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Sunday, January 22, 2012

How Much Economic Freedom Do We Have In The United States

The root of economic freedom is the recognition of the right to own private property. That includes the right to utilize it unmolested, to dispose of it without anyone's permission and to exclude anyone from it, even the government. Suffice it to say, no American president since the advent of the income tax and the Federal Reserve 100 years ago has fully accepted or meaningfully defended that right. The more the government extracts in taxes and the more it inflates the money supply, the more it rejects and assaults property rights.

Every president in the 20th century, even Ronald Reagan, signed legislation raising income taxes. The theory behind the income tax is that the government's need for cash is so great, it can just take it from your employer after you earn it but before your employer pays you – before you even see the cash – and use it as it sees fit. This presumes that the federal government has a greater right to your income than you do. There really can be no rationale for income taxes without that belief.

Do you know anyone outside the government who believes this?

If you believe you have the natural right to own your property and to trade and spend your money as you see fit, then there is only one Republican presidential candidate who agrees with you. That candidate, when asked last week in South Carolina what the rate of income taxes should be, replied: ZERO. One needs to laugh at Mitt Romney and Rick Santorum and Newt Gingrich as they pitifully attempt to defend natural rights and the right to pursue happiness, when they have no respect for the right to own private property.


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