From Town & Country
No one likes paying taxes and heads of state are no exception. This fact was hammered home last week when the New York Times reported that President Donald Trump, through a series of complex accounting moves, paid minimal tax while in office and even less before he was elected.
Usually governments do everything they can to collect money (Trump, in fact, is being audited by the IRS), but sometimes heads of state can avoid paying tax with the help of the state. For forty years, up until 1993, the British Queen enjoyed an income tax exemption thanks to the generosity of successive UK governments who played cat and mouse with Parliament and the media to keep the matter away from public scrutiny.
Why was it allowed in the first place and, more important, how much was it worth? Recently,
It’s that time of year where we review the impact of government debt on individual tax payers. It is important to remember who is on the hook for government’s reckless spending binges.
Whenever we hear politicians make campaign promises, they sound like they are spending their money. But government doesn’t have any money, so the only way they can implement their expensive ideas, is to tax their citizens and companies, as that is their only source of revenue.
What is really troubling is that when the US government (and most others) planned their budget for the current fiscal year, they budget to spend more than they knew they will receive in tax revenue. In fact since 1970, the US has only balanced their budget four times. France has not had a balanced budget since 1974.
When governments overspend, they need to fund those deficits by issuing bonds. As the debt … Read More