If You Have An IRA, You Need To Know This…
by Simon Black
It’s long been a common approach for government sliding into insolvency to confiscate wealth from their own citizens. Charles I of England infamously commandeered 200,000 pounds of his own citizens’ gold right before the English Civil War in 1638. Roosevelt confiscated his entire nation’s gold holdings roughly three centuries later. And of course, Cyprus raided domestic bank accounts earlier this year in a desperate attempt to bail-in the national banking system. It’s foolish to think that these things cannot happen, especially when you look at the numbers. This is why we are concerned that the IRS is refusing to issue tax ID numbers for single-member LLCs that are owned by an IRA… which is the specific structure that US taxpayers need to create in order to ship their retirement savings overseas.