If you took the lump sum

Reply #20

whiteballz — Sat, 08 Dec 2012 13:35:35 GMT

Correction: I meant to type FATCA (Foreign Account Tax Compliance Act) not FACTA (Fair and Accurate Credit Transactions Act).

Reply #19

savagegoose — Sat, 08 Dec 2012 05:28:03 GMT

you have to understand what or why you want to take the money out. and is theree a way to protect it while still residing in usa. Is it taxes, there are ways and means, google do it. is it the collapse of the purchase power of the dollar due to over inflating, there is hedging. taslk to a few financial planning, people tax advisors, hell hire a team. I think the IRS withhold %20 of cash you try to take out the usa, just incase they can think of a new tax after you have gone, if you save more tha... [ More ]

Reply #18

ashabug725 — Sat, 08 Dec 2012 03:01:30 GMT

Reply #17

CinCin — Sat, 08 Dec 2012 02:23:10 GMT

Ewwww... The O word....

Reply #16

Jack-C — Sat, 08 Dec 2012 02:08:39 GMT

Put the money in Muni Bonds. All the money you make on the bonds is tax free. This is what the rich people do. However Obama wants to do away with that. Too many of those rich people not paying enough taxes (according to Obama).

Reply #15

CinCin — Sat, 08 Dec 2012 01:48:13 GMT

I've got a case of MASON jars and a shovel sitting in my shed just waiting for my big day! LOL

Of course, I'm kidding....money staying in the states...no use in trying to hide it...Uncle Sam would surely keep tabs anyway....

Reply #14

whiteballz — Fri, 07 Dec 2012 23:49:51 GMT

and if they don't have enough money to pay, they could end up serving time in federal prison.

Reply #13

Original Bey — Fri, 07 Dec 2012 23:41:49 GMT

That's an option, but he's breaking the law. People live and work and do business in other nations around the world and are honest enough to pay their taxes. It will catch up to him sooner or later and I know others who have gone through this.

I will tell you upfront, it's not pretty!

He will not only be straddled with a heavy tax debt but also the lawyer and accountant fees to figure out the huge mess and save him a dollar or two where they can, if they can.

Reply #12

whiteballz — Fri, 07 Dec 2012 23:40:37 GMT

if this is true and he is a US citizen, he is evading taxes. I'm not saying he's going to get caught anytime soon but there is always a risk there will be a whistleblower at the bank that will report him to the IRS. The whistleblower will get a percentage of the money that will be recovered.

Reply #11

haymaker — Fri, 07 Dec 2012 23:39:44 GMT

LMAO, check my post in the news thread about privatizing the lottery.

Reply #10

whiteballz — Fri, 07 Dec 2012 23:34:51 GMT

Even if everyone decided to leave, Chris Christie isn't going anywhere. Jersey is where he stores his large stockpile of twinkies.

Reply #9

tony869 — Fri, 07 Dec 2012 23:34:14 GMT

Holy smokes that is alot of cash there and it looks like Euro money... Well i met someone that won the WA lottery and he put in 3 million in the bank of Cayman and he gets better rates and also don't pay taxes.

Reply #8

helpmewin — Fri, 07 Dec 2012 23:28:43 GMT

that is so what it would be like, but with a lot more babies

your super Funny

Reply #7

SergeM — Fri, 07 Dec 2012 23:20:57 GMT

Reply #6

helpmewin — Fri, 07 Dec 2012 23:17:47 GMT

No i will keep in all in my house

Reply #5

haymaker — Fri, 07 Dec 2012 23:15:32 GMT

Yeah, no where to run, this explains why Jersey is not a vast wilderness. LOL

Reply #4

whiteballz — Fri, 07 Dec 2012 23:10:03 GMT

if you are a US citizen, you are taxed on world wide income. If you paid all of this years taxes and then parked your money in an offshore bank, you must still file a tax return to the IRS every year. If you didn't report your world wide income, the IRS would consider that tax evasion. Keep in mind there are laws like FACTA (Fair and Accurate Credit Transactions Act), where offshore banks are required to report any annual income you make to the IRS.

The only way to get out of paying future US... [ More ]

Reply #3

Original Bey — Fri, 07 Dec 2012 22:42:26 GMT

And the annual income earned in the form of interest.

Bank Secrecy laws aren't what they used to be.

Reply #2

tony869 — Fri, 07 Dec 2012 22:37:35 GMT

Yes agree on that but after you do pay taxes there is always next year taxes..

Reply #1

Original Bey — Fri, 07 Dec 2012 22:35:41 GMT

Uncle Sam gets his due either way.

If you took the lump sum

tony869 — Fri, 07 Dec 2012 22:16:36 GMT

If you took the lump sum would you take it out of the country and put in Cayman island bank account or keep in the states