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Asset Disclosure The Final SolutionToday we are going to review a little-known (but lethal) regulation that governments have been including in their robbery fair taxation schemes. Nowadays most people in "developed" countries have come to realize that the world is full of opportunities for investment. There is no reason to invest locally just because a retarded politician want a country to be "self-sufficient". As such, people are no longer tied to the market that exists in their own countries. No, we are not talking about the super-rich who can invest in Dubai, buy a property in London, a hotel in Hong-Kong and a bank in Indonesia. We are talking about the average person who has some extra money to spend and perhaps buys a tiny rental property in an adjacent country paying the mortgage in instalments. O perhaps this person buys a few shares in a foreign oil company. Or perhaps this person inherits a little bit of land in a faraway country. None of these investments are producing a cent worth of profits. They are just assets who happen to be in a different country. Yet, the owner of these properties is under legal obligation to disclose them.

YOU, THE CRIMINAL NON-DISCLOSUREE

Now let's think this through for a second… or two.

Buying or inheriting assets is not illegal (yet). Having assets that produce profits is not illegal. Having assets that do not produce profits is not illegal. Having assets that do not produce profits and pay local taxes is not illegal. Yet, if you do not disclose the fact that you have these assets in a foreign country, you will be heavily penalized!!! And we are not talking about a few euros, or dollars or yens here and there. We are talking about monstrous amounts of wealth that you will have to give to your tax authority should you do not disclose. Plus penalties. Plus interests. Plus whatever they make up to make your "crime" of non-disclosure as painful as possible.

Again, zero profits, paying taxes somewhere else (i.e. losing money), must disclose anyways!

Notice the stupidity in it!?

IT GETS WORSE

Several countries have some "provisions" (i.e. ridiculous terms) in their so-called "tax code" whereby some assets that you may get will not trigger a "taxable event" (e.g. you get a present or an inheritance and you don't have to pay taxes). Not only that, but there is no legal requirement to declare those assets… unless they are in a different country!

Think!

You get stuff for free. Legally, you don't have to pay a cent of taxes for your free stuff. Legally, you don't even have to declare that you got that free stuff. Yet, if this stuff is in a different country, you must declare it to your tax authority! And if you do not do so, you will be penalized until your check book bleeds! The only conclusion here is that foreign assets must be dangerous and must therefore be declared as dangerous goods… for your own good… Yeah… that's it!

It is obvious that no government or apparatchik is interested in The Most Important Lesson because they are stealing our property… which is… drumroll please… ours!

CONCLUSION

Asset disclosure is simply part of the ridiculous taxation system which, on top of being invalid, illogical, irrational, bureaucratic, time and wealth consuming blackmail and extorsion, it is insulting. Apparatchiks from government-sponsored organizations such as the OECD waste incredible amounts of money (your money) trying to convince people that that governments are to be trusted all the while they do not trust you. We wrote about this "trust" issue quite extensively:

Distrust Governments - Dishonesty And Unfairness

Distrust Governments - They Are Not Open

Distrust Governments - They Are Not Reliable

Distrust Governments - They Are Not Responsive

Distrust Governments - They Produce Exclusive Policies

Distrust Governments - They Produce Laws

And several other articles located in our top ten diatribes for your entertaining enjoyment.

Governments may as well distrust you because the reality is that very few people trust governments and this is not going to change. This is going in the opposite direction as dictated by political evolution.

But then again, perhaps you believe that disclosure is necessary to prevent people from "evading" taxes. Funny how people forget that in almost all countries in the world you are innocent until found guilty. Well… we said countries not judicial taxation systems where in almost all of them you are guilty until proven innocent.

And so it boils down to this. If we are indeed innocent until proven guilty, then why are you forced to disclose? Do you go to a person on the street, put a gun on this person's head and state: Show me your money! This is exactly what disclosure laws are doing. And when this person asks why? You say: just in case… and because I can…

On the other hand, if we are guilty until proven innocent we are being forced to testify against ourselves. Essentially we are forced to be the defendant, the accuser and the detective searching for and providing damming evidence. Don't you think that this is just a little bit too much?

Oh… that's right… we have due process in "democracies". Strange. It does not feel that way…we wonder why…

Nevermind… you are right, of course. It is aaaaallll for the "better good". Somehow we keep forgetting…

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