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Tuesday, December 24, 2013
Abolish The IRS , Let the Economy breath
This simplified tax system would also eliminate more than 90% of the IRS’s more than 100,000 employees who have the power to arbitrarily harass people and small business owners ad infinitum, since most of these agents themselves do not have a full understanding of all the tax laws and regulations. (According to an IRS report entitled “Workforce of Tomorrow Task Force: Final Report August, 2009”, the IRS has 88,203 full-time employees, but this number would have increased significantly since then.)
The complexity of the tax system led the recently deceased British economist Barry Bracewell- Milnes, who was a champion of lower taxation (he argued for the abolition of the inheritance tax), to exclaim: “An economy breathes through its tax loopholes.” - in a recent article on the daily reckoning
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.