Let us create a 3D eBook for you!
Let us create a 3d Digital eBook for you! DigyCat.com

Keeping Your Own Money - NOT Handing It Over To The Taxman


Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in one of two mistaken beliefs. Either:

  • It's a good thing, a sure sign of a civilised society. Or,

  • If they don't, the Feds will "get them", fining them, expropriating their assets, maybe even jailing them.

    I'd respectfully suggest that those two "reasons" are mutually exclusive. Visiting penal sanctions on citizens because they decline to hand over their money to you could hardly be regarded as the mark of a civilised society. In fact it might more properly be regarded as the mark of a criminal one!

    So how does this situation arise, and how can the thinking man or woman avoid it?

    Most e-mails I receive regarding business opportunities trumpet the benefits of being an entrepreneur. Now the Shorter Oxford English Dictionary defines "entrepreneur" as follows:

    "A person who undertakes or controls a business and bears the risk of profit or loss".

    Yes, that's "risk", "profit" and "loss". All things that people with their own businesses regard as being as inevitable as night following day.

    Interestingly, the SOED contains no definition of "rentseeker". Still, key the term in to Google and you'll discover that it refers to people who want to be paid to take your money for a "service" that you would not yourself choose to pay for.

    Now let's just talk this one through:

  • They want to be paid. In practice, they don't just wish to be paid, but to enjoy substantial pension rights. All of this is funded by the taxpayer.

  • In return for these payments, they undertake to extract further sums of taxpayers' money to provide what they describe as "services".

  • Critically, taxpayers would not, either as individuals or collectively, freely choose to pay for these services. If they did, they would do so, in the marketplace.

  • The money is therefore taken by coercion.

  • They lack any concept whatever of risk (at least to themselves) or of profit (to taxpayers). Loss, on the other hand, is guaranteed to each and every taxpayer.

    Now, in any other context, this process is known as "robbery", or, more subtly, "fraud".

    After all, it IS your money, right? Well not according to Uncle Sam, or, depending where you're based, your nearest friendly local equivalent.

    Governments seem to think that they've generally got a whole lot better set of ideas about what to do with your money than you might have yourself (despite all the evidence to the contrary in front of everyone's eyes). What they've particularly got, however, is a set of excellent ideas for using your income to pay their own salaries and pensions (final salary, index-linked, performance-irrelevant). And these people are known as rentseekers.

    The legendary investor, Jim Rogers, writing in the Foreword to "Financial Reckoning Day", by Bill Bonner and Addison Wiggin, had this to say:

    "In America, if you have a job, you pay taxes. If you save some money, you pay taxes on the interest. If you buy a stock and get paid a dividend, you pay taxes. If you have a capital gain, you pay taxes again. And when you die, your estate pays taxes. If you live long enough to get social security, they tax your social security income. Remember: you paid taxes on all this money when you earned it originally and yet they tax it again and again".

    Now wouldn't it just be nice to avoid all of that?

    Because it's the simplest thing on earth, particularly if your earnings are being generated in that weird nether land called cyberspace, to use a set of perfectly legal arrangements to process your money FREE OF TAX.

    In other words, you set yourself up a company, a bank account, and a business address somewhere no predatory taxman stalks! That is, OFFSHORE. There are quite a large number of these jurisdictions, and there is not a single Fortune 500 company that doesn't use them. I kinda think that tells you a lot.

    Once it's all in place it works just like any other company arrangement - you just don't pay any tax!

    Now no-one's suggesting that it costs nothing to set up these arrangements, and it's true it's not going to figure high in your priorities if you've got a marketing budget of $10 and are wondering how to pay the rent. But, assuming that you're already generating even reasonable income, it just has to make sense to look into this.

    After all, even if you're not interested in saving yourself a whole lot of money, there's another reason you might wish to avoid all of this. I'll leave you with another quote, this time from Charles Adams, in "For Good And Evil: The Impact Of Taxes On Modern Civilisation":

    "Tax haven 'refugees' report that they are tired of fighting the taxman. They have had enough of audits, year in and year out, of having their banking and accounting records picked over and questioned. They are tired of having their privacy totally destroyed by inquisitional tax agents. They are tired of appeals, big fees for tax professionals, and endless tax litigation. Many complain that the soak-the-rich philosophy of their homelands was not as intolerable as the harassment and scorn they receive from revenue bureaucrats".

    Personally, I can relate to that...

    If what I've been saying strikes any chords at all with you, there's much more at http://www.advent-taxfreedom.com, and a free e-zine too.

    About The Author

    Leo Rogers: http://www.advent-taxfreedom.com

    offshore finance ' tax freedom ' secret banking

    mailto:leo@advent-taxfreedom.com


    MORE RESOURCES:

    Taxes - Google News

    This RSS feed URL is deprecated

    This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news

    10 Ways to Legally Reduce Your 2018 Taxes - Motley Fool


    10 Ways to Legally Reduce Your 2018 Taxes
    Motley Fool
    Homeowners are privy to a number of tax benefits, the most lucrative of which is typically the mortgage interest deduction. Now you could just make your standard 12 monthly mortgage payments in 2018 and call it a day, but if you want to eke out some ...

    and more »

    Indian government likely to reject Apple's request to delay new import taxes - 9to5Mac


    9to5Mac

    Indian government likely to reject Apple's request to delay new import taxes
    9to5Mac
    Wistron assembles iPhone SE models in India for Apple, but the components are all imported. Under a current agreement, most of these components can be brought into the country tax-free, but the government wants to impose import tariffs on more of them ...
    Apple, India wrangle over import tax on mobile parts: sources Reuters

    all 8 news articles »

    Small Investors Face Steeper Tax Bill Under Senate Proposal - Wall Street Journal


    Wall Street Journal

    Small Investors Face Steeper Tax Bill Under Senate Proposal
    Wall Street Journal
    A little-discussed provision in the Senate tax bill could lead to a higher tax bill for millions of small investors and cause many to unload stocks before year-end to avoid those costs. Under the Senate's $1.4 trillion tax overhaul, investors would ...

    and more »

    Most Americans Expect a Tax Refund in 2018 - And That's Not a Good Thing - Yahoo Finance


    Yahoo Finance

    Most Americans Expect a Tax Refund in 2018 - And That's Not a Good Thing
    Yahoo Finance
    If there's one thing pretty much all Americans can agree on, it's that taxes are a major burden. Not only does losing a portion of our income constitute a harsh blow, but the process of filing taxes can be downright stressful. But filing hassles aside ...

    In Trump's America, Even White People Can Face Poll Taxes, if They Lean Liberal - Daily Beast


    Daily Beast

    In Trump's America, Even White People Can Face Poll Taxes, if They Lean Liberal
    Daily Beast
    The Granite State's Republican-controlled state legislature has responded to narrow defeats — we're talking less than a percentage point — to Democrats in the 2016 election by proposing a poll tax that targets college students: a vital Democrat ...

    and more »

    Precision sacrificed for speed as GOP rushes ahead on taxes - Chicago Tribune


    Chicago Tribune

    Precision sacrificed for speed as GOP rushes ahead on taxes
    Chicago Tribune
    The specific legislation that probably will become law, sold as a middle-class tax cut but featuring a massive corporate rate reduction at its center, is moving from release toward passage without any hearings, unusual for a bill of such magnitude. And ...
    Susan Collins Says She's Not a Definitive 'Yes' on Taxes New York Magazine
    Today in Taxes: Busy Behind the Scenes Wall Street Journal
    Republican tax bill would tie the hands of blue-state governments Washington Examiner
    Bloomberg  - New York Times  - AZCentral.com
    all 257 news articles »

    8.8 million Americans face big tax hike if Republicans scrap the medical deduction - Minneapolis Star Tribune


    Minneapolis Star Tribune

    8.8 million Americans face big tax hike if Republicans scrap the medical deduction
    Minneapolis Star Tribune
    Anne Hammer is one of millions of elderly Americans who could face a substantial tax hike in 2018 depending on the final negotiations over the Republican tax bill. In her retirement community in Chestertown, Md., it's the big topic of conversation ...
    As California burns, Congress plans to slash tax write-offs for fires and other disasters Los Angeles Times

    all 29 news articles »

    Scoop: Trump's closing argument on taxes - Axios


    Axios

    Scoop: Trump's closing argument on taxes
    Axios
    Scoop: Trump's closing argument on taxes. Photo: Alex Brandon / AP. On Wednesday, President Trump will deliver his closing argument on tax reform to an audience made up largely of young people and middle-class families whose personal stories will be ...

    and more »

    Taxes and the Safety Net - New York Times


    New York Times

    Taxes and the Safety Net
    New York Times
    Make no mistake: The tax cuts for corporations and wealthy people that Congress is determined to pass will lead to major cuts to health and economic security for the rest of us. The Congressional Budget Office anticipates that Medicare alone will be ...

    and more »
  • LargeFriends.com - the best dating site for plus-sized singles!
    SuccessfulMatchCentral.com - the best dating site for plus-sized singles!

    PreLaunchX

    PrimeNews Domain Is For Sale - $5,000 For Enquiries eMail Us

    © www.PrimeNews.biz - 2012

    home | site map | links