How Obama’s mistake can make you rich. – A deconstruction
How obama’s mistake can make you rich. – A deconstruction
So we ended up going to How obama’s mistake can make you rich anyway. I like the taste of vomit in my mouth. I knew it would be a line of crap but I was pleasantly surprised. Yet another site about incorporating and placing personal assets in an offshore account. This can be good way to protect assets and minimize taxation but lets get real. To get rich from obama’s mistake? This is just old tax sheltering that has been around for a 100 years. Nothing to do with OBAMA. Lets take a look at the claim…
“It is a well-known fact that those who are truly wealthy, own nothing, but control everything. They (personally) do not own their homes, furniture, cars, boats, etc. They pay no utility bills, no insurance premiums, they do not pay for the clothes they wear.Here is a brief outline of how it may be structured
Everything the wealthy have at their disposal — the homes, furniture, cars, boats, etc. — is purchased and paid for by a business (IBC), usually in an offshore jurisdiction. The bank accounts for the IBC are (usually) in a 2nd offshore jurisdiction (not the same as the IBC), and are controlled completely by the IBC. The individual has no connection to either the IBC or the bank accounts:
The final piece of this structure is a C corporation, incorporated in either Nevada or Maryland. Funds that are at the disposal of the C corporation come from the IBC, at the direction of the Foundation/Trust The Trust is the hub, the “control center of the structure Sitting at the “chirols” of the Trust is the Beneficiary who directs the Trust through “Letters of Wishes.” The Beneficiary is the wealthy individual — owning nothing, yet controlling everything.
If the C corporation has no money at the end of its fiscal year, it pays no taxes — much like a non-profit organization. If there are funds in the C corporation’s account, it will pay taxes on those funds -- at the corporate rate, It is from the C corporation that the wealthy usually receive most of their “spending money.”
The individual, the one who controls this structure and all the wealth, may receive up to (as of 2006) $12,000 per year, as a gift,(to be updated) from the C corporation, at the direction of the Trust — and so may his/her spouse (a total of $24,000) and each of their children ($12,000 each). Under IRS Rules, these funds (gifts) are not only tax free, they do not even have to be reported.
. “
Point 1. The wealthy do own things in corporations and own things out right. They own their house and cars, corporations because the corporate veil can be pierced if you just set up a BS company to shelter or for nor reason.
http://en.wikipedia.org/wiki/Piercing_the_corporate_veil
Setting up an LLC in an other country just makes it harder to sue that LLC but often the IRS doesn’t care.
Point 2. The IRS gets paid. ALL income including fringe benefits must be taxed by the IRS
http://www.irs.gov/publications/p15b/ar02.html (fringe benefits taxation)
Point 3. According to this plan you are going through all these legal costs, transferring money around like a drug dealer and tying up your money under god knows what restrictions so you can save 30% in taxable income. Make sure you are able to read the contract? What are the fees, what are the servicing?
Ok one paragraph I have to agree with. BRAVO you didn’t make me puke!
“It would behoove everyone to start (NOW) looking into structuring things so that they do not lose it all. Get a competent financial planner, a good corporate lawyer (you’ll have the money), and learn to live a very different way than that you are used to. Remember, being wealthy is a business, and it also carries a lot of responsibility. Learn. “
This is sound advice but in the end, structure doesn’t matter much as long as you don’t invest in STUPID investment vehicles with the potential to lose all of your money with no one to sue in recourse.
Homeboy goes on to quote:
“During the 2008 economic crisis, he
actually turned a small investment
into an incredible amount of money
using one black-box secret stolen
from the super-rich.
Right now he's teaching ordinary people
how to create(or recover) great wealth
during today's economic crisis.
He's hosting a special webinar this week
to show you how, go here:
http://www.KacperPostawski.com/mike “
WTF is this? Do you expect us to believe this? We want to trust someone who stole something? If something made him rich, why would he share it with us???
Stay tuned, for the deconstruction…