$120 Billion Owed to US Treasury in Excise Taxes?

by Anonymous2

Editor’s Note:
  • The reluctance of Federal, State, County and local agencies to collect taxes, fees, fines and penalties for transactions, failure to file and fraud is testament to the power of politics in our current society. I have it corroborated by dozens of experts from government agencies and tax experts who do not wish to be quoted because they fear reprisals. The $120 billion mentioned below is a tiny piece of the tax pie that would save virtually every budget from the disastrous cuts in social services and amenities that are considered the bedrock of our safety net and the defense and welfare of our citizens.
  • In Arizona alone, the estimate is that there COULD be receivables of over $3 billion — more than enough to completely eliminate the state deficit. In larger states the numbers are higher. At the Federal level the estimates range from $1.5 to $15 trillion in receivables on capital gains and income taxes. The big questions are (1) will ever know the true numbers and (2) whether we will ever do anything about it. These are not new taxes. These are taxes and fees, interest and penalties that are already due under existing law.
  • As we are already seeing on the World stage our proposals are rejected as soon as we put them out there for comment. Nobody trusts this country anymore, when push comes to shove. The crisis of confidence in world commerce is now at its highest point in our history and looks like it is getting worse by the day. I don’t see any way out of this except if we admit what everyone already knows and do something about it. I strongly suspect that the “pain” that our government officials are threatening us with to avoid telling the truth is just “control of the narrative.”
  • Even if there were SOME truth to it, how does that compare to the pain of losing our place in the world line-up? What will happen to us if we can no longer print money, which is the world’s reserve currency, and instead we have to go begging to other countries for loans. What conditions will they impose on us? Broaden your reading and you’ll see. It isn’t a pretty picture and it’s happening right now — all for the benefit and protection of a few banks that are so large and cross so many borders, that they appear to be beyond regulation. If we don’t do something soon that appearance will become our permanent reality.
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by Anonymous2

I am looking for information regarding TEFRA and the fact that a note indorsed in blank to a trust is unlawful under some state statutes (NY for one) as well as under federal law.

Additionally, under TEFRA, any note indorsed in blank for which a bond or certificate is issued is subject to an excise tax of 1% of the value of the note for the term of the note. In other words, a $200k 30-year note, would b subject to 1% excise tax = $2,000 x 30 years = $60,000 paid to the IRS.

If my research is correct, the IRS has been cheated out of billions of dollars by these so-called “trusts.”

9 Responses

  1. Holy crap great post! Someone is starting to get it!. Negotiable instruments are MONEY and if they are passed as a cash item the transfer is a taxable event!!!
    Like iv’e said before the purpose of MERS is not to hide assignments. It’s to hide the circulation of the notes. Banks will whip out assignments all day. When it comes to the notes, they will note not show any evidence of transfer or the related business records, period!. They will tank a foreclosure before they will show the record of transfer i.e check , cash, money,order, wire transfer or whatever “payment” mechanism they used to purchase the note.

  2. Abby,

    I have been told that the banks did not actually transfer the mortgages for a REASON: They continued to swap them in and out of the trust whenever they pleased to prop up their own balance sheets.

    I’ve heard that was seen on a grand scale with Lehman Brothers.

  3. The REMIC status of the trust should collapse it if the assignments were not completed within 90 days of the trust cutoff date.

  4. Thanks Anonymous2

    Gwen,

    If the democrats want to make any come-back with the populace, putting pressure on all levels of government to collect from Wall Street instead of ‘Joe Bloke tax-payer’ could win them a TREMENDOUS block of votes!

    I for one would be very interested in seeing the Democrats switch from their socialism agenda to getting money into the coffers that could be used to put people BACK TO WORK!

  5. Thank you Anonymous2 !!!!!!!!

  6. The New York Statute is New York Estates Powers & Trusts § 7-1.2.

    REMICs are passive trusts – they have to be in order to qualify for tax exempt status.

    Catch Them – under the UCC, notes can be indorsed in blank making them bearer paper. However, the issue here is whether the trust can claim ownership to barer paper. Under NY Trust Law, the answer is no for passive trusts such as REMICs.

  7. Does anyone know what specific state statutes prevent a New York Trust from holding notes indorsed in blank? I see references to this in various places on the web, but it would be nice to see the specifics. In the meantime I will keep looking.

  8. where in the state statue would we find that ….to look in our state to see…if a NOTE can be endorsed in blank. Intereseted in Tennessee and Florida.

  9. I agree with this comment wholeheartedly–especially the part about loosing our standing in the world community. If our financial marketplace is not corrected by laws who will buy our bonds? Who wll continue to finance our debt if we will not police ourselves? It is interesting to note that one of the first meetings the republicans had afte the election was with Goldman Sachs who wants the financial reforms rolled back. What will the republicans and tea partiers say as they try to roll back these reforms? Probably that we are better off with a free marketplace–but that free market place law in 1999 got us into this mess. It allowed MERS to gros and become uncontrollable and the banks and stock markets to merge producst with no oversight. No oversight got us this terrible loss of revenue. Now that we need that revenue dos it make sense to roll back financial reform? Is less government really going to help us with our deficit and our standing abroad with the markets abroad???

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