Prior to 1913, there was no federal income tax. The states had rights and representation in Washington DC, there was no Federal Reserve Bank, and the federal government lived under the enumerated powers afforded within the US Constitution. What a difference one year can make…
Teatime, anyone? I hope you’ve joined one of the thousands of TEA (Taxed Enough Already) parties or FairTax rallies, which are happening across the country April 15 to protest outrageous government spending, the deepening of our national debt, and the subsequent taxes. This is a nonpartisan time to rally around like-minded citizens and declare that we’re tired of the same old political rhetoric and that we want a better way.
One day, scientists will discover the cure for cancer. The world will erupt in joyous celebration – and rightly so. Cancer is a horrible disease that each year destroys the lives of millions of people, and finding a cure will be recognized as one of history’s greatest achievements.
There’s another disease that destroys vastly more lives each year than cancer. And we’ve found the cure for it – but no one is celebrating. Indeed, hardly anyone seems even to have noticed that we’ve already figured out how to rid the world of its most destructive scourge.
This disease is poverty. And the cure for poverty is the free market. That’s because the free market is the only environment in which entrepreneurs can flourish. And it’s the entrepreneurs – and only the entrepreneurs — who create the jobs that lift us all out of poverty.
Will higher tax penalties on investment really spur jobs and faster economic growth? Most commentators would say no. It’s really a matter of economic common sense. But Tim Geithner says, Yes!