Saturday, August 31, 2013

Asset Protection from the Government

Protecting Your Assets from an Out-of-Control Government, Daily Reckoning, by Terry Coxon, Posted May 10, 2012

"Every billion-dollar tick of the government debt clock, every expansion of the government’s regulatory apparatus, every overreaching judicial decision made in the name of a compelling public need, every inversion of protection for citizens into license for the state and every intellectually tortured discovery of a new meaning in the Constitution’s 4,400 old words leaves a few thousand more people wondering how prudent it is to consign all their eggs to a single national basket. Encounters with high-handed IRS agents and eager TSA gropers do nothing to ease that concern..."

Rung 1: Coins in Your Pocket

"Gold coins that you’ve stored personally give you something whose value doesn’t depend on the health of the US economy, doesn’t depend on any financial institution in the US and doesn’t depend on any US government policy..."

Rung 2: A Foreign Bank Account

"On its own initiative, the IRS can freeze any bank account in the US without warning. The action might arise from mistaken identity, from an erroneous filing by some other taxpayer, from your failure to respond to an IRS notice in time or even from a postal error. And that’s what can happen without malice. Other government agencies have similar powers to act on their own, without giving you an opportunity to object in court."


Policing for Profit - The Abuse of Civil Asset Forfeiture , Institute of Justice, March 30, 2010

Civil forfeiture laws represent one of the most serious assaults on private property rights in the nation today. With civil forfeiture, police and prosecutors can seize your property and use it to fund their budgets—all without charging you with a crime. Americans are supposed to be innocent until proven guilty, but with civil forfeiture, your property is guilty until you prove it innocent—and law enforcement has a huge incentive to police for profit, not justice.

And because most state and federal laws allow police and prosecutors to pocket the proceeds, they have a big incentive to pursue profits, not justice.

No surprise—abuse is rampant. One New York police department spent forfeiture funds on food, gifts and entertainment. In Georgia, forfeiture funds paid for football tickets for a DAs office. In Louisiana, cops used funds to pay for ski trips to Aspen. And a DA in Texas used forfeiture dollars to buy TV ads for his re-election campaign.

Meanwhile, citizens are seeing cash, cars and other property taken away for the flimsiest of reasons. Carrying too much cash? Police can accuse you of selling drugs or laundering money and seize it, no conviction or even arrest required.

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