Taxes and the gold standard

[system]

*Originally posted by Scylla *
Actually there is such a thing as “Free money.”

It’s called arbitrage, and means riskless trading.

Arbitrage is hardly riskless. All kinds of things can go wrong, although if you’re efficient that risk may be low.

Basically, you monitor several different markets, looking for inefficiencies in securities. Once in a while you are able to simultaneously by and sell a security on different exchanges, making an instant profit, by taking advantage of these inefficencies.

Quite correct. Not precisely free though, one has to invest quite a bit of time and effort into monitoring the situation, and the slightest error on your part…but then you do not below it carries a lot of risk

Unfortunately it’s very hard to learn how to do, takes a great investment of capital, carries lots of risk, and is very hard work.

Full time job…

Better, let’s write a book about how you can use arbitrage to avoid taxes and sell it to suckers… I mean readers.

[Crafter_Man]

*Originally posted by DSYoungEsq *
**Oh, please, we are expected to believe that someone, through application of some intricate scheme, which only he and some select few can manage to carry off, fails to do without penalty what all the rest of us slobs end up doing cause we’re too lazy to carry it through, but is willing to tell us exactly how to do exactly what he does, without the authorities figuring it all out and closing the ‘loophole’ that allows this guy and his select few to get away with thier amazing feat of tax evasion?

Some people are really gullible. **

Look, this isn’t the Great Debates forum, so I’ll keep it brief: It has been done. No one can deny this. I’m not saying it is easy. I’m not saying anyone can pull it off. I’m not saying it is necessarily the right thing to do. (Though I do believe our present tax system, and the way our federal monies are being spent, is un-Constitutional, immoral, and downright un-American. But that’s another program.) But this is America, Home of the Free, and if you feel the present system is immoral, and you think you can pull it off, then I say, “Go for it.”

[Zumba_The_Cat]

You are right when you say that this isn’t great debates. You are wrong when you say it has been done.

I am begging you to look in that “well researched” book of yours and provide me with even one court case were someone had net income and didn’t pay taxes on it. If you would do that then I would start a thread in Great Debates for it.

If “Boston T. Party” has sold enough copies of his seven books to make a profit (which I doubt) then he has paid taxes on that income. If he hasn’t there will be a knock on his door sooner or later.

[Crafter_Man]

I’d like to acknowledge an inaccurate statement I made. I said, “Boston does not pay taxes.” I should not have stated that. For all I know, he does pay all local, state, federal, etc. taxes that most other people pay. My apologies to Boston (in case he’s reading).

[Little_Nemo]

The bottomline is that Congress can pass laws making refusing to pay taxes a crime. Can Mr Party or anyone else suggest a reason they wouldn’t do so? If any general loopholes exist, they are closed as fast as they are discovered.

I’m sure there are people who get away with not paying taxes. Either they are very wealthy and influential people who have the ability to have personal loopholes enacted into law or they are criminals who haven’t been caught and prosecuted yet.

[DSYoungEsq]

I’d like to acknowledge an inaccurate statement I made. I said, “Boston does not pay taxes.” I should not have stated that. For all I know, he does pay all local, state, federal, etc. taxes that most other people pay. My apologies to Boston (in case he’s reading).

Geez, which is it? He pays federal income tax or he doesn’t???

[hawthorne]

Syclla
Unfortunately it’s very hard to learn how to do, takes a great investment of capital, carries lots of risk, and is very hard work

Posted by Collounsbury
Arbitrage is hardly riskless. All kinds of things can go wrong, although if you’re efficient that risk may be low.

No. Arbitrage by definition is the pursuit of riskless profit . The reason you need to be large to undertake arbitrage is that the returns are very low, so volumes must be high to overcome transactions costs. Competition for riskless profit is intense (surprise!) and differentials are rapidly eliminated. My guess is that on liquid finance markets arbitrage conditions (that there are no riskless profits) hold within 10 seconds. Much of what is casually described as arbitrage is really low-risk speculation.

[Crafter_Man]

*Originally posted by DSYoungEsq *
**

I’d like to acknowledge an inaccurate statement I made. I said, “Boston does not pay taxes.” I should not have stated that. For all I know, he does pay all local, state, federal, etc. taxes that most other people pay. My apologies to Boston (in case he’s reading).

Geez, which is it? He pays federal income tax or he doesn’t???
**

I really have no idea. Just because he’s an expert in the “untax” movement doesn’t necessarily mean he doesn’t pay taxes.