off shore accounts? Should my parents consider this option if Obama is elected because they're making more than the $250,000? Should they try to make less money/less than $250,000? Making less money is not an option for them. I can't lose my credit cards and all my stuff. My parents say that's what will happen if I make the mistake of voting for Obama (like other rebellious 19 year olds). I still want the perks. Is putting their money in off shore accounts a good idea?
Thank you
Probably a good idea. Also...
Gold. Silver. Ammuntion.
Bury some cash.
I'm not sure. I think Obama also wants to end the weird Republican tax credits for people who move money and jobs out of America.
Sorry, kiddo. You may have to cut out the... ****, I have no idea how people like "you" live. Manicures? Yachting? Hanging around with Nicole Richie?
Sure. There will be a lot of people doing this if Obama is elected. When he can't collect his takes he will be forced to raise them on the poor. Redistribution of wealth is not an option.
That's where the savvy democrats put theirs.
Did your parents survive the Clinton years? Obama's taxes will be no higher than they were under Bill Clinton so don't be afraid of all the hype and go ahead and vote Obama for the good of the country. It won't break anyone. Especially if your parents own a small business. The tax cuts for middle class Americans will put more money into the economy and into your customers hands that means more business and more profit. Small business will thrive under the Obama tax plan. He plans to give tax credits for creating new jobs and well as capital gains on small businesses.
Obama Biden 2008-2016
Where? The Swiss banks are unreliable, the Cayman islands are not safe any more and investing in Dubai is high risk.
That can be tax evasion. Your parents should however put money into retirement plans and a college education fund for you. This will allow them to place pre-tax money into areas where it cannot be taxed away. Likewise it will make thier gross income look smaller so that they may pay less taxes. If they can stick away enough they could possible go under the 250K punishment line.
I suggest that they donate their money to a charity of their choice.
No-it is illegal. Do they understand that the tax increase only affects the income that is over $250,000. So if they make $255,000, the increase 3% increase is only on $5000, or $150.
It depends on how much your parents income is over $250,000.
Make sure you learn and understand the difference between tax EVASION and tax AVOIDANCE.
Obviously there is nothing wrong with making less than $250,000 to avoid the taxes. By all means shrug. Better yet, since the left wants people to be supported by the government, just be a leech off the system and if enough people do that...
Well, I'm looking at doing some long-term traveling anyway, but especially if Obama wins.
Yep thats where all the rich liberals will be hiding theirs The Weekly Standard::
tells The Associated Press he never intended to avoid paying taxes. the pastor described going to a museum and being confronted by a painting title Hope
http://www.weeklystandard.com/weblogs/TWSFP/2008/04/HOME |
Yes. Try the Bahamas. What you do is set up a Foreign Sales Company there and make a loan to the company with the money you make over 250K. The corporation pays your parents interest on the loan however, it is exempt from tax because of the FIRPTA rules.
The wait a few years and save the money so you can bail your parents out of jail.
Did this help?
Send it to me. I'll gladly pay the tax.
If your parents are rich like that, I am sure they're smart enough to find a shelter or loophole.
Yes, greed is the republican way after all
you're a spoiled b****...have i seen you on mtv before?
If they make that much money I doubt it will hurt their income by paying taxes. For years rich people never had to pay taxes, just the middle class. So it is about time they paid their fair share of taxes.
Yes, honey.
Wise choice.
Hold onto your wallet.
You are looking at an increase in about 12 dollars.....until you reach 603,000 in net income....if they are fearful of a 12 dollar increase in taxes, then they should do what they want.
In other words...you're a spoiled brat that's been bribed by your parents to vote for Obama? How will they know who you vote for anyway? That is a private choice.
And people want to say that Democrats are the lazy ones, take this girl for example and look how lazy she is most likely going to be.
If it was me, I'd:
Put cash money in a fire-proof safe built into a brick wall (fire-proofing so your money doesn't burn, built in so nobody can steal the entire safe)
I'd think of investing in either the Euro or the Yen, just to have some extra cash if the dollar goes bankrupt
Invest 250,000 in a FDIC account, that is until they remove it back down to 100,000. This is supposed to be the most secure investment, but who knows...
Put a large chunk in gold and silver. Although it is hard to buy goods and services in gold and silver, they don't depreciate in value like cash.
Finally, if I had lots of spare money lying around, I'd probably use credit cards, because that way, I could pay them off whenever I wanted to in order to avoid interest, but at the same time if the economy crashes, wave good bye to your debt.
Although anything's possible, I find it hard to imagine the entire collapse of society, so if anything a few banks will collapse and corporations might get bought out. So either diversify your bank accounts or convert to gold and silver.
Personally I don't trust 401K accounts, but your parents might differ on that belief.
Worse case scenario, stock up on food and water. Get some protection, and sing songs around the fire.
If Obama wins more people will take their money and businesses off shore to avoid his ridiculous tax plan
McCain will win in Nov
You sound like a spoiled little brat. Just so you know.
All 185,000,000 working Americans should on the day Obama assumes a win - takes the oath will all revise their employers W4 deductions to "exempt". Now lets see what Obama will do with that crises.
money in off shore accounts is not insured so therefore if that institution goes under your money is gone.
If you don't want to lose your freedom and sense of being an American vote McCain! It's the only way to keep the American Dream!
ETA it is NOT illegal to have bank accounts outside of the USA
Stupid-yes, illegal-no
The real rich like the Rockefellers and other top rank democrats never pay any taxes and they never will. It is called having charitable trusts. All income goes to the trust and the trust owns everything, you just live there and have no real income.
He never said he will raise taxes at all.
Your parents could do whatever they wish with their money to avoid paying taxes as American citizens.
If it is illegal I hope they spend some time in jail
Since you are talking about family income:
Avg percentage change in after-tax income in 2009:
Family income in 2008 dollars
$226,982 to $603,402 NO Tax INCREASE nor DECREASE 0% -$12*
[{(Legend)}]:
*Avg change in taxes
Sure. Of course that would be considered illegal tax evasion and put parents in jail...but go ahead.
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