[Money-matters] FW: [Money Matters Newsletter] New Update and new offer from Everbank on good rate- Money Matters update June 9, 2013.

Sun Jun 9 23:21:53 UTC 2013

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From: Money Management Radio [mailto:news at moneymanagementradio.com] 
Sent: Sunday, June 09, 2013 4:21 PM
To: "marc"
Subject: [Money Matters Newsletter] New Update and new offer from Everbank
on good rate- Money Matters update June 9, 2013.

<http://moneymanagementradio.com/files/moneymn/shell/simplenews_header-660.j
pg> 

New Update and new offer from Everbank on good rate- Money Matters update
June 9, 2013.

Howdy Money Matters listeners,

Markets look to correct: What to do? Listen to the last show and thanks for
tuning in last Thursday to Money Matters show #166 "The State of the State".
Here is a link to download it:

http://moneymanagementradio.com/radioshow_titles

The next show is June 20th at noon. We will wait to see how the market does
before deciding a topic.

The market looks weird? Yes, it does. Be careful. I think the last show
covers it all. As the markets weaken stay tuned for more information you
will need to protect yourself. We could be setting up for a summer swoon. As
always I look for sweet deals for banking needs. I like this one alot for
regular bank checking and savings if you don't mind dealing with a bank a
bit farther away then Grass Valley. As always, it is fully insured by the
FDIC.

Everbank has a new offer for listeners and investors alike. Here is the last
email they sent to me and it looks like the best I can find on any account
which I  cant find anywhere else:

Hi, Marc,

I hope you're doing well.  I wanted to let you know that we adjusted our
ongoing rates on June 1. We'll still have the bonus rate, and will continue
to be quite competitive - as these accounts are backed by our Yield Pledge
Promise. I've detailed the specifics below.. Let me know if you have any
questions for you or your listeners.  Here are the details:

UPDATED RATES

EverBank always looks for opportunities to help our clients grow their money
and we are proud to continue to offer a bonus rate on our Money Market and
Checking accounts.  Starting in June, our rates are being slightly adjusted
(see below).  As always, and consistent with our Yield Pledge promise, our
rates remain extremely competitive in the top 5% of leading banks
nationwide. 

*	Bonus Rate of 1.10% for 6 months (up to $50K) 
*	Money Market Account First Year APY: .89% up to $50k 
*	Checking Account First Year APY: 0.81% on accounts with $25k -
$49.99k 
*	Eligible Accounts: All NEW Yield Pledge Checking & Money Market
Accounts

FEE ELIMINATION

As a reminder, earlier this year we eliminated account maintenance fees and
bill pay fees on our most popular products!

.         Monthly maintenance fee for Yield Pledge Money Market accounts has
been removed (formally $8.95 for balances under $5,000)

.         Online bill pay fee for Yield Pledge Checking and Small Business
Checking accounts has been removed (formally $8.95 for balances under
$5,000)

ATTRACTIVE FEATURES

As always, we are also pleased to offer the following account features:

.         Unlimited ATM reimbursements on accounts with an average balance
of $5K+

.         Easy and quick mobile check deposits

.         24/7 client support

Click the link below to check it out or open an account:

https://www.everbank.com/banking/money-market
<https://www.everbank.com/banking/money-market?referid=13286> ?referid=13286

And now on to another in a long line of bad ideas. Read below:

What the Facebook Co-Founder's Story Really Means

by Brandon Rowe

By now, most readers will be aware that Facebook co-founder Eduardo Saverin,
Brazilian by birth and an American citizen since 1998, left his adopted
homeland in 2009 for Singapore and filed papers to renounce his US
citizenship last fall.

Of course, none of this was noticed until the hype of the Facebook IPO
brought him back into the spotlight, triggering a storm of faux outrage and
indignation over Saverin's "disloyalty".

It was only a matter of time before someone had to fix it and, right on cue,
two US Democrats stepped in to propose a new, draconian tax law to
capitalize on the mania.

There's only one problem: Saverin didn't actually do anything wrong.

According to current regulations, a US citizen deemed a covered individual*
who renounces citizenship pays an exit tax that treats his currently-owned
stock holdings (and virtually all personal assets for that matter) as if
they'd all been sold on the day of expatriation.

As Saverin falls into this category, that means he'll pay approximately
half-a-billion dollars if the calculations made here
<http://www.forbes.com/sites/timworstall/2012/05/12/saverins-citizenship-ren
unciation-before-facebook-ipo-will-increase-not-reduce-his-tax-bill/>  are
right.

So the reality is that Saverin is actually paying more by leaving the US-at
least in the short term-than he would have had he stayed. Long term, yes,
he'll end up paying fewer taxes, but at the price of making his current
liability huge.

But apparently that's not enough for our two sadly misguided Democratic
Senators and the others that have jumped on the bandwagon.

In addition to the capital gains levied on everything you own, US Senator
Chuck Schumer (D) of New York and Senator Bob Casey (D) of Pennsylvania want
to penalize expats who've renounced citizenship by taxing all future capital
gains earned in the US at 30%.

It's called the "Ex-Patriot" act (Expatriation Prevention by Abolishing
Tax-Related Incentives for Offshore Tenancy) and, according to the Atlantic
Monthly, might even have been designed specifically to punish the
entrepreneur
<http://www.theatlantic.com/politics/archive/2012/05/why-the-ex-patriot-act-
is-a-creepy-law/257368/>  who helped create a billion-dollar company.

So what does this job-killing, foreign investment-destroying, mother of all
stupid ideas actually aim to do?

Well, in a nutshell, an expat with a net worth of $2 million or greater (or
an average income tax liability of at least $148,000 per year over the last
five years) will be presumed to be seeking to avoid paying tax and will have
the 30% gains applied to them
<http://techcrunch.com/2012/05/17/schumer-and-caseys-ex-patriot-act-details-
of-how-they-plan-to-get-saverins-67m-and-more/> "no matter where he or she
resides." It will also backdate 10 years.

That's pretty heavy and certainly does nothing to encourage would-be
energetic and ambitious entrepreneurs to come in and build a business that
would provide jobs, revitalize the economy and restore America to its former
prosperity.

Rather, such legislation is simply another step in the disturbing trend that
has accelerated since 9/11-and especially over the past few years-where
authorities from "the land of the free" directly interfere ever more with an
individual's freedom: a freedom to work as he wants, to live as he wants,
and even, to leave if he wants without fear of punishment.

And indeed, whether or not the Ex-Patriot act was created as a specific
punishment for Saverin, it's a clear signal to all of us - the government
wants you on the hook, now.

It's already bad enough the United States is the only major country in the
world that taxes you based on just carrying its passport - no matter how
long you live outside the country. Now, they want to tax you if you ever
made the mistake of acquiring or had the misfortune of being born with US
citizenship, no matter how long after you've attempted to correct that
through renunciation.

It's disturbing that governments can break their own rules and apply
retroactive laws that, under any other situation, would be deemed illegal
and subject to prosecution.

But, it can still get worse.

What might the future hold? As economic conditions get worse, could the US
turn into another Argentina or South Africa - basically barring citizens
from taking out anything but a small bit of cash to travel with?

Americans are already pariahs on the international finance stage. Carrying a
star-spangled passport will already get you thrown out of many foreign
financial institutions - banks, brokerages and the like.

Assuming the nonsense being spouted by the two Democratic senators from New
York and Pennsylvania actually does get passed, it's likely going to make
the search for foreign asset diversification that much more difficult.

After all, who wants to deal with citizens whose government plans to come
after them long after they've handed in their travel papers? Who's to say
that the US government won't soon require foreign financial institutions to
ensure that former US citizens aren't breaking any tax laws, under the
threat of significant penalties?

Even if such a situation would apply to a very small fraction of an
institution's customers, the fact that it exists would probably cause many
institutions to simply bar anyone who fills out the "Place of Birth" on the
KYC documentation as "United States of America."

So, what's the solution?

Sadly, there is no fool-proof plan. But there are still options and ones you
would be wise to consider while still available.

First, while the window is open, move some money overseas in the form of a
foreign bank account. While it's getting ever more difficult for Americans
to do so, some jurisdictions still have potential - Canada, for example.

Most of the major banks in the great white north will still accept their
American cousins so long as all the proper reporting documentation is
completed.

While you won't get any privacy with the account (then again, Americans
can't get any privacy anywhere anymore), you do get some cash outside that
can't be immediately seized without following well-established international
legal procedures.

In other words, you get options.

Next, consider getting your investments outside the US - both by using
international brokerage services, but also by investing in companies that
aren
<http://click.internationalman.com/?aid=EG20120319&url=publications/world-mo
ney-analyst/> 't heavily exposed to the increasingly anti-business,
anti-freedom, anti-common sense ideas that seem to now float around
regularly in the mind of the average US politician.

You might also consider storing your gold overseas and/or purchasing a
personal residence in another country as a way to store some value and give
you other options should you decide to get out of dodge.

But, however you plan to do it, be sure to actually do it. The case of
Eduardo Saverin, while disturbing in and of itself, is only the latest
attempt by the authorities to use manipulative and coercive measures to
clamp down on basic human rights.

As much as possible, try not to get in the way.

Thats all  for now,

Marc

  _____  

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