tag:blogger.com,1999:blog-18675105.post319919175400726293..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: When the Housing Bubble's history is written, it wasn't Greenspan and The Fed that started it. Nope, it was the 1997 Taxpayer Relief Actbloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger73125tag:blogger.com,1999:blog-18675105.post-35467966125165148592007-12-22T08:10:00.000+00:002007-12-22T08:10:00.000+00:00Bitterenter,By your logic, slaves should be gratef...Bitterenter,<BR/><BR/>By your logic, slaves should be grateful to their masters because the masters make centralized planning for the slaves' lives :-) Every man being out for himself is a reality ("called human nature") . . . all collectivism accomplishes is asserting that some men have special priviledges instead of free exchange among equals.<BR/><BR/>You are confusing "great civilization" and "great empires." The former can be built on a bedrock of rugged individualism. In fact, that's the foundation of western civlization; the opposite used to be described as "oriental despotism." Empire building is a different story; it may indeed involve collectivism, and it is usally brings down a civilization. <BR/><BR/>The "greater good" didn't even work for Americans at the very beginning. The Mayflower settlers nearly died the first winter because the religious theocracy insisted that all members farmed on land held in common "for the greater good." The result was quite simple: since reward was not apportioned to effort working the land, people spent pursued leisurely endeavors. The result was famine and near-extinction. After the near-death experience over the winter, in the second year, they divided the land into small plots to be farmed by individual families. The result was an abundant harvest. Individualism works. That's just human nature. Advocay of "greater good" is nothing more than con job to get something for nothing because you are unable or unwilling to produce something that can be exchanged in a free market placefor what you want , but instead you insist that what you need should be forcibly taken from someone else and transferred to you. Don't believe in human nature? Just look at our selves, you are probably thinking that you are benefiting far more from the transfers . . . I doubt you'd sing the same tune when you pay $60+k a year in taxes like I do. <BR/><BR/>What you are missing, bitterenter, is that much of the services that you assume to be the result of "common good" can be delivered in private exchanges . . . and routinely do, and for much less. Yes, education, healthcare, caring for the poor and the sick, even building of tolled roads all predated federal government involvement. There are less private resources available for those worthy endeavors now largely because of the heavy taxation and inflation. As a renter, you are about to find out just exactly how insidious the tax and inflation system of our government works: unless you have found a secure way to guard against inflation, the money that you are saving by renting will be vaporized by the money printing press . . . all in the name of "greater good" of course. The reality is the bankers looting your savings by printing more money; "great good" is just a political cover for "oriental babarism" as western individualists recognized thousands of years ago.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-53379696619270647672007-12-22T01:26:00.000+00:002007-12-22T01:26:00.000+00:00In 1862, before the Civil War:“Slavery is likely t...In 1862, before the Civil War:<BR/>“Slavery is likely to be abolished by the war power and all chattel slavery abolished. This I and my European friends are in favor of, for slavery is but the owning of labor and carries with it the care of the laborers, while the European plan, led on by England, is that capital shall control labor by controlling wages. The great debt that the capitalists will see to it is made out of the war, must be used as a means to control the volume of money. To accomplish this the bonds must be used as a banking basis. We are now waiting for the Secretary of the Treasury to make this recommendation to Congress. It will not do to allow the Greenback, as it is called, to circulate as money any length of time, as we cannot control that. But we can control the bonds and through them the bank issues.”<BR/><BR/>"If you want to be the slaves of banks and pay the cost of your own slavery, then let the banks create money…" Josiah Stamp, Governor of the Bank of England 1920.<BR/><BR/>“Whomsoever controls the volume of money in any country is absolute master of all industry and commerce and when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” – President James Garfield 1881. <BR/><BR/><BR/>Due to some honest politicians (Lincoln and Garfield for example), the bankers didn't get their full plan in place until 1913 with the Federal Reserve: a private corporation with secret owners creating bond-backed dollars. What is a bond? It is a piece of paper that promises to pay x dollars for 30 years at y%. <BR/><BR/>IOW, the Treasury prints a piece of paper promising to make payments to the bank for the next 30 years. (The banker accepts that promise because the Treasury promises to tax the masses for the interest payments.) In exchange for that promise, the Federal Reserve prints some money and gives it to the Treasury to spend. That money didn't exist until the Treasury borrowed it into existence.<BR/><BR/>Look deeper.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86888976671694809302007-12-22T01:02:00.000+00:002007-12-22T01:02:00.000+00:00Look deeper. The Federal Reserve is a scam. The ...Look deeper. The Federal Reserve is a scam. The IRS is their collection arm. Both were installed at the same time by the same people. It was a conscious and purposeful plan to enslave the masses. You can look back before the 1860s when bankers decided they wanted a bond-backed dollar installed in the US. They called it the new wave of slavery. They liked it because the owners did not have to care for the slaves, but they reaped the labor just the same. I'll see about finding some links to direct quotes made by the bankers planning the above.<BR/><BR/>Bankers are the root cause of all of this mess. It is very conscious and very purposeful. They know EXACTLY what they are doing.<BR/><BR/>Be careful about the flat tax. The flat tax is an adjustment to the same scam. Politicians prefer an income tax because it allows more tinkering and profit opportunities, but bankers could care less how their interest payments are made. As long as govt taxes the public and makes their payments on time.<BR/><BR/><BR/>Taxpayer Relief Act<BR/>Bankruptcy Act<BR/>Interest rate manipulation<BR/>Rampant fraud (encouraged)<BR/>MSM fueling the fire<BR/><BR/>Carefully designed and planned. They've read Extraordinary Popular Delusions too. Once you understand the plot, it's easy to manipulate the plot. They've had plenty of examples to review. And practice during the 1920s & 1930s.<BR/><BR/><BR/>We're just figuring this out, but bankers have been teaching other bankers for centuries. (After they've passed a few tests of course). They are the parasite class. <BR/><BR/>This has been going on for thousands of years. I am hoping that with the Internet and open information, this will be the LAST time we are scammed like this.<BR/><BR/>"The Creature from Jekyll Island" is a good introduction to these ideas.<BR/><BR/>Most people here are only seeing the tip of the iceberg right now.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-22561084672946393802007-12-21T21:44:00.000+00:002007-12-21T21:44:00.000+00:00Anonymous posters don't have a leg to stand on whe...Anonymous posters don't have a leg to stand on when criticizing others, especially when they say nothing of any consequence.<BR/><BR/>More proof that conservatism is totally devoid of any intellect.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-45789602824527555272007-12-21T20:45:00.000+00:002007-12-21T20:45:00.000+00:00bitter renter is DOPES' evil twin idiotbitter renter is DOPES' evil twin idiotAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-23737580489287941292007-12-21T17:40:00.000+00:002007-12-21T17:40:00.000+00:00Two words for you anon- nut job.Great civilization...Two words for you anon- nut job.<BR/><BR/>Great civilizations and societal progress have never been built upon radical individualism.<BR/><BR/>If it weren't for the collective efforts of many contributing to the greater good, you'd still be shitting outdoors and living in a freakin' cave.<BR/><BR/>Like I said, people like you are incorrigible, so convinced that the "every man for himself" ideology is what makes life good. Of course, you can only speculate on what your little slefishness culture would be like since, unless you were living hundreds of years ago, you've never experienced it.<BR/><BR/>As for your claims of how you're living this isolationist dream of freely giving when and if it suits you by doing things like sending people to private schools: I could claim to be Amelia Earhart having tea with Bigfoot. This IS the internet, after all.<BR/><BR/>Give me two minutes to question you and yours about your lives and I'll bet I can find a hundred instances of you using and benefiting from programs and policies created to benefit the greater good.<BR/><BR/>Ingratefulness is so ugly.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-81286684094351212472007-12-21T16:33:00.000+00:002007-12-21T16:33:00.000+00:00Bitterenter, you got it 100% wrong. Education exi...Bitterenter, you got it 100% wrong. Education existed long before there was government-sponsored education, yes, even for the poor. I went to private (non-religious) schools, on 100% scholarships and financial aid. I'm paying one of my wife's cousin's education, at a private religious school even though neither of us agree with their religion . . . it's their parents' decision where to send the kids; we just decide if we want to help them as a form of charity because they are really poor. <BR/><BR/>Road and electricty should not go to every place . . . not to an island with hardly any people, for example, not treading upon private conservation land or private homes on specious claims of eminent domain, for example. Road and electricity should only go to places where they make economic sense. Fiat money and "public welfare" ideology is what enables building roads and electricties in places that make no sense whatsoever . . . A welfare state locks up vast tracts of land on "conservation" claims, yet would not hesitate engaging in wastful construction of roads and electricity through some of the most pristine environment for no economic purpose whatsoever.<BR/><BR/>The key to understand the issue is this: government is not God (or any other form of deity/superbeing); government can not think for itself. It's the politicians and bureacrats who do the actually decision making. They have their own interests, which may be very different from what you would put your money towards as charity. Sure, the mafia has the ethos of helping the local poor too, but do you honestly believe being forced to give money to the mafia/politicians somehow make the neighborhood better?<BR/><BR/>As for revolutions, they always kill more fellow revolutionaries than members of the old establishment . . . just like the mafias and gang warfares always kill more opposing gang members than innocent bystanders. See, the revolutionaries/gangs need the productive members of the society to mooch off . . . whereas fellow revolutionaries/gang members are strictly niche competitors.<BR/><BR/>One more thing, modern welfare states are largely funded by fiat money (as the Communist Manifesto advocated). That means, whatever you are saving by renting get stolen by the welfare state every single day because they are printing more and more fiat money to dilute your savings.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-85910389216276522022007-12-21T06:36:00.000+00:002007-12-21T06:36:00.000+00:00Thank god people are finally identifying the REAL ...Thank god people are finally identifying the REAL **Go** point of the RE Bubble.<BR/><BR/>I lived in Seattle at the time and can tell you this tax exemption is EXACTLY what kicked the madness off. Terrifying.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-56013460664863318522007-12-21T06:24:00.000+00:002007-12-21T06:24:00.000+00:001:32 am ignorant savage:We didn't survive without ...1:32 am ignorant savage:<BR/><BR/>We didn't survive without social programs. Not very well at least. Getting an education was reserved for the top class. Electric lighting and roads were not all over the place. Old age poverty ran around 80%.<BR/><BR/>See savage, by collecting money from everyone and from those who can afford more, collecting more, we were able to build a first rate, first world country. That's how the rest of the civilized world did it too. It wasn't corporate ingenuity or free market activity, it was SOCIALISM. Since we've stepped away from that in the last 30 years we've declined, and farther than most realize. Like the frog in the pot of water.<BR/><BR/>But it's easy for you ignorant, subhuman garbage to criticize the system now that you've grown up in a world of plenty provided you by those programs and policies. People like you are like rich kids who think they did it all themselves. You truly make me sick. I wish nothing but harm and misfortune to you and yours. But then, when you have that retarded kid or that handicapped grandchild you'll go running to the system to bail your ignorant ass out.<BR/><BR/>I can see why over the centuries, post-revolution times saw so many of your ideological ancestors filling mass graves. Harsh? Perhaps. But people who don't want to contribute to the greater good and only seek to take advantage of their society are truly a waste of oxygen. And they're incorrigible.<BR/><BR/>You conservatives better hope people like me don't take the reins when this economy goes to shit.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-15719668015752901142007-12-21T04:25:00.000+00:002007-12-21T04:25:00.000+00:00This is a typical expat statement, and will be rec...This is a typical expat statement, and will be received as such.<BR/><BR/>Australia (where I currently reside) allows tax free capital gains on your primary residence.<BR/><BR/>But you do NOT get to claim any kind of tax deduction of the interest (or other expenses) on a mortgage on your own home.<BR/><BR/>This solves some problems. It also creates some, but seems the most principled stance on home ownership.<BR/><BR/>This seems fair to me. It's either all or nothing.<BR/><BR/>Investment properties, however, are treated exactly like any other investment choice.<BR/><BR/>Plus, for something that will shock, check out the franking credits situation with share market investments in Australia.<BR/><BR/>Something to think about.<BR/><BR/>Mike FAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-70857330514860834002007-12-21T03:03:00.000+00:002007-12-21T03:03:00.000+00:00"Every time I see a picture of Monica, I think "It..."Every time I see a picture of Monica, I think "It ein't love...but it ein't bad."<BR/>Why is that?"<BR/><BR/>Yeah, and for some reason, I'm thinking cigar.taterhttps://www.blogger.com/profile/01956974366787321172noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-74542466427876875472007-12-21T02:21:00.000+00:002007-12-21T02:21:00.000+00:00Well, I have finally come to a conclusion on who i...Well, I have finally come to a conclusion on who is at fault. It is the American people. We have all lost our way. Miss South Carolina and I think this is the reason why we are unable to find our way:<BR/><BR/>"I personally believe that U.S. Americans are unable to do so because uh some uh people out there in our nation don't have maps and uh I believe that our ed- education like such as in South Africa and uh the- the Iraq everywhere like such as and I believe that they should uh our education over here in the U.S. should help the U.S. or- or- should help South Africa and should help the Iraq and the Asian countries so we will be able to build up our future"<BR/><BR/>Now, doesn't that make it easier to understand?taterhttps://www.blogger.com/profile/01956974366787321172noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-57633184616952276352007-12-21T01:32:00.001+00:002007-12-21T01:32:00.001+00:00The dot com bubble was also aided by legislation t...The dot com bubble was also aided by legislation that allowed venture capitalists to sell shortly after launching an IPO. The result was hundreds of scam biz models all for the IPO pump and dump sell off. Banks and VCs win. Retail bagholder CNBC investors lose.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-39647897963521775312007-12-21T01:32:00.000+00:002007-12-21T01:32:00.000+00:00bitteridiot,once again you miss the point. we get ...bitteridiot,<BR/><BR/><BR/>once again you miss the point. we get rid of the irs AND we get rid of the programs. we somehoe survived as a country for 150 years without social security, without medicare, without the dept of education and without 80% of the shit govt spends on today.<BR/><BR/>get a clueAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-88823317050325030112007-12-21T01:25:00.000+00:002007-12-21T01:25:00.000+00:00Keith-I'm curious of your view-If we eliminated th...Keith-<BR/>I'm curious of your view-<BR/><BR/>If we eliminated the income tax and replaced it with a consumption tax, would that finally turn us into a nation of savers rather than spenders? I tend to think so.<BR/><BR/>BrianAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-14461400143457953252007-12-20T23:47:00.000+00:002007-12-20T23:47:00.000+00:00Sure Keith and the others who think like him, get ...Sure Keith and the others who think like him, get rid of the IRS. Once they're gone and not taking our money everything will be FREE! The country will run on AIR!<BR/><BR/>So then if I blow up the bank I won't have to pay my charge card bill?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-23725468736611539042007-12-20T22:54:00.000+00:002007-12-20T22:54:00.000+00:00BS...back in 1997 aka "the good ole days"...our ec...BS...back in 1997 aka "the good ole days"...our economy was not based on wealth spun out of thin air and money for nothing. The dotcoms were not even peaking. This bill signed into law did not trigger the $20K year earner buying a $500K house with zero down, a credit report that was not taken into consideration, and payments only on the finance charges and nothing on the principle. <BR/><BR/>It was the banks who did this and the FED that enabled them. The elected officials stood idle.<BR/><BR/>The reason the right wing hates Clinton is because even the little man saw some prosperity between 1992-2000. The little man bought a better car, had steady employment, and a few bucks in his pocket. Greedy assholes can't stand it when others are successful so they love the current regime that made energy prices soar and the dollar crumble.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-85882268867594555632007-12-20T22:25:00.000+00:002007-12-20T22:25:00.000+00:00Keith, Any ETF shorts/gains should qualify for sec...Keith, <BR/><BR/>Any ETF shorts/gains should qualify for section 1256 treatment if the ETF is a broad enough index. Don't know if the IRS has clarified that one (eg. is shorting the ITB homebuilder ETF a 1256 transaction), though shorting the SPY definitely would be. <BR/><BR/>1256 contracts (originally for futures) taxed 60% long term 40% short term regardless of holding period. <BR/><BR/>Shorts in individual stocks unfortunately are 100% short term regardless of holding period. <BR/><BR/>And random, ill-defined, rules like this emphasize the need to abolish the IRS.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-41847735722088674352007-12-20T20:40:00.000+00:002007-12-20T20:40:00.000+00:00Like Keith said, they should tax all house sale ga...Like Keith said, they should tax all house sale gains the same as other cap gains, at a rate that's lower than other income (to sort of account for inflation). And the problem is giving real estate SPECIAL breaks, PREFERENTIAL treatment! It just exacerbates the price bubble, people.<BR/><BR/>It's waaay too late now...we are screwed and tatooed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-33647679700704093832007-12-20T20:19:00.000+00:002007-12-20T20:19:00.000+00:00I don't understand this.Does the bill apply to onl...I don't understand this.<BR/><BR/>Does the bill apply to only when the bank kicks you out and don't make you pay the difference between the amount you owe and what they get at the sheriff's sale? <BR/><BR/>Or does the bill apply when the bank agrees to reduce the amount of the note to something like the house is worth post-bubble?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-39202445232106967432007-12-20T19:31:00.000+00:002007-12-20T19:31:00.000+00:00Imagine if the government changed the law so that ...Imagine if the government changed the law so that stocks could be sold and the profits were tax free (but kept all other income sources the same regarding taxes) and you could “buy” those stocks without any money down and you didn’t need any information to show that you could ever afford to pay for the stocks and there was a media blitz that told you it was your “right” to own stocks and there was no regulation to prevent stupid people from acting stupid and greedy people from preying on the stupid…well…you would have the current mess in the stock market rather than housing.<BR/><BR/>Keith is correct. The tax free status of the gains from real estate was the beginning of the runaway flipper mentality that screwed the market. Even the people who weren’t planning to move were still planning to “flip” into a new loan as soon as their ever increasing equity allowed. People don’t own homes. They use the home a vehicle to park their leveraged paper. And all of the cashing out is TAX FREE!!! <BR/><BR/>Nobody wants to pay taxes, but somebody has to. If we are going to tax income then tax ALL of it. Don’t try to pick and choose (what is income) in an attempt to influence markets and peoples decisions.Huflumphttps://www.blogger.com/profile/04421579217469598074noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-15747444290813620922007-12-20T19:29:00.000+00:002007-12-20T19:29:00.000+00:00Hey man lower taxes will always get my thumbs up. ...Hey man lower taxes will always get my thumbs up. Sorry Keefer, you're way off on this one.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-50297649330976946592007-12-20T18:49:00.000+00:002007-12-20T18:49:00.000+00:00Keith (2:26, 12/20)-"But better yet, abolish the e...Keith (2:26, 12/20)-<BR/><BR/>"But better yet, abolish the entire tax code and all deductions and all income and cap gains taxes (see above)<BR/><BR/>It will happen some day."<BR/><BR/>Yeah, right. And some wacko like Ron Paul will get elected president, too. Yep, that "money bomb" really made a dent, didn't it?<BR/><BR/>Now, Paul can get bounced right out of the race early in the primaries...and fools like you will have given him your money for absolutely nothing.<BR/><BR/>Hey, Einstein: a fringe presidential candidate can draw 1% of the vote and get his a** kicked WITHOUT your money.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-22810382432490331052007-12-20T18:41:00.000+00:002007-12-20T18:41:00.000+00:002003Dear banker, I own an asset that is made of go...2003<BR/>Dear banker, I own an asset that is made of gold which I would like to use as collateral to borrow money against, so that I can finally get me that red Ford F250 crew cab 4x4 with a full size bed.<BR/>Sure thing Randy, but understand that if you miss a payment we’ll come and take that golden house.<BR/>Ha, no prob… It’s a House!! We’re talking about here; worse case I’ll just refinance who cares about ‘rates’, $100 bucks a month wont make a dent in my finances, RE broker said that in 5 years this golden house of mine will be worth triple what it is today.<BR/>Woo Hoo.. Life is good<BR/><BR/>2006<BR/>Dear wifey, uh oh..<BR/>What?<BR/>You know our golden house?<BR/>Yeah?<BR/>Well, how should I put it…. It’s not like pure gold.. its more like gold plated.<BR/>Oh!@#$%<BR/>But it’s still gold and pretty shiny.<BR/><BR/>2007<BR/>Dear wifey, uh oh..<BR/>Wifey, Wiiifey!! (oh damn I miss her. Ahem I mean her steady job)<BR/>Anyway, You know our gold plated house?<BR/>Well, it’s not really gold at all; our house was coated in high gloss spray paint <BR/>from Home Depot (made in china and is now peeling)<BR/>Oh shoot!! This reminds me; the 12 ‘no payment’ months are up on that snow blower and pressure washer, Home Depot will probably expect payments beginning next month.<BR/>Come to think of it I never really used the damn pressure washer, why in the world did I buy it,. Oh right, was suppose to clean the driveway.<BR/>Hey wait!!!! This is Home Depots fault they should have never lured me in with that 12 month free plan.<BR/><BR/>No No wait I get it!<BR/>It’s the damn FED, (Why are these guys always ugly can’t they ever have a pretty young lady running the FED?)<BR/>Well, who cares; I had nothing to do with this mess, The FED allowed home depot to carry high gloss gold colored spray paint. and now I owe each month about 4 times what I earn.<BR/>Matter of fact if it was not for the FED my wife would have joyfully stayed around, paid the bills, clean my clothing, cooked my food, sucked my smellies, and curled up next to my horn blowing snoring with love.<BR/><BR/>Ahh, I have a plan…<BR/>Put this house up for sale, by now it’s worth a mint, I’ll probably get rid of it in about a week.<BR/><BR/>Realtor! What do you mean it won’t sell for more then $250K?<BR/>But but but, you said when I paid $469k and then re-fi’d for $650k that it wont be a problem selling in 07 for $999k<BR/><BR/>Randy, the market has had a sudden change, because of the media.<BR/>Damn damn damn! The media, they are ruining everything.<BR/><BR/>Oh man I’m all confused I need to find a ‘single point of blame’ it can not be me!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-31783912482455505232007-12-20T18:27:00.000+00:002007-12-20T18:27:00.000+00:00Move to consumption-based taxation (non-regressive...<I><BR/>Move to consumption-based taxation (non-regressive)</I><BR/><BR/>Ain't no such thing. You'll find Britney's virginity first. <BR/><BR/>Consumption taxes are the hyper-rich's orgasm; they can make tons of money tax free and then spend it in Switzerland, Canada, Bahamas, etc.<BR/><BR/>The rest of us schlubs, especially the ones barely making it will have to pay even more for necessities, since we have to stay here and actually work for a living. <BR/><BR/><I> and abolish the IRS, and we'll be getting somewhere.</I><BR/><BR/>As soon as you abolish it, it will need recreating. These taxes can be evaded and manipulated just as easily (if not more) than income taxes. <BR/><BR/>Who will run the computer systems?<BR/><BR/>who will do the audits? <BR/><BR/>Who will process the checks?<BR/><BR/>Who will distribute the payments?Anonymousnoreply@blogger.com