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ranbotrader
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Supreme Errors

- Peter Schiff - Euro Pacific Capital

Peter writes "once the government realizes that it has underpriced the fines, it will certainly raise the tax rate substantially to stop healthy people from rationally dropping their coverage".

It appears that the article is more a whine about rich people having to pay than an analysis of equity for the American people as a whole. Peter should look outside of island America where the real world exists. A few sobering observations about the rest of the world:

1. the rich avoid tax all over the world but in most places pay some tax. The US is the only place I know of where 90% of the wealth is owned by 1% of the population.
2. Most civilised countries have health care for their citizens. In Australia there is a 2.5% Medicare Levy incorporated into the tax system which cuts in after a certain income. That way the poor are not left in the gutters to die.
3. In Australia the family home is not a tax deduction. Nor is the holiday home. Capital gains taxes are also significant (50%) unlike a paltry 15% in the US....with complaints that it is going to rise to 23%.

So please look outside your idealic paradise Peter. The notion that its all about the rich and that the poor should fend for themselves defies the fact that a nation belongs to all. I believe that your Constitution would corroborate such a basic notion.

Commented 4306 days ago

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Beginning of the headline : In the wake of my last commentary on the horrendous Supreme Court decision upholding Obama's health care plan, several people have pointed out that I erred in saying that the income tax is a "direct tax." While it is technically correct that the Court ultimately declared it to be an excise, not a direct tax, it is important to understand how it arrived at that opinion and why the decision has no practical relevance to the way the tax has been enforced... Read More

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