Category Archives: Taxes

A Triple-Barreled Gun Is Destroying African Economies: Inflation, Government Debt, and Taxes, by Manuel Tacanho

You can lump the three under the general category of statism. That philosophy always has and always will destroy, not build. From Manuel Tacanho at mises.org:

Today it is conclusive that Africa’s socialist experiments failed, as did the state-led development approach. Not only was the heavily statist approach unable to develop African economies, but it made poverty worse. In this context of repressive state-driven economic systems, most African countries are trapped in a morass of high inflation, high debt, high taxation, high dependency, worsening poverty, food insecurity, chronic mass unemployment, and other pervasive problems.

Barrel One: High Inflation

Africa’s unstable and inflationary currencies have been a significant impediment to economic development because of their destabilizing and impoverishing effect. Organic and lasting economic growth must necessarily be driven by savings, not by debt, deficit spending, or money printing.

In the long run, inflation ends in the breakdown of the currency. This is what happened in Angola in the 1990s and in Zimbabwe in the first decade of the 2000s.

Evidence from the past and present, from developed and developing countries, unequivocally shows that inflation is a government and central bank policy that cannot go on forever and that does come to a catastrophic end, however long the run may be.

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Economic Security is National Security, and the Foundation of Economic and National Security is Energy Policy, Biden is a Threat to National Security, by Sundance

Biden’s destroying everything all at once. From Sundance at theconservativetreehouse.com:

Economic security is the foundation of national security.  When the government takes action that destabilizes our economy, every element of national security is put at risk.  We are experiencing that right now as we suffer through Joe Biden’s intentionally flawed energy policy that is destroying the U.S. economy and everyone within it.

“It must be remembered that there is nothing more difficult to plan, more doubtful of success, nor more dangerous to manage than a new system. For the initiator has the enmity of all who would profit by the preservation of the old institution and merely lukewarm defenders in those who gain by the new ones.”

~ Niccolo Machiavelli

Never has that Machiavelli quote been more apropos than when considering the MAGA movement and the rise of Donald Trump.

Thankfully, we are now in an era when the largest coalition of American voters have awakened to the reality that, to quote the former president: “Economic Security is National Security.”

As we live through the economic mess of a Biden administration hell bent on eroding the middle class of the United States, there are numerous pundits contemplating 2024 Republican presidential candidates other than Donald Trump; consider this group the lukewarm defenders Machiavelli noted.

At the same time the leftist coalition, writ large, are apoplectic about the base of the Republican Party now belonging to Donald Trump.  This group consists of those affluent Wall Street agents and politicians set on retaining the profits derived from decades of institutional objectives.

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Ticking retirement timebomb? Unfunded state pension liabilities grow to $8.28 trillion, by The Center Square

Is default the only way out. Probably. From The Center Square at justthenews.com:

Unfunded state pension liabilities have climbed to $8.28 trillion, or nearly $25,000 for every person in the United States, according to a new report from the American Legislative Exchange Council.

The American Legislative Exchange Council released the latest edition of its report on pensions in all 50 states Thursday. The report, “Unaccountable and Unaffordable 2021,” shows just a handful of states with outsize pension liabilities account for a large share of overall pension debt in the U.S.

The report looked at 290 state-administered government pension plans and their assets and liabilities from fiscal year 2012 to fiscal year 2020. An example of state-administered government pension plans in Illinois would cover state employees, teachers, university workers, judges and lawmakers.

The states with the most unfunded liabilities were California ($1.53 trillion), Illinois ($533.72 billion), Texas ($529.70 billion), New York ($508.70 billion) and Ohio ($429.53 billion). These five states alone account for more than $3.5 trillion in unfunded liabilities, or about 43% of all unfunded liabilities in the U.S.

The bottom 10 states make up $4.9 trillion, or 59.36% of all unfunded liabilities, according to the ALEC report. On a per capita basis, the bottom five state were Alaska ($42,829), Illinois ($41,656.79), Connecticut ($40,427.58), Hawaii ($39,939.43), New Jersey ($39,849.02) and California ($38,713.16).

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Demographers Warn Of Impending Population Collapse, by Kevin Stocklin

Having a baby is an expression of optimism. There are a number of factors behind declining birth rates, but one of them has to be that the present state of the world doesn’t lend itself to optimism. From Kevin Stocklin at The Epoch Times via zerohedge.com:

Amid the deluge of dire predictions that the human population will rise exponentially, deplete the earth’s resources, and overheat the planet, two recent demographic studies predict the opposite—that the number of people will peak within the next several decades and then begin a phase of steady, irreversible decline.

A father prepares to change the diaper of his newborn daughter as his wife looks on in a hospital in Apple Valley, California, on March 30, 2021. (Mario Tama/Getty Images)

In some places, including Japan, Russia, South Korea, and most countries in Europe, that population collapse has already begun. China is not far behind.

The United Nations has predicted that humanity will continue its rapid expansion into the next century, growing from just under 8 billion today to more than 11 billion by 2100. An oft-repeated interpretation of this data is that people are having too many babies, and many of the models for climate change and environmental degradation are based on projections like these. In August, the U.N. declared a “code red for humanity” over climate change and overpopulation, and analysts at investment bank Morgan Stanley stated that the “movement to not have children owing to fears over climate change is growing.”

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Reckoning With Insanity, Part Two, by Robert Gore

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You don’t have to be David to fight Goliath, and you don’t have to be Atlas to shrug.

Part One

The Russian military doesn’t do shock and awe. It does grind, advance . . . and win. Contrary to Western propaganda, it is well on its way to achieving its objectives in Ukraine. In what looks like a watershed moment, most of the holdouts at the Azovstal steel plant in Mariupol recently surrendered. (The New York Times couldn’t bring itself to use the term “surrender” in its account of the capitulation.) This gives Russia a land corridor on the Black Sea from southwestern Russia to the Crimean Peninsula.

Left to their own devices the Russians and Ukrainians would eventually reach an agreement that leaves eastern and southern Ukraine in Russia’s hands or closely aligned with it as one or more autonomous states, with pledges from what remained of Ukraine not to join NATO or station nuclear weapons on its territory. Some such resolution was available before the war began. Facts on the ground mean it would now be more far more favorable to Russia than it would have been if war had never started. The war may cost Ukraine direct access to the Black Sea.

The $40 billion war appropriation indicates that the U.S. has no intention of leaving Ukraine and Russia to their own devices. Instead, the U.S. wants to promote a long Ukrainian insurgency that drains Russia politically and economically and in the best of all possible worlds, topples Putin. The concern has been expressed that backed into a corner, madman Putin might then take the conflict nuclear. The more pressing concern: that is the outcome America’s madmen and madwomen want. A generally unrecognized possibility (in the Western media) is that it could be the American contingent who find themselves backed into a corner.

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The U.S. may get its Ukrainian quagmire, but it would be a quagmire for both sides, with all sorts of unintended consequences and ramifications. Is the Biden administration adroit enough to create a tar baby for the Russians without getting itself stuck? Is the Biden administration adroit enough to turn on the White House’s Christmas tree lights? As it became clear that Vietnam was a quagmire, some advocated a nuclear strike on North Vietnam. Finding itself stuck, whoever makes the decisions may decide, unlike the Vietnam experience, that nuclear escalation, either outright or in response to a false flag, is just the answer for the situation.

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New 2020 IRS migration data reveals Florida is the biggest winner, New York is the biggest loser, in the competition for people and their wealth – A Wirepoints 50-state survey, by Ted Dabrowski and John Klingner

People can and do vote with their feet, and they take their money with them. From Ted Dabrowski and John Klingner at wirepoints.org:

Every year, states across the country compete with each other for people and their wealth as millions of Americans move between states. The stakes are large. A growing population for the winners means an increasing tax base, economic growth and investment. For the biggest losers, it means more difficulties in paying down debts, higher taxes and fewer investments for the future.

The nation’s most-recent winners of migration from other states are Florida and Idaho according to the latest migration data released by the IRS. Florida, the nation’s perennial winner, gained the most people and income overall in 2020, while Idaho gained the most of both on a percentage basis.

On the other end of the competition are states that have become perennial losers. States like California, New York, Illinois and New Jersey once again experienced some of the nation’s biggest losses of both residents and their money.

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Big Pharma-funded paper recommends taxing the unvaccinated, by Kit Knightly

I’m the CEO of a tech startup and I think it would be grand if the government would tax everyone who doesn’t use our company’s products. From Kit Knightly at off-guardian.org:

A new paper published by Oxford University’s Center for Business Taxation discusses – and in the end supports – the idea of a special tax levied on those who decline to be “vaccinated” against “Covid19”.

The paper’s authors argue that a vaccine-related tax would be “justified” because “Taxes on behaviour that is considered undesirable are nothing new“.

And that even if the “vaccines” do cause serious harm to some people…

some states do adopt policies that can lead to serious harm in exceptional cases when they consider that the benefits outweigh the costs

Yes, you did read that right.

They go on to suggest all sorts of ways of correcting this “undesirable behaviour”, from straight taxation to tax credits for those who have been vaccinated, to vaccine mandates and compulsory Covid insurance for the unvaccinated (which is just another way of saying “taxation”).

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Why Did Rand Paul Delay Washington’s $40 Billion Ukraine Giveaway? by Ron Paul

Congress doesn’t want to know what happens to the $40 billion it’s spending on Ukraine. From Ron Paul at ronpaulinstitute.org:

Even by Washington standards, the Biden Administration’s recent request for $33 billion for military aid to Ukraine was shocking. Surely a coalition of antiwar progressives and budget-hawk Republicans would oppose the dangerous and expensive involvement of the US in the Russia/Ukraine conflict? No! Not only did Congress not object: they added nearly seven billion MORE dollars to the package!

In the end, not a single House Democrat voted against further US involvement in the war, and just 57 Republicans said “no” to funding yet another undeclared war.

On the Senate side, Majority Leader Chuck Schumer (D-NY) and Minority Leader Mitch McConnell (R-KY) both demanded immediate passage of the huge giveaway to Ukraine. That’s Washington’s bipartisanship for you.

Then the junior Senator from Kentucky came to the Senate Floor and did the unthinkable in Washington: he delayed the vote.

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The Internal Revenue (Election Rigging) Service, by Clarice Feldman

It’s shocking, absolutely shocking, that an agency of the government would play favorites, and that its politics are the same as those who control the government. From Clarice Feldman at americanthinker.com:

Should the projections of a Republican tsunami at the midterms prove true, there are so many things that a Republican Congress must prioritize. Not the least of which is revising the civil-service laws to permit removing incompetent and corrupt bureaucrats, cutting drastically the federal bureaucracy, and reforming, among other agencies, the CDC, NIH, FBI, and the IRS.

I’m focusing now on the IRS, which first hit my radar screen when with no consequences whatsoever.  Loretta Lynch’s Department of Justice declined to press criminal charges against Lois Lerner, whose outfit delayed and denied the Tea Party reform groups the tax-exempt status to which they were entitled, hamstringing them against the very well-financed (probably including illegal funds from abroad) Obama crowd.

This time, pay attention to Black Lives Matter, an utterly corrupt outfit whose riots and lootings destroyed so many cities and wreaked havoc on the black communities and their businesses.

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Student Loan Forgiveness: Who Pays? By SchiffGold

Why, the taxpayers pay, of course, just like they directly or indirectly pay everything the government does. From SchiffGold and schiffgold.com:

Student loan forgiveness has been in the news lately. There are a number of different plans being floated, from blanket debt repudiation up to various amounts, to more limited income-based schemes. But nobody ever talks about a key question: who is going to pay for it?

Well, you will.

I think most Americans think Joe Biden or Congress can just wave some kind of magic wand and student loan debt will just disappear. Poof! No harm, no foul. In fact, I think a lot of people believe student loan forgiveness will stick it to the evil banks who lent out all of that money.

But it doesn’t work that way.

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