OFFSHORE PLANNING: YES, TAX EVASION: NO
by Alan Stang
January 15, 2009
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The word from Washington, District of Criminals, is that Usurper-Elect Also Known As intends to squelch offshore investment by nervous Americans. The Also Known As Administration will fail in this attempt like all its predecessors, because if offshore is made illegal for you, it becomes equally illegal for royal families like the Kennedys, and big banks and companies for which going offshore is routine.
So, the District periodically scares people about it, citing lurid examples of people who do things illegal, trying to instill the belief that going offshore is illegal like tax evasion. Of course, tax evasion is illegal; it is a serious crime, a major felony, refusing to pay a tax you owe. If you really do owe the federal government a tax, I strongly urge you to pay it. Often, this is a matter of conscience, because, as our friends in I.R.S. say, only you know whether or not you have done something that is taxable. Going offshore to evade payment of a tax is illegal.
But going offshore without evasion, after the income tax is paid, is perfectly legal, and people go offshore for many legitimate reasons besides income tax. Protection from suit-happy creditors and ex-spouses is one. Privacy is another. Preservation of value in a different currency unit is a third. Inheritance is a fourth.
Notice that the 1040 asks you to state whether you have an offshore account. Would it ask you that – could it ask you that – if such an account were illegal? Of course, that could soon change, because, in the present financial carnage, the government will steal everything it can. It has already thrown the law into the toilet. The Also Known As eligibility crisis has taught us that something is lawful if you can get away with it. If you can’t, it’s illegal.
Washington criminals routinely terrorize offshore banks to shake loose American deposits. Recently, because of those threats, word arrived from Zurich that mega Swiss bank UBS is closing all American offshore accounts. U.S. tax raiders charge that UBS helped clients hide $18 billion of untaxed money in anonymous numbered accounts, which translates into $300 million of taxes unpaid annually. That is what it says, but remember that Washington lies about almost everything all the time.
Last year, the bank began to close U.S. accounts with less than $45,660 in deposits. U.S. tax raiders indicted the UBS wealth management chief. Eventually, the bank will close about 19,000 accounts. The terror campaign is very effective, because other Swiss banks are reluctant to accept deposits from Americans evicted by UBS. They will have problems finding another offshore place to park them.
One of the lessons certainly seems to be that one should not choose an offshore institution that has American branches. Such branches become financial hostages in one of the District’s periodic expeditions for booty. Typically, the bank will surrender the depositors to preserve the lucrative branch in this country. Of course, there are many fine banks in other countries, sounder than criminal enterprises like Goldman Sachs and Citigroup, and they won’t assume you are a drug smuggler unless you dump some cocaine on the desk. So, before you deposit your money, investigate the branches.
I see a bizarre paradox here. Almost daily, mouthpieces for the conspiracy for world government declaim about the benefits of globalism and why we should go international. Hence we have IMF, the World Bank, NAFTA, CAFTA, and on and on, but when you do as they preach, they become cross. They want your assets where they can easily be grabbed. As I write, they have been conducting hearings in Congress about how they could steal your pensions, as they did recently in Argentina.
Another misconception many Americans share is that taking any substantial amount of U.S. cash out of the country is illegal. Of course that is wrong. It is still perfectly legal to leave the country with any amount of cash, however huge. The law requires only that if you take out more than $10,000, you must fill out a form telling the federal government how much you are taking.
Right now, there is no limit. I knew a man some years back who took a million dollars in cash out of the country and flew with it to the Caymans, a tax haven in the Caribbean so hot at the time, that just visiting there was “suspicious.” Customs officials in Miami grumbled when they saw what was in his attaché case, but they had to let him go. He had filled out the necessary form, so his departure was legal. Without the form, the cash would be subject to seizure. Of course, that could change at any time if exchange controls are imposed. Such controls would make it illegal to take any cash out. Ask escapees from South Africa about that.
The government of the United Kingdom is of course a criminal enterprise, like our own, a murder and extortion racket in a Savile Row suit. After World War II, London encouraged the development of its overseas possessions as tax havens. Present U.K. policy has been completely reversed, so that havens like the aforementioned Cayman Islands have been reduced from British lions to tame pussies. If privacy is what you want, you may want to look elsewhere. Caymans and other Commonwealth countries now pretty much do whatever London and the District of Criminals want.
It is important to remember where this totalitarian superstructure came from. The Conspiracy for World Government wanted to destroy financial privacy. Their goal is a Socialist/Communist/Nazi dictatorship, and you can’t have a dictatorship if people enjoy financial privacy. In their place, what would you do? Obviously, you couldn’t just come out against privacy. Yes, the people are naïve, dumb, easily swindled. But there is a limit to their stupidity. If you stick a finger in their eye, after a while they may suspect something is wrong.
So they assigned Socialist front man Richard Nixon to launch the War on Drugs. The beneficiaries of the War on Drugs were THE CHILDREN. And WE MUST DO WHATEVER IS NECESSARY TO PROTECT THE CHILDREN, EVEN DESTROY THE CONSTITUTION AND CREATE THE WORLD’S LARGEST PRISON POPULATION. Remember? Few dared to protest, because doing so would expose the protestor as someone who hates children. Do you really want your government school kids to look at you sideways?
At almost the same time, the Conspiracy for World Government launched its campaign to destroy America’s industry and bring the nation to its knees, also known as the “environmental movement,” on behalf of trees. You don’t meet many people opposed to trees. Do you really want to be one of them? The latest extrusion of the “ecologists” is “global warming,” which, to forefend further embarrassment in arctic Baghdad, where snow recently fell, is now becoming “climate change.” Whatever they call it, its purpose is to deny us the fuel we need to survive.
What do drug smugglers do? They make lots of money because you have made drugs illegal, and they bank it. So the War on Drugs began to scream about “money laundering,” washing dirty drug cash. Anybody could be doing it. The only way to know for sure was to get inside everyone’s account and look. And soon financial privacy was gone. How many remember why today? Obviously, if you make chintzy comments about its loss, you hate children.
A bank branch manager once speculated that I could be a drug smuggler because I refused to fill out a passel of government forms to buy a measly $2,000 worth of travelers’ checks. I was suspected despite the fact that the Love Priestess smiled radiantly beside me. A normal branch manager would quickly have succumbed to her blandishments, maybe even have pressed a new toaster upon us; they failed utterly here because the manager was a womanoid, impervious to her charms. It is no more than poetic justice that, today, if you buy a toaster, you get a free bank.
Here is a delicious thought that should inspire still rabid obamatrons. Usurper-elect Also Known As says he has enjoyed a line or two of coke. He is a “liberal.” He is for “maximum personal freedom.” He is for abortion at any time, known to “liberal” baby killers as “choice.” He is for “partial birth” abortion, which tears the baby apart while part of it is still inside the mother.
As soon as he is inaugurated, shouldn’t he immediately declare victory and bring the War on Drugs to an end? With no war on drugs there would be no enormous profits, no drug smugglers or gangs, no vast prison population and no need to destroy financial privacy on a spurious quest for “money laundering.”
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Since Also Known As was hired to continue the policies of coke head Jorge W. Boosh, there is no chance he would do that, but it would be immense fun watching him turn several shades of white while explaining why he would not. Which probably means that as long as offshore financial planning still is legal, there is good reason to pursue it.
[Announcement: Alan Stang's radio show, The Sting of Stang, airs from 11 a.m. to 1 p.m. Central, M-F, via Republic Broadcasting Network. Call him on the air at (800) 313-9443. To listen, go to republicbroadcasting.org and click on Listen Live. If you can't listen at that time, do so via the archives, which are free. I'll be talking about the various manifestations of the conspiracy for world government, its tactics, such as the illegal alien invasion, its purposes and its players, from Jorge W. Boosh on down.]