POLITICIANS AND THEIR LANGUAGE:
Politicians never actually ask you to choose between freedom and security; they just tell you that “for your own good”, the next program is going to “give you some benefits” without ever mentioning what you’ll have to sacrifice to get these benefits.
They talk about budget surpluses, and they incur huge deficits.
They profess “frugality in national defense” BUT they spend freely on items designed to increase re-electability (pork barrels).
They spend social security trust fund money and replace it with “IOU’s.
They call this “creative financing”.
If a private trust fund manager did this, he would face criminal charges.
War is Peace…Freedom is slavery…Ignorance is strength. Political language!
INTERESTING POPULATION STATISTIC:
If we were to condense the world population to 100 people, here are some interesting facts:
1. 57 would be Asian..21 European..14 No. & So. Amer. & 8 African.
2. 70 people would be non Christian.
3. 50% of the entire wealth would be in the hands of 6 people.
4. 70 would be unable to read.
5. 50 would be suffering from malnutrition
6. 80 would live in sub standard housing.
7. 1 would have a college education.
The number one estate planning error: joint ownership.
Biggest threat: lawsuit.
Don’t ever become “a person of interest”. ask Steven ‘Nothing to do With Anthrax’ Hatfill. He became a “person of interest”.
Some people call Washington D.C., “District of Columbia”
We say, “District of Corruption”
Time Bomb ticking!! THE WORLD’S LARGEST PONZI SCHEMES ARE RUN BY GOVERNMENTS.. SOCIAL SECURITY!
Entitlements, longer lifespans, and fewer workers supporting beneficiaries mean the systems are headed for bankruptcy: In most OECD countries and Japan by 2025 and in the U.S. by 2038.
It’s now clear that members of any country with a government run social security system must prepare to fund their own retirement.
How would you feel if even that was taxed? Yes, you read it right.
It’s entirely possible that your own privately funded retirement plan could be taxed. (To save social security no less.)
How do like them apples? During the Clinton administration a proposal was put on the table to charge a 15% annual tax on pension fund contributions and on annual earnings of pension plans. Also proposed is a one time 15% tax on all of the trillions of dollars in pension fund assets!!!
If that doesn’t convince you to move your retirement funds offshore, into a legally asset protected trust, away from the long arm of the government, NOTHING WILL.
Tax Avoidance (legal)..or Tax Evasion (illegal)??
Who knows anymore??? The difference is blurred!
It used to be quite clear that “tax avoidance” was perfectly O.K.
It was “tax evasion” that was not O.K. (illegal).
Nowadays all “high tax countries” have enacted anti avoidance legislation of varying degrees of sophistication to prevent or restrict residents’ ability to exploit offshore centers and reduce their tax liabilities.
The terms “evasion” and “avoidance” mean different things in different countries.
However, it is generally agreed, that evasion involves breaking the law, and often criminal law sanctions. (i.e. false returns, or omission, failing to declare source of income)
Two other terms must be considered in this discussion; tax avoidance, and tax planning; avoidance is suspect and subject to counteracting measures by the court and the government, planning is accepted by the courts.
High tax countries have enacted counteracting measures to prevent “abuse” of offshore centers, to list a few: controlled foreign corporation legislation, transfer of assets abroad , anti-emigration rules, exchange controls, evidential obligations, offshore funds, transfer pricing, withholding taxes.
Two quotes are most suitable here to summarize this whole matter:
Justice Learned Hand, “There is nothing sinister in so arranging one’s affairs to keep taxes as low as possible…for nobody owes any public duty to pay more taxes than the law demands”.
Justice Louis D. Brandeis: “ I live in Alexandria, Virginia. Near the Supreme Court chambers is a toll bridge across the Potomac. When I am in a rush, I pay the $1.oo toll and get home early. However, I usually drive around the downtown section of the city and cross the river on a “free bridge”. This bridge was placed outside the Wash. D.C. to serve a social cause, getting drivers to drive the extra mile and help alleviate congestion during the rush hour.
If I went over the toll bridge and through the barrier without paying the toll, I would be committing tax evasion. If however, I drive the extra mile outside the city to the free bridge, I am using a legitimate, logical and suitable means of tax avoidance, and I am performing a useful social service by doing so.
For my tax evasion, I should be punished, for my tax avoidance I should be commended.
The tragedy of life today is that few people know the free bridge ever exists.
We, at P.I.L., believe in showing people exactly where the “free bridge” is, when it comes to asset protection and investing offshore. When a taxpayer sets up a proper legal offshore structure that complies with all the laws of his/her country, then he/she is practicing what Judge Brandeis preaches. You can then create wealth inside that offshore structure and maintain peace of mind.
YOUR IRS…Charles Rossotti, retiring from the IRS said,
“Fundamentally we are attempting the impossible.” “Our tax laws operate as an abject violation of the fundamental right to due process of law as guaranteed by both the 5th and the 14th amendments.”
Radical tax reform is needed…
Treasury Secretary Paul O’Neill said; “Our tax code is an abomination.”
RADICAL TAX REFORM IS NEEDED.
Taxation is a euphemism for theft! Why? It is simply a means the government uses to redistribute the wealth! Take, (steal), from the haves and give to the have-nots!
Is the government allowed or entitled to do this?
Have we asked them to do this?
Have we given them the power to do this?
Did you ever vote for this?
Do you realize to what extent Washington has its hand in your pocket?
Let’s take a look! Your income is taxed when you earn it, interest is taxed when you save it, dividends and capital gains are taxed when you invest it, and when you die, what’s left over is taxed.
Now let’s take a real good look! 43 cents on every gallon of gas, 3% tax on every toll telephone call, 25 cents on every gallon of heating oil, 58% duty on every bottle of hard liquor. Add to this state income tax, local property tax, state and municipal sales tax, taxes on mortgage deeds, airline tickets…
GOVERNMENT TAXES ARE OUT OF CONTROL.
Now let’s look at how some of it is wasted! During the Clinton administration 26,000 dead Americans received $8.5 million in food stamps, $100 million was erroneously sent to Medicare recipients, just to name a few.
Your hard earned money is being thrown into the incinerator, and nobody in power seems to care.
Here’s another interesting stat: the average investor pays 2.5% of his portfolio in taxes, this means a $100,000 portfolio compounding at 15% would grow to $585,173 over 15 years.
The sane portfolio compounding at the same rate, over the same period of time, but tax managed, would grow to $813,706. A difference of $228,000 that should be in your pocket, not the Washington bureacrats.
It’s not how much you earn, its how much you keep!
Are financial planners an endangered species?
It appears that the IRS has adopted its own “pre crime” system, publicly attacking citizens for nothing more than consulting tax experts about tax shelters the IRS deems suspect.
If the IRS has their way, financial planning will be illegal.
Attorneys and financial planners are being ordered to release the names of their clients and “confidential” files, or be sued.
A new “blacklist” is being compiled by the IRS. It includes accounting firms and financial planners offering tax planning services.
This latest violation of confidentiality of taxpayers by the IRS follows last year’s demand for the names of every U.S. person with a credit card issued by offshore banks in the Bahamas, Cayman Islands, and Antigua. All are IRS suspects without any proof of tax evasion.
So now the IRS has embarked on a virtual terror campaign of fear and intimidation, to scare taxpayers from exercising their legal right to minimize their taxes by seeking professional help.
Who is in charge of tax enforcement anyway? Storm troopers?
Who is the true beneficiary of your life insurance policy?
Believe it or not, your life insurance policy is a major source of income for the IRS! That’s right, the government is really the principal beneficiary of your life insurance policy; if you haven’t set it up right, the benefit falls into the estate and the government takes most of it in estate duties or income tax.
The solution: Name a child or children as beneficiaries, or better yet, have the policy owned by an irrevocable trust, with an appropriate trustee and beneficiary, not a family member, adviser, lawyer, or accountant.
The U.S. dollar may be hazardous to your wealth.
The currencies to watch and hold for 2003:
The EURO: Currently almost at par with the dollar, but still undervalued.
The Swiss Franc: The best performing currency against the U.S. for 30 years.
The Norwegian Kroner: The Norwegians have chosen to remain outside the European Union and therefore the EURO. Blessed with North Sea oil, energy self-sufficient, an exporter of oil, safe sovereign bonds paying a 6% dividend. Great potential for currency appreciation...
This was picked up from todays newsletter sent to PILL-members.
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