Dr Reality - Dave Champion Ep 1225 – U.S. Financial Institutions REQUIRE You to Commit PERJURY to Open An Account!
Jun 29, 2025
Dave Champion, a political philosophy doctoral holder and author of 'Income Tax: Shattering The Myths,' dives into the controversial practices of U.S. financial institutions that potentially require customers to commit perjury to open accounts. He elaborates on intricate details of U.S. income tax law and critical misconceptions around employment taxes. Additionally, Champion discusses the evolving landscape of cryptocurrency tax obligations and the empowerment of individuals in navigating these complexities, urging listeners to understand their rights in financial matters.
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Who Must Withhold Income Tax
- U.S. income tax law imposes taxes only on foreign persons with U.S. source income, not ordinary Americans.
- U.S. persons act as withholding agents to collect tax on behalf of the government for foreign recipients.
Backup Withholding Limited Scope
- Backup withholding applies only to entities under Congress's exclusive legislative jurisdiction.
- This means withholding applies primarily to federal entities, not the private sector within the states.
Everyone Presumed a Foreign Person
- The government presumes everyone is a foreign person until they affirm otherwise.
- This presumption compels agents to withhold taxes even when not legally required.
