In a testament to the literal bankruptcy of socialism, a report released
by the International Monetary Fund (IMF) advocates for both a massive tax
increase and a “one-off” worldwide
tax of approximately 10 percent on anyone with more assets than debt. The
former idea is a proven economic non-starter. The latter idea amounts to
outright plundering. Released in
October, “Taxing Times” makes the case that ever-expanding government debt,
coupled with rising levels of income inequality, leaves policy-makers with few
other options for dealing with the fiscally irresponsible welfare states they
themselves created. It is a level of fiscal irresponsibility that has pushed
the average level of public debt to a “historic peak” of 110 percent of Gross
Domestic Product (GDP), which is 35 percent higher than it was in 2007…….To Read More……..
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