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Thread: EU Direct Withdrawal Soon to be Seen Here?

  1. #11
    Gunco Regular SouthTexasGuy's Avatar
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    Our US administration (Obama and folks) are already talking about putting 401K's under "gummit" control. That means it gets invested in govt debt. The IRA's can't be far behind.

    I'm considering taking it all now and taking a tax hit. Better to have some than none at all.

    I don't trust "gummit" guys. They make up/change the rules as they go along.

  2. #12
    Gunco Addicted for life j427x's Avatar
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    i don't think many americans realize the true Obama agenda.

    it is to BREAK the USA.

    i can see this going two ways --very likely at the same time.

    hyper inflation --and deflation of the dollar.

    i don't know about metals, they still be worth something --but i don't even expect them to hold.

    food and water are going to be #1 --

    obama wants to crash out currency so he can pave the way for a "global dollar", to do that he has got to deflate the US dollar and other currencys around the world.
    the crashing euro is really helping that 'brother" out--

  3. #13
    jrs
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    B.U.F. (Bald, Ugly, Fat) jrs's Avatar
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    Default California businesses fuming over retroactive $120M tax grab

    California businesses fuming over retroactive $120M tax grab | Fox News

    By Lee Ross

    Published March 19, 2013


    California's top-end taxpayers -- already steamed over a recent hike in the nation's highest state income tax -- are now fuming over a new $120 million retroactive tax grab on small business owners.

    In December, the state's tax authority determined that a tax break claimed over the past few years by 2,500 entrepreneurs and stockholders of California-based small businesses is no longer valid and sent out notices of payment.

    "How would you feel if you made a decision, which was made four years ago, (and) you absolutely knew was legally correct and four years later a governing body came in and said, 'no, it's not correct, now you owe us a bunch more money. And we're going to charge you interest on money you didn't even know you owed'," Brian Overstreet told Fox News from his office north of San Francisco.

    Last year, Overstreet and his fellow investors sold Sagient Research Systems and immediately reported the sale to the California Franchise Tax Board, the state's version of the IRS. "It was good for the shareholders, it was good for the employees and good for those of us who founded it," Overstreet said about the sale of the data mining company. "We paid the tax based on the law at the time."

    But the FTB changed its interpretation of the law after a state appeals court ruled unconstitutional a qualifying provision of the break requiring companies to maintain 80 percent of their workforce in California. Instead of asking the legislature for guidance on what to do, the FTB suspended the break in its entirety and ordered anyone who's claimed it in the last five years to pay up.

    "What that translates into is tens of thousands, if not literally hundreds of thousands, of potential jobs," Overstreet contends.

    Overstreet said he's learned more about the workings of state government in the last two months than he ever knew before and he's become the point person for others like him who were surprised by the FTB's decision. "It's going to cause not only significant financial hardship but real personal stress on a lot of people who shouldn't be worried about this," he said. "They did what is right. They paid their taxes. They should be off working away at their next business -- instead they're having to spend their time fighting this stuff."

    Overstreet wouldn't disclose the exact amount the FTB says he owes but said it was "well into the six figures," and calls it a sucker punch from the state.

    The taxpayers fighting the FTB won an early victory in their fight when the tax board announced a temporary delay in issuing actual bills, technically called Notices of Proposed Assessments. It's believed the additional time is to allow the state's political leaders time to figure out a solution.

    "Once the revenue is identified, those folks up in Sacramento will figure out how to spend it already," warns former state Sen. George Runner. "And that's what makes this so difficult. Even though it has this great bipartisan support as being wrong."

    Earlier this month, lawmakers from both parties introduced legislation that would force the FTB to scrap the retroactive tax bills. "Californians planned and based their actions on the language of the law as it existed," Democratic Sen. Ted Lieu said in a statement. "Going backward in time and changing the rules innocent taxpayers relied upon violates the very essence of the rule of law."

    Republican Assemblyman Jeff Gorell's companion bill would prohibit the state from charging interest and penalties in similar situations in the future.

    "We want to unwind this poor decision and bring relief to small business owners throughout the state, while also setting prohibitions against this kind of surprise tax increase again for the future."

    What's not as clear is what Gov. Jerry Brown thinks of the issue. "Quite frankly, we haven't heard from the governor on this and the governor could solve this," Runner, a Republican, said. "Ultimately, the legislature can try to fix it, but ultimately the bill still has to end up on the governor's desk."

    Brook Taylor, a spokesman with the governor's business development office, told Fox News in an email that the tax credit "provided a real boost to entrepreneurs" and that the court's ruling was unfortunate. Taylor added that, "we are reviewing the situation to determine how best to help these business owners given the court's decision."

    California's high tax rates, strong environmental regulations and a Democratic lock on many public offices have led some to conclude the state is anti-business. Texas Gov. Rick Perry, among other state executives, has made repeated overtures to the state's business leaders to relocate. Those criticisms have been regularly rebuffed by Brown and his staff.

    During a recent dust-up over a radio ad promoting Texas, Brown reportedly said, "you go where the gold is" and that Perry is "not going to Lubbock, or whatever those places are that make up that state."

    What's not addressed by the pending legislation is what to do about the future of the tax credit. It's been around for 20 years to promote job-growth and investment -- especially in the computer technology and bio-research industries. "California has always prided itself in the ability to be that incubator for high-tech, for entrepreneurial investment," Runner said. "And this just goes to the core of that. Undermines our credibility, if you will, on that particular issue."

    Overstreet's main focus has been on retroactive part of the FTB's action but he also said if lawmakers allow for the tax break to go away entirely it will have consequences for the state. "As a going-forward problem if entrepreneurs are no longer allowed this kind of incentive, there's no longer any reason for us to intentionally grow our companies here in California. We are going to take our business to where it is the cheapest and most effective place to hire people."

    ===================================
    jrs -- and you thought it was only Europe.
    jrs
    --
    "A great civilization is not conquered from without until it has destroyed itself from within.", Will Durant

    "All that is necessary for the triumph of evil is that good men do nothing.", Edmund Burke

  4. #14
    Gunco Good ole boy tanvil's Avatar
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    Sorry for you guys out there JRS. I'd send you some rope but it's probably already banned.

    Remember how the Indians handled it?

    There is a heavy hammer in the process of dropping.

    Chase bank customers got quite a scare today. I read many of them saw a $0 balance, temporarily.

    Testing the waters perhaps.

  5. #15
    White Cracker 4thIDvet's Avatar
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    Default tanvil..

    Quote Originally Posted by tanvil View Post
    Sorry for you guys out there JRS. I'd send you some rope but it's probably already banned.

    Remember how the Indians handled it?

    There is a heavy hammer in the process of dropping.

    Chase bank customers got quite a scare today. I read many of them saw a $0 balance, temporarily.

    Testing the waters perhaps.
    Chase may?? have been part of the "hack" that hit banks down here in Florida.
    Lot of people here got hit, withdrawals from hackers. Banks sealed accounts till they straightened things out.
    "Man needs but two things to survive alone in the woods. A blow up female doll and his trusty old AK-47" - Thomas Jefferson 1781


  6. #16
    White Cracker 4thIDvet's Avatar
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    Default Bank Run... Here we go..

    Darling: Cyprus savings raid could trigger bank runs across Europe
    The country is currently deciding whether to make richer savers pay a bigger proportion of the bill but Mr Darling said the whole idea of taking money from ordinary savers is dangerous.
    Darling: Cyprus savings raid could trigger bank runs across Europe - Telegraph

    Russia, a major lender to Cyprus stepped in and said "STOP" now.. You friggen idiots, what the hell are you thinking?
    The Euro is not working.. Nice try, mission failure..
    Since 1913, with that meeting on Jekyll Island, this has been coming to a head.
    Nappies fault? Nah not on this one.. He is just a stooge from Kenya put in a mansion to look good. If that..
    This one is the FED, NWO, international banking= pure friggen greed..
    How much money did the bastards need?
    A storm is brewing, keep yer powder dry.. Dig your bunkers deep world bankers, you mother friggers, your gonna need them..
    Any questions on their desperation to get our guns gone? Unarmed sheep do not shoot..
    "Man needs but two things to survive alone in the woods. A blow up female doll and his trusty old AK-47" - Thomas Jefferson 1781


  7. #17
    Gunco Good ole boy tanvil's Avatar
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  8. #18
    Gunco Good ole boy tanvil's Avatar
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    March 28, 2013
    So, What's It Like To Have a Business in Cyprus Right Now?
    Posted by Travis Holte on March 28, 2013 06:39 PM

    Here's an account (literally):

    Writes the owner:

    The most of circulating assets on our business Current Account are blocked.
    Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years.

    I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.

    The business is definitely ruined, all Cypriot workers to be fired.
    We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.

    So, What's It Like To Have a Business in Cyprus Right Now? LewRockwell.com Blog

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