As government seek ever larger amounts of debt to finance more spending, they're embracing huge debt levels in the way a broke consumer might embrace payday loans. In the end, we're left with nothing but a flimsy promise to pay.
The SALT tax deduction allows state and local taxes—like property taxes—to be deducted from federal taxes. To cap it is to pave the way for the federal government to tax income twice.
As government seek ever larger amounts of debt to finance more spending, they're embracing huge debt levels in the way a broke consumer might embrace payday loans. In the end, we're left with nothing but a flimsy promise to pay.
In 2020, federal spending grew year-over-year at the highest rate since the Korean War. But state and local spending growth flatlined. Why? The answer lies with the Federal Reserve and how the feds can spend and borrow a lot more than any state.
Federal income taxes are almost entirely about control and not revenue. The byzantine rules and selective enforcement are perfectly designed to keep ordinary people with limited means in mortal fear of the IRS.
The SALT tax deduction allows state and local taxes—like property taxes—to be deducted from federal taxes. To cap it is to pave the way for the federal government to tax income twice.
So the government is concerned about rough debt-collection tactics? Try skipping out on your taxes this year and see how rough the tactics can become.
A good definition of the tragedy of the commons is that "resources that are unowned and/or unownable will be plundered to extinction."
Is it justifiable to accept money from government? Almost always, say Jonathan Gress and Walter Block--but not for everyone.
Debt accumulation was already unsustainable prior to 2020, but the Great Lockdown has triggered an explosive increase. It may soon be reaching a point of no return for the world's major economies.
