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2026 May 08
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"You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend, is the end of any nation. You cannot multiply wealth by dividing it." |
After the 16th Amendment was ratified, an income tax was imposed starting in 1913 with rates ranging from 1 percent to 7 percent with the top rate applying only to incomes in excess of $500,000. By 1916 that top rate had risen to 15 percent, on income in excess of $2,000,000. The top rate exceeded 90 percent at its peak in the early 1950s. The first 1040 form -- instructions and all -- took up only four pages. Today there are some 4,000 pages of tax forms and instructions. American workers and business are forced to spend more than 5.4 billion man-hours every year figuring out their taxes. Since those hours could be put to a more productive use, and almost surely would be in the absence of today’s incomprehensible tax code, the result is a large dead-weight output loss of some $200 billion each year. ... The IRS now has more enforcement personnel than the EPA, BATF, OSHA, FDA, and DEA combined. With its 115,000-man workforce, it has the power to search the property and financial documents of American citizens without a search warrant and to seize property from American citizens without a trial. It routinely does both. Economist James L. Payne has written a most revealing analysis of the IRS, a 1993 book entitled Costly Returns. He arrives at a stunning conclusion, the total cost to collect our federal taxes, including the effects on the economy as a whole adds up to an amazing 65 percent of all the tax dollars received annually. The U.S. tax system, says Payne, has produced hundreds of thousands of victims of erroneous IRS penalties, liens, levies, and tax advice. In answering taxpayer questions, for example, the IRS telephone information service has in previous years given about one-third of all callers -- as many as 8.5 million Americans -- the wrong answers to their questions. A 1987 General Accounting Office study found that 47 percent of a random sample of IRS correspondence -- including demands for payments -- contained errors. Incredibly a GAO audit of the IRS in 1993 found widespread evidence of financial malfeasance and gross negligence at the agency. The IRS could not account for 64 percent of its congressional appropriation! |
"Taxation with representation ain't so hot either." |
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2026 May 07
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"[U]nemployment is ... a side effect of the cure for inflation." |
"No scheme which has ever been devised by them has ever made a collapsed boom go up again." |
"A study by Michael Tanner, Stephen Moore, and David Hartman of the Cato Institute has revealed that in 40 states, it pays more for one to be on welfare than to accept a job at $8.00 per hour; in 17 states, welfare pays more than work at $10.00 per hour; and in six states plus the District of Columbia, welfare totals more than working for $12.00 hourly. The study also showed that in 29 states, welfare benefits are worth more than the average secretary's pay; in nine states, such benefits are equal to more than the average starting salary for a teacher; and in six states, welfare pays more than an entry-level position for a computer programmer. When the entire package is computed, welfare amounts to the (pretax) equivalent of a $30,500 wage in Massachusetts, $32,200 in Alaska, and $36,400 in Hawaii." |
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2026 May 06
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"Ruff's Third Law of Economic Dynamics: "An economy in motion tends to stay in motion, and an economy at rest tends to stay at rest. A free market is constantly in motion. A centrally planned market slows until it eventually dies completely." |
"Christmas is a time when kids tell Santa what they want and adults pay for it. Deficits are when adults tell the government what they want and their kids pay for it." |
"Government is not the generator of economic growth; working people are." |
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2026 May 05
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"We also need to encourage Americans to become more fiscally responsible themselves. We can do this by redesigning our tax system into an expenditure tax with a single flat rate. ... We have to substantially reduce the size and scope of the federal government, fundamentally increase the role of the states in choosing their own practices, and bring decision-making closer to the people, not to unelected administrators. These steps are crucial to getting our nation on a path of fiscal, political and constitutional responsibility." |
"True individual freedom cannot exist without economic security and independence." |
"I am not a number, I am a free man!" |
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2026 May 04
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"The chief duty of the National Government in connection with the currency of the country is to coin money and declare its value. Grave doubts have been entertained whether Congress is authorized by the Constitution to make any form of paper money legal tender. The present issue of United States notes has been sustained by the necessities of war; but such paper should depend for its value and currency upon its convenience in use and its prompt redemption in coin at the will of the holder, and not upon its compulsory circulation. These notes are not money, but promises to pay money. If the holders demand it, the promise should be kept." |
"I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements." |
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