Joining the dots across the world...New World Order (government, strange, conspiracy)
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I live in another country and my bank in my country of origin has just recently asked me to fill in a form giving my tax reference number, or if not that, to confirm 3 things
1) I opened my bank account in my country of origin
2) I am not a US citizen
3) I am registered to pay tax solely in my country of origin
It is strange because my bank pays GROSS interest on any savings, so they do not need any tax information. It is up to me to declare taxable income to the government tax office.
This requirement is recent legislation which requires banks to obtain this information from people working or living abroad.
Now, what is REALLY weird, is that I have a small amount of money here and yesterday I was asked to fill in the same details at the local bank. That means this is a worldwide requirement.
Now, it is difficult to see this if only one bank had asked me to fill in a form with these requirements, but both banks within a month of each other? That is beyond coincidence.
The net is closing guys...soon.
I have noticed that conspiracies tend to be moved here so I will post it here but if the mods decide it would be better in another place, please move it.
I live in another country and my bank in my country of origin has just recently asked me to fill in a form giving my tax reference number, or if not that, to confirm 3 things
1) I opened my bank account in my country of origin
2) I am not a US citizen
3) I am registered to pay tax solely in my country of origin
It is strange because my bank pays GROSS interest on any savings, so they do not need any tax information. It is up to me to declare taxable income to the government tax office.
This requirement is recent legislation which requires banks to obtain this information from people working or living abroad.
Now, what is REALLY weird, is that I have a small amount of money here and yesterday I was asked to fill in the same details at the local bank. That means this is a worldwide requirement.
Now, it is difficult to see this if only one bank had asked me to fill in a form with these requirements, but both banks within a month of each other? That is beyond coincidence.
The net is closing guys...soon.
I have noticed that conspiracies tend to be moved here so I will post it here but if the mods decide it would be better in another place, please move it.
So what is the conspiracy?
The US has thankfully really started to crack down on the the people not paying taxes on their "side hustles". Pretty much every way of moving cash now has a $600 limit on total transactions per year before sending out a 1099. Without more details can't really give an answer to your statement.
Not having more particulars, I would guess that FATCA, which requires banks around the world to disclose account information for american clients with a certain dollar amount (can't remember how much) may have something to do with the information you are being asked to provide.
The banking system around the world has to comply with FATCA if it wants to do business in the u.s. Some banks comply, others want to identify u.s citizens so that they can drop them cause they don't want to pay the overhead/admin fees needed to comply with FACTA for american accounts, moreso if puny.
The u.s. is only one of 2 countries IIRC around the world with citizenship-based taxation rather than residence-based. So non-american banks don't necessarily want your perhaps onerous business if you are a u.s. citizen. FATCA also, I believe, applies to americans with dual-citizenship. As the long arm of the u.s. gov/irs continues to get longer, and more intrusive into other countries' banking systems, american accounts are no longer as welcome. Can't blame 'em. If I were an american expat, in for the long haul, i.e. permanently, I might renounce my citizenship--- but just look at the requirements for that process.... talk about 'the net closing.'
Last edited by herringbone; 07-28-2022 at 08:55 PM..
I feel it is only a matter of time before the non-US banks put their foot down and decide to go with the Euro or some other currency. China and Russia are already making noises but we wait and see if they are just making noises or if they decide to go it away from the US system of banking.
Maybe this is the start of a battle for control of the financial system which has been in the same hands for a loooong time.
I have no doubt there is more to this than we know down here at the lowest levels.
The US has thankfully really started to crack down on the the people not paying taxes on their "side hustles". Pretty much every way of moving cash now has a $600 limit on total transactions per year before sending out a 1099. Without more details can't really give an answer to your statement.
Most billionaires pay no taxes and Biden wants to hire 87,000 IRS agents to look at people making $600. There is a conspiracy in there somewhere.
Most billionaires pay no taxes and Biden wants to hire 87,000 IRS agents to look at people making $600. There is a conspiracy in there somewhere.
The IRS has always exhibited an inclination to first go after the 'low hanging fruit,' or put another way, those most likely to cave and/or be intimidated by the sheer power of their name as far as collecting money from citizens-- those lower/middle/upper middle class earners usually pay right away if caught in a 'mischief.'
Contrast that to the 'higher fruit' on the tree well able to afford legal/financial representation.... The IRS is much more likely to cut deals.
The conspiracy is the same one that has been around since the beginning of mankind's civilizations- the weak/poor suffer and the strong/rich prevail.
I feel it is only a matter of time before the non-US banks put their foot down and decide to go with the Euro or some other currency. China and Russia are already making noises but we wait and see if they are just making noises or if they decide to go it away from the US system of banking.
Maybe this is the start of a battle for control of the financial system which has been in the same hands for a loooong time.
I have no doubt there is more to this than we know down here at the lowest levels.
It's already happening, the only question is how far the u.s. is prepared to go to sacrifice the well-being of its citizens as well as its allies in order to preserve the hegemony it has enjoyed since WW2.
I live in another country and my bank in my country of origin has just recently asked me to fill in a form giving my tax reference number, or if not that, to confirm 3 things
1) I opened my bank account in my country of origin
2) I am not a US citizen
3) I am registered to pay tax solely in my country of origin
It is strange because my bank pays GROSS interest on any savings, so they do not need any tax information. It is up to me to declare taxable income to the government tax office.
This requirement is recent legislation which requires banks to obtain this information from people working or living abroad.
Now, what is REALLY weird, is that I have a small amount of money here and yesterday I was asked to fill in the same details at the local bank. That means this is a worldwide requirement.
Now, it is difficult to see this if only one bank had asked me to fill in a form with these requirements, but both banks within a month of each other? That is beyond coincidence.
The net is closing guys...soon.
I have noticed that conspiracies tend to be moved here so I will post it here but if the mods decide it would be better in another place, please move it.
What you are facing - is an aggressive reach of the US government - is going on for years. Maybe now additional countries banking systems are forced to join
The US - and now a few other countries following the suit - are taxing it’s citizens on a worldwide income - even if they live and earn income permanently elsewhere.
Not every country has an agreement with the US on avoiding “double taxation” - where the US allows to exclude a certain fixed amount of income and take into consideration the taxes paid to the country of residence.
Some banks which are famous for their discretion - Switzerland,anyone? - started requesting proof that whoever wants to open an account - is NOT a US citizen - the simplest solution for them.
As far as I can recall - it is going on for at least 25 years now - nothing new; could become worse though - with this ridiculous reporting of $600 transactions requirement
Most billionaires pay no taxes and Biden wants to hire 87,000 IRS agents to look at people making $600. There is a conspiracy in there somewhere.
Fake news but being shouted loudly by right-wing politicians as a smoke screen for their billionaire benefactors who are aren't happy about potentially having to pay more in taxes.
"audit rates for those making less than $400,000 would not increase under the proposal."
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