Taxes

Cancelling Euros | Armstrong Economics

Posted on by johnbarleycorn12

QUESTION: Dear Martin, you are very right that govs intend to terminate high denomination euros. In Germany it has been impossible to pay cash with a €500 note for quite some time now – at least at most of the shops I usually go to on a weekly basis. At the end of last year they exchanged the ATMs in my house bank, so now €500 bills aren´t dispensed any more. It seems to me the gov is going to cancel these notes completely, i.e. withdraw them from circulation. What would you advise to people holding €500 notes at home? Thank you very much in advance. EZ ANSWER: There will be a cancellation of the €500. That is the rumor behind the curtain. I would convert them as soon as possible to small bills and/or US dollars. There remains a distinct possibility that we will see Europe try to cancel its currency and take up the IMF’ proposal to move toward a cryptocurrency. They are desperate for taxes and they will raise taxes even further. As far as cash is concerned, as we move into 2020, it is time to make changes. Keep in mind that the United States has never canceled its currency. That is a common occurrence outside of the USA. More than 40% of the physical paper dollars circulate outside the USA. It will be a political difficulty to cancel the dollar. It will take a major economic crisis. The USA will be the last to do such a thing.
— Read on www.armstrongeconomics.com/markets-by-sector/foreign-exchange/euro/cancelling-euros/

They wage war on cash for many reasons. They want to know all of your spending habits, they are hunting for more tax revenue, the banks get transaction fees when you don’t use cash.

Using Cameras in the Hunt for Taxes | Armstrong Economics

Posted on by johnbarleycorn12

COMMENT: Hi, Hunt for taxes is running full scale in Scandinavia. In Sweden, all vehicles including foreign registered vehicles, are obliged to pay congestion taxes in Stockholm and Gothenburg as well as infrastructure charges in Motala and Sundsvall. Sometimes, the automatic camera system reads the license plate falsely and few people in Finland have gotten monthly invoices, even though they or their car never were in Sweden, including some fire trucks that never leave their home town. The payment is usually a few euros but the overdue payment is 500 SEK. The most horrible thing is that, of course, the due date comes so fast that if you don’t want to pay the 500 SEK overdue payment you just pay the invoice and then it is your burden to prove you never were in Sweden. BR JP REPLY: We are witnessing police being converted into tax agents. This is no longer about protecting the public. It is about exploiting the public to fund government pensions. For every person who moves to retirement, the state then hires their replacement. Consequently, the cost of government is growing now exponentially on a global basis and this is the reason why we are undergoing a MAJOR Cycle Inversion in how the markets will react between now and 2032. In Australia, they have been handing out parking tickets in your own driveway. In Australia, there are people who have figured out how to beat all these automated cameras. They clone license plates so other people get the tickets. In the USA, there have been major class actions lawsuits against automated cameras. In Cherry Hill, New Jersey, if you stopped but were 6 inches over the white line, you were still being given a ticket for running a red light. Then people making a right turn on a red were being given tickets for “rolling” rather than coming to a complete halt for at least 5 seconds. Other states are photographing your plate and then send you a ticket for whatever they can find or make up. Failure to have insurance is a popular one even if you have it, they know it is often cheaper to just pay it than spend all day in court. This is no longer about safety or protecting anyone. It is just about raising revenue any way they can pretend to justify it. This is one component that illustrates how Western Society is collapsing. Governments are greedy and only care about raising revenue.
— Read on www.armstrongeconomics.com/world-news/taxes/using-cameras-in-the-hunt-for-taxes/

Just as I pointed out in “The National Debt”, the are trying to tax away their overspending on our backs.

Taxpayers To Pay for International Abortions in Democrats’ Funding Bill

Posted on by johnbarleycorn12

Democrats have snuck a provision to fund overseas abortions into a spending bill they claim will reopen the government.
— Read on www.westernjournal.com/taxpayers-pay-international-abortions-democrats-funding-bill/

It is bad enough that we pay for them here. Trump should veto any bill with this in it. If I were Trump, I would step this fight up one more notch and force them to submit a balanced budget, with no deficit spending. If the Dems kept being nasty, I would add a provision to start paying down the national debt. Dig in and fight these socialist globalists to the bitter end.

You Owe $86,000 per Person in your Household – Pay Up NOW! | Armstrong Economics

Posted on by johnbarleycorn12

The total global debt hit a record $184 trillion, which is the equivalent to more than $86,000 per person. That is actually more than double the average per-capita income. People ask me will our solution work? Can we really just end government debt and convert it to cash restricted to investing in domestic companies? I will put it this way. There is absolutely NO OTHER CHOICE!!!! We either default, which will result in civil war and revolution, or you inflate your way out like Venezuela so your Social Security check will not even buy a cup of coffee. A default will result in war. People will then riot demanding they have been cheated. Inflating the way out is completely different. You paid them what was promised. It’s not your fault it buys nothing. To inflate the way out requires a completely different set of patterns. Right now, the theory is that WE THE PEOPLE are the problem. If we all paid what the government thinks we should then they will be fine. They increase taxes and increase enforcement and believe it is their divine right of kings to act in this manner. What we are witnessing so far is not the inflation path – but the hardline path that leads to only violence as we are witnessing in France.
— Read on www.armstrongeconomics.com/world-news/sovereign-debt-crisis/you-owe-86000-per-person-in-your-household-pay-up-now/

I would add that it is already here. In California, New York, Connecticut, Illinois and other high tax states in America. People here can vote with their feet on state debt, but not federal debt, unless you leave the country.

Mass Exodus from NYC Due to Taxes | Armstrong Economics

Posted on by johnbarleycorn12

Taxes have begun to cross the point of no return in New York City. New York City is losing its middle class faster than at any time since the Great Depression. While the rich get richer from investments and the poor get richer from increased social benefits, the loser is always the middle class. The latest US Census data reveals that NYC is losing 100 residents each and every day as people are simply fleeing in search of a better quality of life where the local governments are less oppressive. What is beyond reason is normally the price of anything declines if you buy it in quantity. Corruption in government works in reverse. The taxes you pay in cities are always higher than in the suburbs where you would think you should be paying less because there are more people contributing. Governments just defy logic. As the middle-class leave, everyone else will suffer. The rich get richer from investments which are generally are tax-free until you sell them, except in real estate. The poor get the benefits so they do not contribute. It is the average worker who pays payroll taxes who the governments can count on until now. The tax-increases have been relentless, the ever-rising living costs accelerated by real estate taxes and insane healthcare increases every year, and wage reductions as technological advances help replace workers without pensions and healthcare costs. The middle-class who have any brains left are looking for greener pastures. just to survive. The Democrats always promise the world and will raise taxes on the rich, but that never seems to lower taxes for the middle-class. Taxing the rich only enriches the politicians. The rich can move their investments to more favorable jurisdictions, but the wage earner cannot transport their labor to a more friendly environment without moving themselves. The poor do not have to leave as long as the benefits keep coming. But sooner or later, the house of cards collapses for all that will be left are government employees and those demanding benefits.
— Read on www.armstrongeconomics.com/world-news/taxes/mass-exodus-from-nyc-due-to-taxes/

Summed it up better than I could. Fully agreed

How the Hunt for Taxes will Destroy Everything | Armstrong Economics

Posted on by johnbarleycorn12

It really is very astonishing how brain-dead politicians are. The latest stats are showing that residents are increasingly fleeing New York, Los Angeles, and Chicago. The perpetually rising taxes are just getting insane. We just received this notice ourselves about taxes due in California. Apparently, they must have subpoenaed Amazon to see who has merchandise they are storing in California. First of all, we have no idea where Amazon stores what it sells of our products or to whom. You pay Amazon – not us. To claim that since Amazon is storing something of ours in California means we are now doing business in California is completely nuts. They collect the taxes and ship whatever someone purchases – not us! If every state acts in this manner, quite honestly it is time to just close the doors. What is next? They will want income taxes on anything we sell in California on a per item basis? The accounting will cost more than the tax we collect or have to pay. This is a sure fire way to destroy the economy all because those in governments are incapable of managing even a bubblegum machine. The hunt for taxes will destroy everything.
— Read on www.armstrongeconomics.com/world-news/taxes/how-the-hunt-for-taxes-will-destroy-everything/

First, government spends money they do not have, by kicking the can. After this comes the hunt for more taxes, as they try to tax themselves into solvency. Why not just shrink government to the size of solvency? I digress, as we know “when you feed the dragon 🐉 it gets larger, it will never get smaller”

Who Exactly Mopped up $1.33 Trillion of New US Government Debt over the Past 12 months? | Wolf Street

Posted on by johnbarleycorn12

Who Exactly Mopped up $1.33 Trillion of New US Government Debt over the Past 12 months? | Wolf Street
— Read on wolfstreet.com/2018/12/17/who-bought-1-33-tn-of-new-us-government-debt-over-the-past-12-months/

This is unsustainable by any measure. The government does not need more taxes, it needs less spending. Tax breaks take the money away from Washington DC politicians and put it in the private sector to create wealth. Governments do not create wealth.

This is why GDP should not include government spending. It is a distortion that defies economic logic.