (or do not tax forex for some other reason, if there is such a thing). thanks.

I couldn't figure this out myself when I tried to research it. The only one I have found so far is Slovenia (I think it was on this thread)
Hi,
In Belgium and Luxemburg (Europe), Forex Gains are free of tax.
Nothing to pay.
If you need some brokers names please pm me.
  • #124
  • Jan 29, 2007 9:05am Jan 29, 2007 9:05am
Quoting irusoh
I was playing with my turbotax. (That's a program that will calculate us tax)
and here is what I got.

If a married man with a child and a mortgage would make money only in forex
with no expenses to speak of, his Federal tax would be:
(this man lives in Florida, so he pays no State taxes, I mean its' still legal for a US citizen to emigrate to Floirda. He-he-he, tax haven on american soil.)

Income/ Taxes/ %
25,000 2482 9.9
30,000 3262 10.9
35,000 4194 12.0
40,000 5133 12.8
50,000 7006 14.0
60,000 8879 14.8
70,000 10572 15.1
80,000 12625 15.8
100,000 17118 17.1
150,000 28432 19.0
200,000 39236 19.6
500,000 118580 23.7
God forbid you make a half-million dollars in forex in a year, you are still under 25%.

Cheers.
Very good work on your part. Let's say that you made the $500,000 level, you would want to file under I.R.S. Statue 1256 and still pay less than your projection. Does your turbotax allow you to file the 1256? If not, you need to recalculate again.
  • #125
  • Jan 29, 2007 10:23am Jan 29, 2007 10:23am
Have you factored in SS tax as well?

Quoting irusoh
I was playing with my turbotax. (That's a program that will calculate us tax)
and here is what I got.

If a married man with a child and a mortgage would make money only in forex
with no expenses to speak of, his Federal tax would be:
(this man lives in Florida, so he pays no State taxes, I mean its' still legal for a US citizen to emigrate to Floirda. He-he-he, tax haven on american soil.)

Income/ Taxes/ %
25,000 2482 9.9
30,000 3262 10.9
35,000 4194 12.0
40,000 5133 12.8
50,000 7006 14.0
60,000 8879 14.8
70,000 10572 15.1
80,000 12625 15.8
100,000 17118 17.1
150,000 28432 19.0
200,000 39236 19.6
500,000 118580 23.7
God forbid you make a half-million dollars in forex in a year, you are still under 25%.

Cheers.
  • #126
  • Jan 29, 2007 10:51am Jan 29, 2007 10:51am
FYI. This is a long page. Scroll down for the links to all of the court filings and the federal law citations under the paperwork reduction act.

http://www.givemeliberty.org/RTP2/UP...2006-06-09.htm

Note esp. the US Code under PUBLIC PROTECTION article 3512 section A1 and B

http://www.givemeliberty.org/RTP2/PR...4_USC_3512.pdf

AFF
FOREX = 21st century alchemy.
  • #127
  • Jan 29, 2007 12:32pm Jan 29, 2007 12:32pm
Quoting turbokaos
Have you factored in SS tax as well?
There is no SS tax on forex. It's not an earned income.
In any case turbotax gives you complete tax that you have to send to IRS everything factored in.
  • #128
  • Jan 29, 2007 5:40pm Jan 29, 2007 5:40pm
Quoting afemi94ce
FYI. This is a long page. Scroll down for the links to all of the court filings and the federal law citations under the paperwork reduction act.

http://www.givemeliberty.org/RTP2/UP...2006-06-09.htm

Note esp. the US Code under PUBLIC PROTECTION article 3512 section A1 and B

http://www.givemeliberty.org/RTP2/PR...4_USC_3512.pdf

AFF
This is good to know...thanks for sharing with us Afemi94ce... appreciate it!
  • #129
  • Jan 30, 2007 1:45pm Jan 30, 2007 1:45pm
Of the European countries,you don´t have to pay capital gains on forex in

1) U.K. ( if you are a non-resident or a resident non-domicile )
2) Belgium
3) Luxemburg
4)Switzerland
5) Monaco
6) Andorra
7) Gibraltar
8) Cyprus
9) Isle of Man
10) Jersey

There are some other countries with a flat rate for capital gains.My country, Portugal has a 10 % on capital gains on forex and 20 % on interest regardless of amount earned. Other countries such as Ireland have a low corporate tax rate ( 12.5 % ) and you have some eastern European countries with a flat tax rate. So you have alot to choose from in Europe. If you want quick tax comparison go to www.lowtax.net and click on the country you want.

Quoting ycomp
Hi Soros,

Can you please list these European countries. I am very interested to know. The ones that treat forex as capital gains (not income) and do not tax capital gains (or do not tax forex for some other reason, if there is such a thing). thanks.

I couldn't figure this out myself when I tried to research it. The only one I have found so far is Slovenia (I think it was on this thread)

  • #130
  • Edited 2:03pm Jan 30, 2007 1:49pm | Edited 2:03pm
Quoting rosso832
what doest this mean?

No capital gain tax on foreign exchange profit in Switzerland.

If I will trade in Swiss Forex company and have a swiss bank account, I don`t have to pay taxes???

Thanx
Now that depends which country you reside in. If you reside in the United States, you are responsible for your taxes even if you trade in Switzerland and have same country bank account. As long as you're a U.S. Citizen, and you trade from a computer in the U.S. or abroad, you are legally required to pay taxes to Uncle Sam.

Don't get me wrong, I am not the I.R.S. but I do know the laws (some here know my background), but I would not want someone to take the incorrect advice from others to later find out that your being audited by the I.R.S. because of such.

NOW..if you know of a way where one can profit from trading the forex, I am all ears! A little known subject of Dual Citizenship may interest those that do become profitible trading the forex (hint)!!!
  • #131
  • Jan 30, 2007 2:12pm Jan 30, 2007 2:12pm
Quoting WHTenn
Now that depends which country you reside in. If you reside in the United States, you are responsible for your taxes even if you trade in Switzerland and have same country bank account. As long as you're a U.S. Citizen, and you trade from a computer in the U.S. or abroad, you are legally required to pay taxes to Uncle Sam.

Don't get me wrong, I am not the I.R.S. but I do know the laws (some here know my background), but I would not want someone to take the incorrect advice from others to later find out that your being audited by the I.R.S. because of such.

NOW..if you know of a way where one can profit from trading the forex, I am all ears! A little known subject of Dual Citizenship may interest those that do become profitible trading the forex (hint)!!!
so if one has dual citizenship and trades in a broker abroad with money from a bank abroad, do i legally have to pay taxes?
Egyptian and proud of it!
  • #132
  • Jan 30, 2007 2:36pm Jan 30, 2007 2:36pm
cool, thanks Soros!
  • #133
  • Jan 30, 2007 3:51pm Jan 30, 2007 3:51pm
If you don't want to go through the process of renouncing citizenship there's aother very easy way to set up your affairs if you're American.

Set up a corporation in Jersey. Create a trust company that owns the corporation and receives the profits of the corporation. Make yourself the beneficiary of the trust. Corporations owned by trust companies are not obliged to declare who is the beneficiary. Perfectly legal and very opaque. Has the added benefit of working for you if you decide to reside in other tax-hungry states than the Great Excited ones.

All this can be done by phone, email, fax and mail for quite a bit less than it would cost to renounce citizenship.

Start trading with your new corporate ID.

Enjoy your life.

AFF
FOREX = 21st century alchemy.
  • #134
  • Jan 30, 2007 4:28pm Jan 30, 2007 4:28pm
Quoting afemi94ce
If you don't want to go through the process of renouncing citizenship there's aother very easy way to set up your affairs if you're American.

Set up a corporation in Jersey. Create a trust company that owns the corporation and receives the profits of the corporation. Make yourself the beneficiary of the trust. Corporations owned by trust companies are not obliged to declare who is the beneficiary. Perfectly legal and very opaque. Has the added benefit of working for you if you decide to reside in other tax-hungry states than the Great Excited ones.

All this can be done by phone, email, fax and mail for quite a bit less than it would cost to renounce citizenship.

Start trading with your new corporate ID.

Enjoy your life.

AFF
Thanks for adding to this thread afemi94ce.

You didn't complete your statement which brings up a few questions. So, your saying that as the beneficiary of the trust, you can receive income and be not required to report it to the I.R.S.? I thought that all income is to be reported. How can you receive this income and legally declare this as non-taxible income?
  • #135
  • Jan 30, 2007 4:55pm Jan 30, 2007 4:55pm
According to the Paperwork Reduction Act, you are not required to report anything if the request for the information is made via a 1040 form with an invalid OMB number. The IRS hasn't published a 1040 with a valid OMB number in over 24 years.

I thought you read the links I provided above.

AFF
FOREX = 21st century alchemy.
  • #136
  • Jan 30, 2007 5:08pm Jan 30, 2007 5:08pm
Quoting afemi94ce
According to the Paperwork Reduction Act, you are not required to report anything if the request for the information is made via a 1040 form with an invalid OMB number. The IRS hasn't published a 1040 with a valid OMB number in over 24 years.

I thought you read the links I provided above.

AFF
Well I tell ya what -- we'll let you be the guinea pig on this smoke and mirrors play, mmkay? You let us know how it goes.

If you went to an accountant who specializes in traders (i.e. Trader's Accounting, for one.), they would laugh you out of the building and wish you best of luck.
Mr. Trend
  • #137
  • Edited 5:21pm Jan 30, 2007 5:11pm | Edited 5:21pm
Quoting afemi94ce
According to the Paperwork Reduction Act, you are not required to report anything if the request for the information is made via a 1040 form with an invalid OMB number. The IRS hasn't published a 1040 with a valid OMB number in over 24 years.

I thought you read the links I provided above.

AFF
Confused here... I asked for clarification on your post, #133. My questions pertains to the trust of a corporation. How can one legally receive income from such and declare such as non-taxible income.

You replied back with an answer referering to The Paperwork Reduction Act. These are two totally different subject matters not related to the other. I, too, look forward to your refusing to pay your taxes and tell the I.R.S. that their 1040 form has an invalid OMB number which give you a right to not pay your taxes.

We all know that your going to pay your taxes with a 1040 form with or without a OMB Number. Don't try not to tell people that they don't have to pay if their 1040 form does not have an OMB Number.

I am glad your not my Account nor Attorney, I would be in jail if I took your advice....lol.
  • #138
  • Jan 30, 2007 5:13pm Jan 30, 2007 5:13pm
Of course an accountant would laugh me out of the building. They make their living off the IRS.

Duh.

WHTenn, they're actually related. How do you declare income? By a 1040 form. Are you required to declare income on a form that doesn't carry a valid OMB number? No.

But, if it makes y'all feel better to go round your butts to get to your elbows, by all means employ any other means you like that makes your accountant rich. Or report your income, pay your taxes and don't complain. It's all one to me.

AFF
FOREX = 21st century alchemy.
  • #139
  • Jan 30, 2007 5:23pm Jan 30, 2007 5:23pm
I posted a link with the actual US Code. Read it for yourself, it's all right there. Or don't. I'm not making it up. I'm just telling you what's in the links you're too lazy to go read yourself. This is the very same law that kept this poor SOB OUT of jail, but you didn't read that either.

I said VALID OMB number. The form has a number all right, the same one that was issued in 1982 when the PRA was signed into law. According to the code that number must be changed every 3 years whether the form is updated or not. It hasn't been, and neither has the number.

The link I supplied tells the whole story. When you've read every legal transcript and article of US code on that webpage like I have, then maybe we can debate the issue.

Otherwise, have a nice day.

Cheers
AFF
FOREX = 21st century alchemy.
  • #140
  • Jan 30, 2007 5:26pm Jan 30, 2007 5:26pm
Quoting WHTenn
We all know that your going to pay your taxes with a 1040 form with or without a OMB Number. Don't try not to tell people that they don't have to pay if their 1040 form does not have an OMB Number.

I am glad your not my Account nor Attorney, I would be in jail if I took your advice....lol.
Exactly. I just mentioned this to a fellow trader who is actually very successful. He rolled his eyes and laughed. The kicker here is intent. A person is purposely trying to evade the IRS.

Like I say, let him be the guinea pig...
Mr. Trend
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