Leno on How To Close Guantanamo – Today’s Quote

President Obama held a press conference earlier today, and he said he still wants to close the Guantanamo Bay prison facility, but he doesn’t know how to do it.  He should do what he always does: declare it a small business and tax it out of existence.  It will be gone in a minute…

Jay Leno

Mayday, Mayday! – Today’s Quote

May DayIsn’t it appropriate that the month of the tax begins with April Fool’s Day and ends with cries of “Mayday!”


Andrew’s Note:  Think about it for a minute or follow the link… I know you expected a comment on communism or socialism today…not a tax quote…just so that I don’t disappoint…here’s a little graphic to get your capitalist blood pressure up!

Internet Tax Madness

Let’s play make believe for a moment so that we can understand the Internet Tax Madness that is going on in the Senate right now… with the aptly misnamed Marketplace Fairness Act, S. 743.

Pretend you own a successful specialty store in Vail, Colorado selling the world’s best widgets (or maybe prepper supplies).  Everything’s going along swimmingly until there’s a convention of State and local politicians and bureaucrats from all over the country in town.  Several of the conference attendees, let’s call them Larry, Moe & Curly decide to skip out of their taxpayer funded educational opportunity and stop by your store.  While they’re browsing your store they notice a couple of their neighbors, let’s call them Joe and Shemp from back home buying your wonderful widgets with their hard earned money.

When you ring up Joe and Shemp’s sale you follow all local laws including collecting applicable local taxes.  When Larry, Moe & Curly notice Joe & Shemp’s purchases they turn green with envy.  You notice them whip out a couple of slide rules and start calculating something.  What they are calculating is all the ‘lost’ tax revenue that they could have made if Joe, Shemp and everyone else would have purchased their widgets back home…so that Larry, Moe & Curly’s various levels of state and local government could have taken their ‘fair share.’


Happy Tax Freedom Day ®

Five days later than last year…

Tax Freedom Day® is the day when the nation as a whole has earned enough money to pay off its total tax bill for the year. Tax Freedom Day provides Americans with an easy way to gauge the overall tax take-a task that can otherwise be daunting due to the multiplicity of taxes at various levels of government and “hidden” taxes and fees that are often buried in the cost of living. Tax Freedom Day computed by dividing total tax collections by the nation’s income, as reported by the Bureau of Economic Analysis. Every dollar that is officially called income by the government is counted, and every payment that is officially considered a tax is counted. The resulting percentage is then converted into days of a 365-day calendar year.

Tax Freedom Day 2013 is April 18th. In 2013, Americans will pay $2.76 trillion in federal taxes and $1.45 trillion in state taxes, for a total tax bill of $4.22 trillion, or 29.4 percent of income. April 18 is 29.4 percent into the year. To read the full report, click here.

via Tax Freedom Day ® | Tax Foundation

Tax Day and Back from Travel

Tax Day

Today’s a good day to reflect on what a fair level of taxation is.  If someone taking 100% of the fruits of your labor is slavery and taking 0% is absolute economic freedom then what’s the balance that results in the least loss of freedom yet maintains our necessary spending?  I say necessary because as Dr. Thomas Sowell says in today’s quote “The real goal should be reduced government spending, rather than balanced budgets achieved by ever rising tax rates to cover ever rising spending.”  There’s no doubt that we’ve collectively elected generations of politicians from both parties who have been hell bent on taking our hard earned income in order to line their pockets, favor their friends and build their pet projects.

Back From Travel

I’m just back from a few weeks of travel and will share some of the thoughts I’ve been toying with over the next week or so and some of the preparedness projects that the weather will finally let me tackle.

Lactantius on The Welfare State – Today’s Quote

The number of [welfare] recipients began to exceed the number of contributors [taxpayers] by so much that, with farmers’ resources exhausted by the enormous size of the requisitions [taxes], fields became deserted and cultivated land was turned into forest.”

The historian Lactantius, 240 to 320 A.D. discussing the Roman Empire via The Futility Of Price Controls – Forbes.com.

Kennedy on Stifling Our National Growth – Today’s Quote

Our tax system still siphons out of the private economy too large a share of personal and business purchasing power and reduces the incentive for risk, investment and effort – thereby aborting our recoveries and stifling our national growth rate.

President John F. Kennedy, Jan. 24, 1963

Olson on Honest Taxpayers – Today’s Quote

The existing tax code makes compliance difficult, requiring taxpayers to devote excessive time to preparing and filing their returns… and it undermines trust in the system by creating an impression that many taxpayers are not compliant, thereby reducing the incentives that honest taxpayers feel to comply.

Nina Olson via Watchdog calls tax code ‘unconscionable burden,’ asks Congress to reform system

Jefferson on Taxation – Today’s Quote

If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, and give the earnings of fifteen of these to the government for their debts and daily expenses; And the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes; have no time to think, no means of calling the mismanagers to account; but be glad to obtain subsistence by hiring ourselves to  rivet their chains on the necks of our fellow sufferers; And this is the tendency of all human governments .

A departure from principle in one instance becomes a precedent for a second, that second for a third, and so on till the bulk of the society is reduced to be mere automatons of misery, to have no sensibilities left but for sinning and suffering… And the fore-horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression.

President Thomas Jefferson

Tax the Rich to Avoid Social Unrest?

Britain which has seen an influx of wealthy European Union migrants in recent months who are fleeing excessive taxation on the continent (France has proposed up to a 75% rate) have found a way to welcome their wealthy, fellow Europeans…tax the rich!

As part of the global push to tax the rich, Britain is now debating an “emergency” wealth tax. But the idea has hit fierce opposition from conservatives, who say the “politics of envy” hasn’t made the country rich.

Deputy Prime Minster Nick Clegg, leader of the Liberal-Democrat Party, has proposed a one-time tax on the wealth (rather than the incomes) of high-net-worth Britons. The details aren’t clear, but Clegg says the country is facing an economic war caused by a prolonged recession, and needs to tax the rich in order to avoid social unrest.

via ‘Emergency’ Tax on the Rich Roils Britain – U.S. Business News – CNBC.

A one time tax on wealth sounds remarkably like something else to me…at least a thief won’t tell you that he’s taking your hard earned assets for your own good. (more…)

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