Monday, November 24, 2008

Why do we have taxes any more?

So an interesting thought occurred to me today, and only partially in jest. Our government has spent roughly 33% more last year than it's expected to take in in taxes, and committed 300% more in potential losses. By all accounts, we're going to have a "stimulus" handout bill at the start of next year totaling the same amount in the first month alone, with untold trillions borrowed and spent later that same year. We have an unfunded $55 trillion projected future obligation for social security and medicare, and no hope of ever funding it or fixing it. Yet, there seems to be no political will to curtail spending at all; in fact, by all accounts everyone wants to run the printing presses at full tilt, with no regard for the consequences.

Given that, and the current economic problems, why is the government still collecting taxes at all? The total tax income next year is projected to be well less than half of what we're already planning to borrow and spend anyway... why not just borrow the whole thing? Nobody seems to care about long-term solvency anyway, and everybody likes lower taxes. Heck, it would probably even help the economy, bringing some industries back into the US for tax savings. Plus, you could simplify the tax code immensely by eliminating it entirely, eliminating all unfair tax breaks, loopholes, incentives, and other free market manipulation.

If we're terminally ill and dying anyway, why should we have to suffer through our last days? Fire up the morphine, abolish the IRS, and lets make the most of the time we have left.

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