The Power To Tax Is the Power To Destroy
by Peter Schiff: Trickle
Court decision is devastating for the economy and individual liberty.
Apart from creating an all powerful federal government, changing
substantially what it means to be an American, the law will send
health care costs soaring, further undermining our economy. It will
destroy jobs, impoverish millions, and lead to much higher inflation
and lower living standards.
It will give
Romney a club to use against Obama during the election. Obama will
have a lot of explaining to do as he strongly stated during the
debate to pass the bill that the individual mandate is not a tax.
The Supreme Court just said it was.
In his majority
opinion Justice Roberts specifically said the government does not
have the authority, under the Commerce Clause, to compel Americans
to buy a product. He then said it has unlimited power to tax people
who do not buy products the government wants them to buy. This is
a distinction without a difference. Based on this ruling, here are
examples of what the government can now do:
Tax you for
going to church. Tax you for not going to church. Tax you for protesting.
Tax you for not protesting. Tax you for expressing a controversial
opinion. Tax you for joining or not joining a particular organization.
Tax you for writing something controversial. Tax you for speaking
or writing critically of government. Basically, there is nothing
the government can't do, so long as it does it as a tax.
Schiff is president of Euro Pacific Capital and author of The
Little Book of Bull Moves in Bear Markets and Crash
Proof: How to Profit from the Coming Economic Collapse. His
latest book is The
Real Crash: America's Coming Bankruptcy, How to Save Yourself and
© 2012 Euro Pacific Capital
Best of Peter Schiff