Tax Reform?
Everyone’s favorite local congressman, Representative Chris Gibson, was on Capital Tonight with Liz Benjamin talking about “tax reform.”
Everyone should be nervous when they hear the phrase “tax reform.”
Think of it this way:
Tax Reform = Higher Taxes.
If we want more revenue for infrastructure – or anything else reasonable – it should come at the expense of other unnecessary and unconstitutional programs.
You need $150 billion for highways?
Close some bases, return some federal duties to the states, or take a day off from war.
Tax reform = more government and less money in your pocket.
Always.
Don’t be fooled.
So, Spicoli, here’s some additional homework from Lew Rockwell on the dangers of tax reform.
Learn It. Know It. Live It.
Lew Rockwell: The Tax-Reform Racket
“TANSTAAFL,” should be the new national motto . . . .
Speaking of needed reform, here’s a related analysis from a Zerohedge commentor:
Here is why S&P downgraded the US credit rating.
• U.S. Tax revenue: $2,170,000,000,000
• Fed budget: $3,820,000,000,000
• New debt: $ 1,650,000,000,000
• National debt: $14,271,000,000,000
• Recent budget cut: $ 38,500,000,000
Now let’s remove 8 zeros and pretend it’s a household budget.
• Annual family income: $21,700
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Outstanding balance on the credit card: $142,710
* Recent budget cut: $385
This doesn’t include all the Fannie Mae and Freddie Mac mortgages guaranteed by the Federal Government, nor the unfunded liabilities such as Medicare, nor Social Security, nor any state or municipal debt such as
California or Harrisburg, PA.
Not so “Wacky” Ron Paul has a plan to cut a trillion from the budget which in the household framework is a cut of $10,000 reducing spending to $28,200. Our household would still be spending roughly $6,000 more than it’s income.