Posts Tagged ‘tax’

“The way we treat retirees in this nation is broken…

When the government created Social Security, it was as an anti-poverty insurance program… not a way to pay for your entire retirement. In fact, it began with only a 2% payroll tax and promised to never take more than 6% of a worker’s pay.

That promise was broken.

Today, Social Security takes a combined total of 12.4% of your pay.

And what do you get guaranteed in return?

Nothing.

According to the Social Security Administration’s own website, the Supreme Court ruled in 1960 that citizens have no legal rights to Social Security, no matter how long they paid into the system.

Social Security’s costs this year exceeded its income for the first time since 1982.”

-P.J. O’Rourke

Advertisements

“Traditionally, inflation has been defined as ‘an increase in the amount of currency in circulation’….   Unfortunately, in recent decades, even dictionaries have been offering a revised definition of inflation, as ‘an increase in the price of goods and services’….

The purpose of bank-created inflation is to extract wealth from the populace.  By regularly increasing the amount of currency in circulation, banks create an environment in which the concept of debt appears to be beneficial. As a result, virtually everyone in today’s society not only has debt; he actually believes that he couldn’t improve his life except through debt….  In essence, the inflation concept was invented by banks as an invisible tax—a means by which they could extract wealth from the populace.

In effect, the individual is used by the banking system as a milk cow. For his entire working life, inflation is carefully adjusted to extract as much monetary value from his labours as possible, whilst still leaving him capable of continued production….

Refuse to borrow money for any situation. Yes, it will mean that, as your friends show off their new cars, you’ll be driving an older model. They’ll also live in nicer houses than you and they’ll ‘own’ their own house before you do. But, at some point, since you’re free from debt, you’ll pass them by and eventually retire well.

By understanding inflation, and acting on that understanding, the odds of living your life as a milk cow can be greatly diminished.”

-Jeff Thomas

Tax Refund?

Posted: October 16, 2016 in Thought for the Day
Tags: , , , , , ,

“Government doesn’t ‘give’ us tax refunds; it simply refrains from taking more of what we created.” -Steven Horwitz

Taking Money

Posted: February 17, 2016 in Thought for the Day
Tags: , , , ,

Watch out for tax thieves this time of year… I don’t mean the folks at the Internal Revenue Service (IRS). The law allows them to take our money.” -David Eifrig

“Tax rates were only an average of 3% under the tyranny of King George III.  One of the blessings of democracy is average tax rates that are 10 times as high.” -Bill Bonner

“The least of the problems with income tax is that it takes your money.  The really big problem is that the income tax takes your life.  It gives the government direct access to the things you own and sets up the political-bureaucratic sector to be the final arbiter of what you can and cannot consider to be yours.” –Jeffrey Tucker       Happy tax day!

Forcing people to take certain actions, or make certain decisions isn’t healthy.  As Bill Bonner notes about force, “People don’t get what they really want; they get what someone else wants them to have….  And since all value is measured by what people really want and freely choose, it makes the world poorer.”

There are many things being pawned as incentives which could easily be called force.  Bill points out that artificially low interest rates may persuade people to take out loans they normally wouldn’t.  And what about tax credits for buying cars, changing windows and doors, putting in new furnaces, buying new homes, etc. 

Now, on the surface, these may seem like good things, but how many people purchase these things not being able to afford it?  How does this alter the normal course of purchasing products as people see fit, or as they afford them?  What happens after these incentives expire?  Seems as if there would be large lulls in the purchasing of these products.

Private choice, in all aspects of life, provide true freedom.  Forced economics results in a false economy.