In 1976, when I was on Ron Paul’s staff, I read about a move by Swiss banks to begin to surrender to the U.S. government on bank secrecy. I wrote an issue of Remnant Review on this. I warned readers not to trust Swiss banks for secrecy.
The surrender has come in steps. Now it is a rout. This year, 100 Swiss Banks have capitulated to the U.S. government. They are sending data to the IRS on what clearly will be prosecuted as tax evasion by the government.
We also learn that over 2,300 Americans have given up their citizenship and their passports. This is not very many. Yet it is a high point.
Americans basically agree with the tax code of the U.S. government, although no one understands it. We capitulate. We pay tribute.
The limit on tax revenues collected by the federal government is about 20% of GDP. It never goes higher. Americans figure that the feds are limited in what they can extract, which is the case. Americans pay about 13% to state and local governments. Total: 33%.
The pattern here was set in World War II. It is unlikely to change.
Americans won’t give 10% of their income to their local churches, but they willingly pay 33% to the state. Then they send their kids into the public schools, where the children learn that Franklin Roosevelt saved capitalism from itself.
Don’t expect a revolution anytime soon.