Paul Romano: New federal tax on everybody |

Paul Romano: New federal tax on everybody

Paul Romano

Our Fed chair, helicopter Ben Bernanke, made it official this past week: Our economy cannot survive without an annual inflation rate of 2.5 percent, so he will arrange our finances to achieve that worthy goal.

And you thought “inflation” was 100 percent evil, something to be avoided totally all the time, right? I agree with you, but we are not to be even allowed that choice or even hope any more.

Translated: Without any means whatsoever of exception or avoiding it, you will forever pay to the Fed at least 2.5 percent of your gross net worth, not once, but every year over and over again. Gross net worth includes all your indebtedness, including the mortgage on the house, car loans, installment purchases. Anything you own of any value whatsoever – regardless of how much of it is debt.

And this tax is regardless of your income and income taxes, your losses and your deductions, uninsured medical care, etc. This is like a poll tax or a “head tax” – it’s a breathing tax.

No it’s not really new – just that it is now official policy and no longer is 0 percent inflation our official goal like we thought it was. That’s gone, sadly … expensively.

The IRS should at least let us add it to our deductions as a tax paid or an income tax credit! Or we could ask the Fed to reimburse us every year, just send us a check.

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