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To: Secret Agent Man

Inflation is a tax on wealth (money in the bank.)

But it fails to grab a share of the labors of those who spend their income, and accumulate no wealth. That’s what the income tax does.


14 posted on 09/04/2008 1:31:03 PM PDT by Atlas Sneezed (Guns don't kill people, criminals and the governments that create them do.)
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To: Beelzebubba

I don’t think I believe that. Everytime someone pays for something, they are paying a cost that has inflation behind it.

For example, the guy who never accumulates wealth, pays when he buys a stamp now at $.42 cents, when 50 years ago a 1st class stamp was $.03 cents. The cost he pays now is an inflationary cost, the buying power of his dollar today is nothing like it was 40-50 years ago.

Unless I am misunderstanding your point, inflationary prices nail everyone who needs to buy something. I would say income tax is a punitive tax that punishes people for earning a living. It cuts your rate of savings by taking a slice of it.


16 posted on 09/04/2008 1:54:35 PM PDT by Secret Agent Man (I'd like to tell you, but then I'd have to kill you.)
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