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interest tax question

Topic closed. 19 replies. Last post 8 years ago by AlecWest.

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justxploring's avatar - villiarna
Wandering Aimlessly
United States
Member #25360
November 5, 2005
4461 Posts
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Posted: August 16, 2008, 1:49 am - IP Logged

I just want to correct a typing error I made in my last comment:

 

A safe deposit box is also not insured and, in the likely (unlikely) event its contents are destroyed or stolen, you will lose your money. 

    truecritic's avatar - PirateTreasure
    Michigan
    United States
    Member #22395
    September 24, 2005
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    Posted: August 16, 2008, 2:16 am - IP Logged

    Quote: "I hope I'd be too busy enjoying life and helping others to bother with lawyers and Grand Jury hearings, etc."

    The thing is....the IRS might come looking for you and have nothing to do with you challenging their wrath.    You don't think Martha Stewart tried to get into trouble? 

      justxploring's avatar - villiarna
      Wandering Aimlessly
      United States
      Member #25360
      November 5, 2005
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      Posted: August 16, 2008, 12:43 pm - IP Logged

      Quote: "I hope I'd be too busy enjoying life and helping others to bother with lawyers and Grand Jury hearings, etc."

      The thing is....the IRS might come looking for you and have nothing to do with you challenging their wrath.    You don't think Martha Stewart tried to get into trouble? 

      TC - maybe I was misunderstood here, but all I was saying is "it's not worth it."  If I were very wealthy, I would do my best to invest my money wisely and avoid taxes (not evade) whenever possible.  I would just do it legally.   The rich have plenty of legal loopholes.   Do I believe the Federal Reserve & the IRS are corrupt and should be abolished?  Sure!  I'm just not that much of a revolutionary any more. 

      Anytime someone tells me about a way to get rich and avoid paying income tax, I have to think of when I almost invested $20,000 with The Brothers in Costa Rica.   

        psykomo's avatar - animal shark.jpg

        United States
        Member #4877
        May 30, 2004
        5114 Posts
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        Posted: August 16, 2008, 11:38 pm - IP Logged

        TC - maybe I was misunderstood here, but all I was saying is "it's not worth it."  If I were very wealthy, I would do my best to invest my money wisely and avoid taxes (not evade) whenever possible.  I would just do it legally.   The rich have plenty of legal loopholes.   Do I believe the Federal Reserve & the IRS are corrupt and should be abolished?  Sure!  I'm just not that much of a revolutionary any more. 

        Anytime someone tells me about a way to get rich and avoid paying income tax, I have to think of when I almost invested $20,000 with The Brothers in Costa Rica.   

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        TRANSLATION:

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        PSYKOMO

          AlecWest's avatar - alec
          Vader, Washington
          United States
          Member #29697
          January 5, 2006
          108 Posts
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          Posted: August 17, 2008, 1:27 pm - IP Logged

          TC - maybe I was misunderstood here, but all I was saying is "it's not worth it."  If I were very wealthy, I would do my best to invest my money wisely and avoid taxes (not evade) whenever possible.  I would just do it legally.   The rich have plenty of legal loopholes.   Do I believe the Federal Reserve & the IRS are corrupt and should be abolished?  Sure!  I'm just not that much of a revolutionary any more. 

          Anytime someone tells me about a way to get rich and avoid paying income tax, I have to think of when I almost invested $20,000 with The Brothers in Costa Rica.   

          1) I think most people would agree that long-established global banks like Deutsche Bank would fare much better as "secure" places to invest when compared to "The Brothers in Costa Rica."

          2) True.  Safe deposit boxes are not guaranteed.  But many people put many valuable things in them.  And I think the track records of an overwhelming number of banks would attest to them as being safe places to put things ... even currency.  However, as the old saying goes, you should never "put all your eggs in one basket."  It would be prudent, then, to "spread the wealth" between a number of bank safe deposit boxes.

          3) I wouldn't counsel evading taxes either, as a rule.  However, if I won a huge jackpot, I'd keep all my options on the table - especially if some President (or Congress) began seriously suggesting the imposition of a "wealth" tax.  I'm not that much of a revolutionary anymore, either.  But that's only because I'm not in a position to revolt.  However, confronted with a reason to revolt (and the ability to revolt), I might be highly tempted to re-evaluate my position.

          Red Devil But, the IRS is not my sole reason for considering those options.  Anybody can sue anybody for any reason. And we live in a litigious time likely to become more litigious - given the fact that there are more students in law school now then there are attorneys currently practicing law (true).

          It's easy to freeze assets pending litigation ... but only if they're trackable assets.  And it's hard to hire your own lawyer when access to your assets has been frozen.  Also on that note, if someone wanted to sue you, the first thing their attorney would do is run a "check" on you to see if you're "worth" suing.  But if they can't easily pin down trackable assets on a potential adversary, they'd be less likely to take the case on contingency.

          Having a LOT of trackable assets nowadays is like painting a big red target on your shirt with the words, "Sue me, please!" underneath.

          Regards - J. Alec West