From a look at the definition, “permanent” is an antonym of “temporary;” that is exactly what has become of other “temporary” tax increases throughout history.Details
In 1819 U.S. Supreme Court decision “McCullough v. Maryland,” Chief Justice John Marshall wrote, “An unlimited power to tax involves, necessarily, a power to destroy; because there is a limit beyond which no institution and no property can bear taxation.”Details
by William ‘BJ’ Lawson, UnitedLiberty.org
As various tax-related mail begins to appear in the mailboxes of hardworking Americans across the country, itâ€™s instructive for all of us to reflect on why we carry the burden of our government every April.
Take this morning, for instance. We can credit the â€œingenuity of the marketsâ€, and specifically the ingenuity of John Thain, for moving annual executive bonus payments by Merrill Lynch up by a month last November, thus disbursing $15 billion in executive bonuses just before closing Merrillâ€™s acquisition by Bank of America. Fast forward a few months, and the United States taxpayer just gave Bank of America another $20 billion in newly-borrowed funds to put a band-aid on mortar wounds in Merrill Lynchâ€™s balance sheet.Details
Just focusing on the economics of it all, the wars in Iraq and Afghanistan are estimated to cost nearly $200 Billion in 2008. And, if we assume the government will act like it normally does, you can expect that price tag to be far, far higher than what they claim it will be.Details