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Mr. Shedlock, you keep advocating switching the banking system from fractional-reserve lending to full-reserve lending. It sounds good in theory, possibly good enough to attract enough depositors to become self-sustaining. Is it possible to start such a bank now, or would present-day governments quickly find ways to squash it?
In response to:

Reform The Tax Code

Steve509 Wrote: Jun 06, 2013 7:43 PM
Such purist-sounding rhetoric is counter-productive at best. The FairTax bill, as written, makes the return of any form of federal income tax too toxic for anyone to contemplate. That will be enough.
In response to:

Reform The Tax Code

Steve509 Wrote: Jun 06, 2013 1:12 PM
No, the starting FairTax rate is not too high. Costs throughout the economy will immediately drop as all taxation is instantly shifted away from income and production, so consumers will confidently withhold purchases from any sellers who lie and say prices must go up for the FairTax. With the elimination of the federal payroll taxes, the monthly prebate and the un-taxation of used goods, lower-income and fixed-income households will experience real relief immediately. No one can effectively demagogue that!
In response to:

Reform The Tax Code

Steve509 Wrote: Jun 06, 2013 12:58 PM
The FairTax bill, as written, stops all federal income taxation. The 16th Amendment says, "The Congress shall have power to lay and collect . . . ," not, "The Congress shall lay and collect . . . ." The FairTax renders politically impossible any effort to mix income taxation back in, as long as the FairTax is in effect. The Flat (income) Tax would be easy to wrinkle up again.
In response to:

Reform The Tax Code

Steve509 Wrote: Jun 06, 2013 12:51 PM
The FairTax bill, if passed, will indeed stop all federal income taxation, by statute, before the repeal of the 16th Amendment (which is a separate process). After all, the 16th only _allows_ federal income taxation and does not _require_ it. The FairTax will render any restoration of federal income taxation politically impossible (before the 16th is repealed) as long as the FairTax is in effect. The Flat (income) Tax does not go far enough. It leaves enough political cover for the very next Congress to wrinkle up the income tax again. It leaves federal intrusiveness in place.
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The Senate is the Problem

Steve509 Wrote: Jan 04, 2013 4:49 PM
Typo correction, sorry: "Also, of the top of my head" should be, "Also, off the top of my head"
In response to:

The Senate is the Problem

Steve509 Wrote: Jan 04, 2013 4:46 PM
I'm beginning to agree with this point of view and think Americans should repeal the 17th Amendment. The elimination of territory-only, non-proportional representation in _state_ senates solved the worst of the pre-#17 corruption; the other pre-#17 corruption in the election of and influences over Senators seems no worse than what has been taking place since #17. Also, of the top of my head I cannot point out any improvements in policy that #17 has either sped up, slowed down or completely prevented. Anyone?
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