Posts Tagged ‘IRS’

EXTEND & PRETEND IS WALL STREET’S FRIEND

Courtesy of Jim Quinn, The Burning Platform

“We now have an economy in which five banks control over 50 percent of the entire banking industry, four or five corporations own most of the mainstream media, and the top one percent of families hold a greater share of the nation’s wealth than any time since 1930.   This sort of concentration of wealth and power is a classic setup for the failure of a democratic republic and the stifling of organic economic growth.” - Jesse –http://jessescrossroadscafe.blogspot.com/

Source: Barry Ritholtz

“All of the old-timers knew that subprime mortgages were what we called neutron loans — they killed the people and left the houses.” - Louis S. Barnes, 58, a partner at Boulder West, a mortgage banking firm in Lafayette, Colo


continue reading


Tags: , , , , , , , , , , , , , , , , , ,




2011: The Year Of The Tax Increase

These are some startling numbers, and, unfortunately, it seems if you have more than $1 million and plans to die soon, you may as well go before New Years (but WAIT till the last minute in case the rules get changed--and, yikes, they could be changed in retrospect as a cruel, cruel joke.) – Ilene 

2011: The Year Of The Tax Increase

Courtesy of Michael Synder at The Economic Collapse 

Unless the U.S. Congress acts, there is going to be a massive wave of tax increases in 2011. In fact, some are already calling 2011 the year of the tax increase. A whole host of tax cuts that Congress established between 2001 and 2003 are set to expire in January unless Congress chooses to renew them. But with Democrats firmly in control of both houses that appears to be extremely unlikely. These tax increases are going to affect every single American (at least those who actually pay taxes). But this will be just the first wave of tax increases. Another huge slate of tax increases passed in the health care reform law is scheduled to go into effect by 2019.  So Americans that are already infuriated by our tax system are only going to become more frustrated in the years ahead. The reality is that the U.S. government will soon be digging much deeper into our wallets.

The following are some of the tax increases that are scheduled to go into effect in 2011…. 

1 – The lowest bracket for the personal income tax is going to increase from 10 percent to 15 percent.

2 – The next lowest bracket for the personal income tax is going to increase from 25 percent to 28 percent.

3 – The 28 percent tax bracket is going to increase to 31 percent.

4 – The 33 percent tax bracket…
continue reading


Tags: , , , , , , , , , , , , , ,




No Redemption

By Ilene

(Originally published at Phil's Stock World. Check back for a follow-up interview in Nov. 2017.)

Interview with Sam Antar

Crazy EddieSam Antar, former CFO of the criminal enterprise "Crazy Eddie," will tell you all about his crimes while insisting he will burn in Hell. He now teaches accountants, lawyers, and FBI agents about white-collar fraud and how to catch white-collar criminals. I met Sam in Portland, at his seminar for healthcare fraud investigators.

Sam opened his lecture by asking the audience, “Can anyone guess why I’m here?” A man in the audience suggested “because you got caught.” (That was the first correct answer in twelve years.) Sam, who was energetic and seemed to be enjoying himself, spoke of Crazy Eddie, fraud, and the investigators charged with bringing criminals to justice. Below, I've posted a summary of Sam's presentation followed by our interview and some background information.

1. Presentation

About fraud

All fraud is basically the same.  All fraud is personal in nature. It’s done on a one to one basis.  Your humanity, ethics, and sense of fairness are weaknesses that we – white collar criminals – seek to exploit.  We have no morality. The more likable and friendly we are, the easier it is for us to commit our crimes. We build walls of false integrity. You never know who the real person is behind a criminal’s carefully choreographed wall of false integrity. Bernie Madoff had a wall of false integrity around him and the lawyers investigating him at the SEC were enamored by his status. That’s why they didn’t properly follow through on whistleblower Harry Markopolos’s tips about Madoff’s criminal activities.

Punishment does very little to prevent crime. It’s not a great deterrent. Criminals don’t stop because they see other people getting caught. While Bernie Madoff committed his crimes for almost two decades, he saw many other criminal get caught. Did that stop him?

When I cooperated with the government it was only to save my own skin. I only cooperated with the US Attorney’s Office, the FBI, the SEC, and lawyer representing victims of my crimes because I did not want to bend down to pick up a bar of soap and worry about who was going to


continue reading


Tags: , , , , , , ,




The FBI Just Shut Down Tax Protest Terrorist Joe Stack’s Website

The FBI Just Shut Down Tax Protest Terrorist Joe Stack’s Website

Courtesy of John Carney at Clusterstock 

crash plane austin

Source: AP

It’s a good thing we grabbed the insane manifesto of Joe Stack, the guy who flew his plane into a seven story building in Austin, Texas. 

Because the website is now down.

"This website has been taken offline due to the sensitive nature of the events that transpired in Texas this morning and in compliance with a request from the FBI," T35 Hosting explains.

While it seems reasonable for T35 to comply with the FBI request, we cannot help but wonder what the purpose of taking the site down might be. Is the FBI worried it might inspire copycat attacks?

See Also:

 

Tags: , , , , , , , ,




This Is How It Begins (Wanton Violence)

This Is How It Begins (Wanton Violence)

Courtesy of Karl Denninger at The Market Ticker

austin tx plane crash, courtesy of tbi, apThis is not the sort of thing you want to report on.

But I need to, because what looked like an accident originally – a horrible accident, with a plane on approach that had some sort of mechanical problem - now looks to be something else.

AUSTIN, TX (myFOXaustin) – A small aircraft plane has crashed into a 7-story office building in North Austin near Mopac and 183. The plane crashed into the Echelon building around 10 a.m. Thursday morning. Police have blocked off access roads around the building.

….

According to Corp. Scott Perry with APD several federal offices were located inside the building that was struck by the plane.  Officials with NTSB say that IRS offices were some of the federal offices.

CNBS is reporting that there is "no indication that this was an act of terrorism or otherwise intentional."  Oh really?  Then how come CNBC is claiming on-air that the man involved set fire to his own house first?  Oh, and Fox News just stated that the name of the pilot was…. Mr. Joe Stack.

Uh…. what’s this?

I know I’m hardly the first one to decide I have had all I can stand.  It has always been a myth that people have stopped dying for their freedom in this country, and it isn’t limited to the blacks, and poor immigrants.  I know there have been countless before me and there are sure to be as many after.  But I also know that by not adding my body to the count, I insure nothing will change.  I choose to not keep looking over my shoulder at “big brother” while he strips my carcass, I choose not to ignore what is going on all around me, I choose not to pretend that business as usual won’t continue; I have just had enough.

I can only hope that the numbers quickly get too big to be white washed and ignored that the American zombies wake up and revolt; it will take nothing less.  I would only hope that by striking a nerve that stimulates the inevitable double standard, knee-jerk government reaction that results in more stupid draconian restrictions people wake up and begin to see the pompous political thugs and their mindless minions for what they are.  Sadly, though


continue reading


Tags: , , , , , ,




Who’s on the List?

Who’s on the List?

Courtesy of John Rubino at Dollar Collapse

Yesterday’s Wall Street Journal ran an article on Washington’s ongoing attempt to discover where its citizens keep their money. Here’s a quote that illustrates the complexity of the cat-and-mouse game:

“At one point, the Swiss lawyer recommended to Mr. McCarthy that he set up a Liechtenstein foundation that would serve as an umbrella over a Panamanian or Hong Kong corporation. That ‘would allow for an extra layer of privacy and help to conceal’ Mr. McCarthy’s identity, said the statement of facts.”

And three observations:

1) The deal between the IRS and UBS apparently requires the latter to hand over thousands of names of U.S. citizens. It’s a safe bet that hundreds of those are major donors to the campaigns of the politicians currently running the country — and a few dozen are the politicians themselves — which creates some amusing moral dilemmas for the enforcement folks and the media.

2) In the wake of the UBS fiasco, it’s going to be even harder for U.S. citizens to get foreign bank accounts, which is exactly what Washington wants.

3) China might be a little harder to push around than Switzerland. 

 

UBS Tax Crackdown Widens to Hong Kong

By CARRICK MOLLENKAMP
 
The U.S. crackdown on clients of UBS AG is widening into a global hunt, with the government detailing in court documents how the Swiss bank and outside advisers helped Americans hide money using enterprises set up in Hong Kong.
 
For the first time in the government’s long-running bid to ferret out the names of U.S. tax-evaders from the Swiss bank’s client list, plea agreements entered in the case are providing a clearer picture of UBS’s sophisticated efforts to help Americans hide income or the existence of foreign bank accounts.
 
On Friday, John McCarthy, a UBS client in California, agreed to plead guilty to one count of failing to file an annual report to the Treasury Department. A document filed with the plea shows the tax scheme relied in part on channeling funds to a Swiss UBS account held in the name of a Hong Kong entity, the second time accounts in the Asian financial hub have figured in


continue reading


Tags: , , ,




 
 
 

Phil's Favorites

Brexit identities: how Leave versus Remain replaced Conservative versus Labour affiliations of British voters

 

Brexit identities: how Leave versus Remain replaced Conservative versus Labour affiliations of British voters

Courtesy of Geoffrey Evans, University of Oxford and Florian Schaffner, University of Oxford

British politics was relatively stable in the post-war decades, and voters’ strong party loyalties were influenced by their place in society. More recently, there has been a marked decline in the number of people identifying with a political party, and in the strength of that attachment.

Now, our new research for a repor...



more from Ilene

Zero Hedge

Stocks Jump On Kudlow Denial: "There Is No Cancellation. None. Zero."

Courtesy of ZeroHedge. View original post here.

"There are no cancellations. None. Zero. Let's put that to rest."

Hours after a headline from the FT about the US cancelling a round of trade talks with two senior Chinese ministers send stocks reeling to their lows of the day, the administration has dispatched Larry Kudlow (who apparently had to wait until 20 mins before the close thanks to CNBC's wall-to-wall Davos coverage) to jawbone the markets back into the green by...



more from Tyler

Kimble Charting Solutions

S&P and Crude both testing key breakout levels!

Courtesy of Chris Kimble.

The correlation between Crude Oil and the S&P 500 has been rather high over the last 100-days, as each looks to have peaked at the same time around the 1st of October at (1).

After peaking together in October, Crude fell over 40% and the S&P nearly declined 20%, with both bottoming on Christmas Eve at each (2).

Both have experienced counter-trend rallies since the lows, as Crude is up 23% and the S&P 13%.

These rallies have both testing dual resist...



more from Kimble C.S.

Insider Scoop

Cowen Suits Up With Nike, Looks To Outperform

Courtesy of Benzinga.

Related NKE Consumer Discretionary Q4 Earnings: U.S. Consumer Appears Strong Amid Heightened Global Uncertainty Golf Equipmen...

http://www.insidercow.com/ more from Insider

Chart School

Weekly Market Recap Jan 20, 2019

Courtesy of Blain.

After entering the week quite overbought, indexes took a small retreat Monday before hurling back upwards.  This is typical of the “V” shaped moves up after any significant selloff, we’ve seen most of the past decade and watching them unfurl is quite amazing actually.  Thought maybe this time would be “different” but not so much.  So two week’s ago we asked “Has the Fed solved all the market’s problem in 1 speech?” – and thus far the market has answered resoundingly yes.  The word of the year thus far in 2019 is “patience” as that simple insert into a speech change the whole complexion of everything.

China has also been busy stimulating; on Tuesday:

An announcement from the People’s Bank of China that ...



more from Chart School

ValueWalk

Everyone Else Is Selling Stocks, So Is It Time To Buy?

By Michelle Jones. Originally published at ValueWalk.

After a difficult few trading days in the beginning of the year, U.S. stocks are bouncing back with meaningful gains on Monday following Friday’s strong rally. The S&P 500, Dow Jones Industrial Average and Nasdaq 100 were all up by more than half a percent by midday. It looks like investors could be taking advantage of the end-of-the-year declines, but is this a wise time to be buying?

Trying to time the bottom of the market will almost always be a fool’s errand, but one firm suggests equities could have much farther to fall before they hit bottom in 2019.

...



more from ValueWalk

Digital Currencies

Transparency and privacy: Empowering people through blockchain

 

Transparency and privacy: Empowering people through blockchain

Blockchain technologies can empower people by allowing them more control over their user data. Shutterstock

Courtesy of Ajay Kumar Shrestha, University of Saskatchewan

Blockchain has already proven its huge influence on the financial world with its first application in the form of cryptocurrencies such as Bitcoin. It might not be long before its impact is felt everywhere.

Blockchain is a secure chain of digital records that exist on multiple computers simultaneously so no record can be erased or falsified. The...



more from Bitcoin

Members' Corner

Why Trump Can't Learn

 

Bill Eddy (lawyer, therapist, author) predicted Trump's chaotic presidency based on his high-conflict personality, which was evident years ago. This post, written in 2017, references a prescient article Bill wrote before Trump even became president, 5 Reasons Trump Can’t Learn. ~ Ilene 

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...



more from Our Members

Biotech

Opening Pandora's Box: Gene editing and its consequences

Reminder: We are available to chat with Members, comments are found below each post.

 

Opening Pandora's Box: Gene editing and its consequences

Bacteriophage viruses infecting bacterial cells , Bacterial viruses. from www.shutterstock.com

Courtesy of John Bergeron, McGill University

Today, the scientific community is aghast at the prospect of gene editing to create “designer” humans. Gene editing may be of greater consequence than climate change, or even the consequences of unleashing the energy of the atom.

...

more from Biotech

Mapping The Market

Trump: "I Won't Be Here" When It Blows Up

By Jean-Luc

Maybe we should simply try him for treason right now:

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...



more from M.T.M.

OpTrader

Swing trading portfolio - week of September 11th, 2017

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



more from OpTrader

Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

·       How 2017 Will Affect Oil, the US Dollar and the European Union

...

more from Promotions





About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

Learn more About Phil >>


As Seen On:




About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>