Warning. Danger. Beware there is a group of people who want money and are willing to go to any lengths to get it. That’s called our government today.
Let’s take a closer look. The scandal of all scandals is the IRS targeting specific people who wanted to form a charity. Simply because the purpose of the charity had conservative purposes, the tax exemption was lost in the black hole. No tax exemption, no charity and all income is taxable.
On the more devious side is what is happening to people who own accounts in foreign countries. For the past 5 years or so, the IRS has been specifically targeting U.S. citizens who they claim did not report income. Now, I do not advocate failing to properly report income that must be reported under the law. I do advocate for avoiding to pay taxes in all legal means. So those people who failed to report income, hid it, evaded taxes, they should get what is being assessed against them.
However, here is the difference, the IRS has moved beyond reporting of income and deductions, to reporting your assets. What you Own. Doesn’t matter whether the asset makes money, loses money or sits idly by. They want to know what you have. I don’t know about you, but it seems to me that is the ultimate in invasion of privacy.
For example. If you own a bank account in Germany, or Switzerland or Canada. Even if you report the income. Even if you report that you own the account, now you have to file a form that says that you have to disclose the nature of the account, money in it and more. Since when, does anyone get to know what you have unless you have done something wrong, in which case, they do get to know and that is called penalties and possible jail time. But when you have done nothing wrong. It’s no ones business, except now, because the government is saying you must. I am not a constitutional law attorney but something seems wrong here.
Last on the list. Remember Obamacare. Remember that little Supreme Court ruling that said that the health care mandate is a tax and guess who is in charge. Yes. that’s right. The IRS. You know what that means. The IRS can do an audit of your records to see if you are in compliance with the health care law. Now, you, your employees, your health care records all have to be exposed and if you are in violation the IRS gets to tax you. I am a little confused how the Federal Law of Privacy against disclosure of health information works in this situation? I think they made too many regulations and they are imploding on themselves.
If you are not concerned, you should be. If you are concerned, that is what we do. We look for ways to protect and preserve your wealth for you. Make Money, Keep Money.
Our vision is for business and families to create lasting wealth. Our mission is to build, protect and preserve wealth and legacy for generations. To do these things we need to have business prosperity, good financial foundations, a tax fortress and personal power.
Thank you for being a part of our Straight Talk community. We educate, transform and inspire business owners and families in enhancing the way they think and talk about wealth in money, values, beliefs and traditions. Unite, Align and Nurture your common purpose and vision and protect and preserve your wealth for generations. What is your Legacy?
We welcome you to share your ideas and thoughts.
