IPFS News Link • Ron Paul Says...
Capital Controls Have No Place in a Free Society
• http://www.thedailybell.com, by Ron PaulThe characteristic mark of a tyrannical regime is that it eventually finds it necessary to erect walls to keep people from leaving. This is why we should be troubled by the "Ex-PATRIOT Act," an egregiously offensive bill recently introduced in the Senate. Following a long line of recent legislation and regulations attempting to expropriate more and more wealth from hard-working Americans, this new bill spits in the face of overburdened taxpayers and tramples on the Constitution.
Current law already dictates that Americans with a net worth of over $2 million who expatriate must be assumed to have sold all their assets and must pay a corresponding punitive exit tax on those assumed sales. The Ex-PATRIOT Act goes even further than current law by assessing a 30% capital gains tax on all future earnings of expatriates.
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4 Comments in Response to Capital Controls Have No Place in a Free Society
Annonymous75, what you are saying may sound "offensive" to Ron Paul and his supporters. But I myself can't help it and will do the same -- tell the truth and that is, as you said, no one becomes an expert in Economics by delivering babies like what Ron Paul did. To say otherwise is to tell a lie, and I know you would never do that. Sometimes, to be brutally frank and honest earns you a kick in the butt.
In the graduate school of economics, I have not come across any study showing that by controlling capital you can control people as what Ron Paul had in mind. When you go to the wrong school to learn Economics, you have a big problem like what Ron Paul now have. And you don't even know that you have such a problem. You just believe that what you are talking about is Economics. And if you dress up like an Economist in front of the TV camera, people who do not know what you are talking about would think that you are holding a Ph.D. in Economics. Ron Paul got his Doctorate in Economics by "delivering babies".
Senility.
In this article, Ron Paul kicks the bucket without knowing and without understanding why the Ex-Patriot Act is necessary, and what it intends to achieve. This tax law is directed against "economic saboteurs" that Ron Paul cannot understand who they are, and what harm they do to the country.
Ex-Patriot Act was proposed "to amend the Internal Revenue Code of 1986 to provide that persons renouncing citizenship for a substantial tax avoidance purpose shall be subject to tax and withholding on capital gains, to provide that such persons shall not be admissible to the United States, and for other purposes."
This tax amendment is for those rich bad guys who renounce their U.S. citizenship and escape to other countries in order to avoid paying taxes, then come back and reclaim their citizenship after avoiding payment of taxes. Congress is trying to plug this lope hole. And here is a politician who does nothing but whine … and worse, he even doesn't know that he is protecting bigtime tax evaders.
How can a politician like Ron Paul whose tax economics came from delivering babies say that " the Ex-PATRIOT Act proposes to control people by controlling their capital, and it has no place in a free society …"?
Does he know what he is doing? Does he understand what he is saying? Control people … by controlling their capital – what the hell is he talking about?