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A Thought on Inflation and Taxing the Poor

"If you define a tax as only those things that the government chooses to call a tax, you get a radically different picture from what you get when you say, “If it looks like a tax, acts like a tax and takes away your resources like a tax, then it’s a tax.”

"One of the biggest, and one of the oldest, taxes in this latter sense is inflation. Governments have stolen their people’s resources this way, not just for centuries, but for thousands of years.

< . . . >

"No wonder the Federal Reserve uses fancy words like “quantitative easing,” instead of saying in plain English that they are essentially just printing more money.

"The biggest and most deadly “tax” rate on the poor comes from a loss of various welfare state benefits — food stamps, housing subsidies and the like — if their income goes up."

~ Thomas Sowell

HT His recent American Spectator column

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