Got another tax related ID Theft story for you.

[Musburger]

Tampa ID Theft Ring Strikes Again
In reply to:

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[CedarParkFan]

A Fair Tax would go a long way towards ending this problem.

 

[Musburger]

I think our economy has been corrupted to the point where it is now based on fraud, corruption, manipulation, and even theft. In other words, without market manipulation (federal reserve programs, QE, etc.), gaming of the tax system (fraud & theft), and bending of the rules (Congress approved mark to model accounting), everything would collapse.

When you have a sound system based upon the Rule of Law, the system works better when you punish wrong doing and clean up waste.

But conversely, once the system is neglected to the point where the rule of law is ignored and corruption drives the economy (i.e. the NASDAQ bubble, the massive housing bubble with liar loans, robosigning, false appraisals, AAA rated products not worth a ****, artificially low interest rates, etc.), the corruption must go unpunished or else the system implodes. How sick is that?

I'm afraid that's where we are. Mathematically, all this talk about the fiscal cliff is just an exercise in prolonging the inevitable. Hell, beginning in January, the Federal Reserve will begin monetizing half of the Treasury issuance. Flashing red lights anyone?

If you read the long post under my other thread, "Corporate Subsidies Gone Wild in Texas," you get a feel for how things are done.

Corporate money (banks and large companies) feed politicians.
Politicians then shape policy favoring those entities.
The people pay for it.
What we can't pay for, we borrow against the future.
What can't be explained rationally, (billions of losses in fraud and theft) is simply lied about and/or swept under the rug.

This is going to end badly. I suppose we might make it another decade before some kind of popular revolt comes about. Japan and Europe are probably in worse shape than us.

 

[AustinBat]

When the revolt happens, it will be the taxpayers who are paying for the tax-takers who will revolt. Or it may be the tax-takers who revolt when they can't get more money from their broke government. Either way the taxpayers are screwed.

 

[Mr. Deez]

Obviously Rashia Wilson and her clan should never see the light of day again. However, these companies that make money in part by holding people's private information but fail to properly safeguard that information should bear the brunt of this, not the taxpayers who got robbed.

Having said that, I concur totally with CPF. Scrap the income tax and adopt the Fair Tax, and the whole myriad of fundamental problems with an income tax disappear.