Shrink the State. End the Fed. Balance the budget. Make a profit. Leave an inheritance.
Gary North
Written by Gary North on November 27, 2013
Warren Buffett came to a meeting of Detroit’s leaders. So did Lloyd Blankenfein of Goldman Sachs. It was time for cheerleading. Buffett pointed to the recovery of the American auto industry as the model. “Look what happened.” How did it happen? He failed to mention these factors: (1) federal government bailout money, (2) violation of […]
Continue reading →Written by Gary North on November 20, 2013
Probably the most successful conceptual error that is promoted by defenders of tariffs is this one: “Tariffs are good for the nation.” Tariffs, being sales taxes, are good for the national government, but they are not good for the nation. At best, they are less bad for the nation than a graduated income tax. But […]
Continue reading →Written by Gary North on November 14, 2013
Chicago’s politicians love to tax the poor, the addicted, and the politically helpless. Politicians see that poor people are addicted to tobacco. They take advantage of this. They tax tobacco, which means they tax tobacco users. A tobacco tax is a sales tax. A sales tax is a so-called regressive tax: a fixed rate. Liberals […]
Continue reading →Written by Gary North on November 4, 2013
Bill Gross is a very rich man. He manages Pimco, the world’s largest bond fund. As is true of most American multi-billionaires, he is a Keynesian. He believes in the economically creative power of the state. He has understood how the state affects the markets through raw power, and he has profited enormously. In November, […]
Continue reading →Written by Gary North on October 16, 2013
The Internal Revenue Service is on vacation. They know it will be a paid vacation. When the fight over the debt ceiling hike results in a debt ceiling hike, they will be paid for their time off. The House voted 100% to secure this. But for now, 93% of them have gone fishing. The IRS […]
Continue reading →Written by Gary North on September 27, 2013
This man runs a small store. His insurance company insures against theft for only $10,000 per robbery. So, his daughter waited until there was $9,000. Then she deposited the money in the bank. An IRS agent seized the money. She charged “structuring.” The IRS requires you to report cash deposits in excess of $10,000. It […]
Continue reading →Written by Gary North on September 24, 2013
You don’t know, do you? I do. It will cost me nothing. I am on Medicare. It will cost my wife nothing. She is exempt: Christian Health Care Ministries. But what about you? Do you know? Do you know how much higher your premiums will be as a result of all those newly covered citizens […]
Continue reading →Written by Gary North on September 18, 2013
Obama has called for a 9% increase in the IRS budget. House Republicans prefer a 24% reduction. In 2012, enforcement actions of the IRS produced $50 billion. This was down 9% from 2011. That is out of a tax system that collected $2.4 trillion in revenues. By any standard, IRS collections are a failure. There […]
Continue reading →Written by Gary North on September 13, 2013
Back in 2008,
Continue reading →Written by Gary North on September 12, 2013
You used to be able to make at least 18% per year on tax liens. These are debts sold by local communities to raise money on their property tax income. It took a lot of time to invest here, but I know investors who do it. One man I know would not go into any […]
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