Governments to Control Large Cash Transactions

I have been pointing out the crisis we face moving forward. The gist of this is the total fiscal mismanagement of government for which we, the people, are always blamed. This hunt for taxes has led down the path of arguments for eliminating currency. While people think Bitcoin is an answer, they do not understand government’s hunt for taxes no less the lack of a true rule of law. The government need only pass a law that anyone who fails to report what they have in Bitcoin is criminal and they get to confiscate all your assets.
Switzerland has its ‘wealth tax’ which they argue is nothing just 0.02%. However, it requires you to report all assets worldwide. They then know precisely what you have and it is merely one vote away at anytime to raise the tax or impose criminal penalties for failure to report everything. Yet, once Switzerland has that info, under G20 they must share it with all other governments.

This post was published at Armstrong Economics on Aug 16, 2017.

Wall Street Banks Stunned At Trump’s Proposed Reform

Trump’s economic consultant adviser, Gary Cohn, has declared a return to the separation system in the US banking system in effect restoring Glass-Steagall Act which dates from the 1930s and was adopted as a result of the Great Depression yet abolished in 1999 by the Clintons. Trump had already spoken during the election campaign for a new version of the Glass-Steagall Act. So Cohn is simply repeating this position. Yet we have to look deeper here. Why is a former Goldman Sachs guy now against the Glass-Steagall Act?

This post was published at Armstrong Economics on Aug 16, 2017.

Realtors Warn Of “Another Housing Crash” If Mortgage Tax Deductions Are Scrapped

After failing miserably if their efforts to repeal and replace Obamacare, Republicans are set to shift their legislative agenda to focus on tax reform when they get back from their generous month-long August recess (taxpayers are such great employers). Among other things, proposed changes to the personal tax code would include eliminating nearly all tax write-offs, including those for state and local taxes, and instead doubling the standard deduction.
Of course, potentially no industry would be more impacted by such a move as the housing market which has sparked a slight panic at the National Association of Realtors (NAR). As Reuters points out this morning, roughly 30 million taxpayers taxpayers claim mortgage interest deductions totaling some $70 billion each year which provides a huge incentive to own a home.
The National Association of Realtors issued an “August Recess Talking Points” circular imploring members to remind lawmakers that “Homeowners must be treated fairly in tax reform” to avoid “another housing crash.”
The group cited a report it commissioned from PwC that estimated home values could quickly dive more than 10 percent if the tax plan becomes law.

This post was published at Zero Hedge on Aug 15, 2017.