Response to Ecotrain QOTW - If I were suddenly elected to be prime minister what would be my first executive orders
@Porters for Prime Minister!
@eco-alex posed this question for @ecotrain this week -
If you were suddenly and unexpectedly elected to be president / prime minister of your country what would be the first executive orders you make?
My first executive order would be to eliminate the personal income tax.
These came about during the first World War and were to be temporary but they are still here!
It is the wars that put such a drain upon the financial resources, so I would work towards putting an end to war, too!
These taxes being imposed has also cut into productivity for people exercise tax-avoiding behavior,for fear their increased earnings, for their efforts, will just be taken from them in form of taxes.
Pre income tax, the federal governments relied on tariffs and customs income for revenue. The provincial governments got their revenue mainly through their management of natural resources.
If taxes were levied fairly, because you were receiving the benefits of the services, there may not be as much concern but when government feels they know best and goes about regulating and manipulating society by laws (tax laws included), with the main focus to furthers its own power at the expense of society this will meet resistance.
Next I would take control of the money again, take it out of the hands of the Bank of Canada, who in 1953 became the sole issuer of Canadian notes.
The National Debt isn't growing because it is necessary to help the poor, it's growing to pay interest on the borrowing!
There is a widening gap and battle between the poor and rich, the moneylenders against all classes within society and this could lead to the downfall of our nation!
I want to leave you with part of Martin Armstrong's Q and A on "The Solution" from Armstrong Economics
Central banks are monetizing debt, this much is true. However, that accomplishes nothing for they cannot return the system back to a pre-2007 state. They leave the debt intact and a rise in interest rates will blow up the budgets, to which governments will then target more aggressively in tax collection.
By doing a debt-to-private equity swap, that is substantially different from constructing more roads, buildings, or Dunkin Donuts. Investment in infrastructure is a short-term impact and does not create long-term jobs. You have to keep building to maintain employment and those things do not contribute to the creation of national wealth as they too consume it. True, building a plant will enable a business to create wealth. By itself, a building is a depreciating asset that ultimately needs to be replaced.
A debt-to-private equity swap would be the creation of small business, which employs 70% of the civil work force. The major companies have reached saturation levels and are buying their own shares back. So, we are not talking about swapping $17 trillion of debt for more Apple, Amazon, PayPal, or IBM shares. We are talking about creating an opportunity to fund small business, which the banks gave up on for if they do not have 120% collateral, they cannot borrow from banks. Venture capital creates wealth and this is substantially different.
Additionally, we can see that up to 70% of the national debt is accumulative interest expenditures. The central banks are not eliminating the debt; they are buying it and leaving interest still payable, which will maintain the tax collection. The debt will continue to rise and so will taxes, sucking in everything like a black hole, and diverting capital from creating employment consumed purely by bondholders.
If we eliminate taxes, we will restore our liberty and eliminate FATCA, restoring the world economy. The private equity swap would convert Social Security into a national wealth fund that really invested, creating jobs for the youth and the displaced government workers. Eliminate tax collection and it would shrink government by 33%, not to mention save the world economy and our liberty.
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ahhh a breath of fresh air! tax is SO immoral due to how it is spent.. ands yes especially on war ;-( great idea!!!
The problem is that the income tax (in The US) is not from the war, it is from the FED.
The Federal Reserve Note is backed by the full faith and credit of The US citizens. Thus, there must be a collection from The US citizens, or else the whole ponzi scheme implodes.
Think of it this way, the money we send to the Infernal Revolting Syndicate does not go to fund the govern-cement, it gets thrown into a furnace.
And it has to be this way, because there is no backing to the dollar, it is the actual people's labor, their energy that keeps the system going.
If you made that presidential decree you would dead before the ink could reach the paper. The president is not in charge of such things.
I realize that somewhat, but, in my post, I would be declared Prime Minister for I am a Canadian, which although we are burdened by our taxes we are not property of our nation as in the USA.
Personally I wouldn't want the position for you become a puppet for the corporations, etc.
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I couldn't agree more, @porters. Nice to see such a serious reply, making me hopeful that it is not unrealistic at all to imagine a country without income tax. It's been there before, and we can make it happen again.
You bet we can! With all the money grabbing going on there will come a point where people have had enough and will not stand for it any longer. That is my hope, although there could just be those that keep on sleeping and become slaves.