Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by franny

Adam: I listen to the person Steakman is referring twice a week. I purchased my dinars through him only because he mentioned the Treasury Department and he gets them through US Trade. He is a Godly man and I do very much trust him. He puts out all information about himself: home address; phone numbers: (cell and home). This is a membership organization only. Not to say I believe everything he says is the truth. He is only the messenger. He did say what Steakman indicated to you.

Whose Treasury Dept the US or Iraq? Sorry to be dense but it does make a difference to me. Keep the rumors/speculation flying!!!! One of these days we are all going to hit it big!!! Hopefully sooner rather than later!

worf

Good for you Adam. Others are only human like you and I. They are free to voice their opinions and posting what they have heard also. One day this will happen (the r/v) and I think soon, and we will all know the truth when it does. I will be so happy for EVERYONE. I hope it will be what everyone wants.

The US Treasury Department

Originally Posted by DinarDarling

Steakman44 - I went back to my accountant and challenged him on the 35% rate. He admitted that the short term rate is 28%. Thank you for that.

Very strange indeed. Everything that I can find and all of my experience in past years indicates that short term capital gains end up being added into your taxable income and you then pay the appropriate rate, from the graduated income tax table, on that total.

Also, I am pretty sure that the varying rate on long term capital gains went out with the Bush tax cut and is now a flat 15%.

One small piont to consider, I do not believe that you can apply any deductions against long term capital gains, so you would pay the 15% on the entire amount. Whereas, with short term adding into normal income, that can be offset by deductions. Long term will almost always still result in a lower tax liability but the difference might be less than it seems at first glance.

Originally Posted by Raditz

Alan, you have to scroll down, go to reading newspapers bagdad,, click on thursday. Scroll down to

13. Union
Internal pages
5-Iraq is preparing to join the World Trade Organization.

Thanks Raditz, and Adam, I would surely not have got to these news posts on my own....LOL

Alan

Originally Posted by steakman44

danny 51

I talked to my accountant and she said the capital gains tax would be anywhere between 15% and 28% depending on how much you made.

In my post I referred to the LONG TERM capital gains tax rate which is 15% at the maximum, no more and no less.

Well Adster...you've got a bunch of people changing their underwear over on IIF...happy now? lol!

What are your thoughts about this little tid-bit? Or do we need to wait until Steakman gets on the call on Saturday? (Please don't make me wait til then! )

$2 seems a bit extreme...but hey! I'll take it if it's offered! lol!

Thursday, August 17th 2006

The Electricity Ministry in Kurdistan signed an agreement with A.T.I., a British company, to build a power generation station with the capacity of 200 Megawatts to meet the electricity needs of the region.

The Minister said that the new station will cost $30 million. The amount will be paid by the government of the Kurdistan region.

By OLIVER POOLE - The Daily Telegraph
August 18, 2006

BAGHDAD, Iraq — Iraq has the third largest oil reserves in the world, but yesterday, drivers were forming mile-long lines outside gas stations, knowing that they would spend the night in their cars before they could fill up.

Only six weeks ago, Baghdad's streets were jammed with traffic. Now, they are nearly empty because pumps have all but run dry.

The official explanation is attacks on infrastructure. A pipeline from the northern oilfields around Kirkuk was targeted last month while the Beiji power station, one of the country's largest, was partially closed after employees fled following death threats.

But drivers lining outside the Muthana gas station in central Baghdad suggested that the real reason was crooked officials in the oil ministry. They accused officials of selling fuel to criminal gangs who sell it abroad at a huge profit.

The shortage could have more far-reaching consequences than creating misery for Baghdad's car owners. It is the latest sign that the economy may be on the brink of collapse.

Inflation is running at 50%, corruption is rife, and, most significantly, the end of next month will bring to a close the American-funded reconstruction program, even though electricity in Baghdad remains on for one hour in three at best.

For all the hardship motorists endure, the scene at the Muthana queue was almost festive. The unrelenting sectarian violence that has plagued the city since the bombing of the Shiite Golden Mosque in Samarra in February has meant that few people now risk going out to socialize beyond their immediate circle. Being forced to wait with hundreds of others is for many the only social interaction they have.

Some took turns to push each other's cars forward as drivers turned off their engines to avoid wasting fuel.

"I have been here since yesterday afternoon, and still I am not at the line," Abu Omar said. "The officials are lining their pockets so they can pay to live abroad while we rot here." Others dismissed everyone in the government as "thieves."

The latest report from the oil ministry inspector-general supports their claims. It is estimated that about $4 billion worth of oil was smuggled out last year.

The problem for the state is that, with no income tax and almost no corporate tax, the government is reliant on taxing oil revenue to pay for itself. The lack of funds is one reason that it has been unable to buy enough fuel from abroad to ease the shortages.

The September 20 deadline for the allocation of the last $2 billion of the $21 billion that America has provided for reconstruction is fast approaching. Although aid will continue, it will be on a far smaller scale, meaning an end to the regular injections of cash that for the past three years have helped drive Iraq's economy.

The money has failed to create the infrastructure intended, not least because much of it has had to be used to pay for the security of projects rather than on the work itself.

A report this month by the American special inspector general for reconstruction found that only 38% of oil and gas projects had been completed and that nearly a third of planned electricity projects had not even started.

A crucial oil pipeline predicted to bring the government nearly $15 billion in revenue remains two years behind schedule. Some doubt that it will ever be finished.

.....crickets.....