Myths, Misconcepts & Bizare Anti-Prosperity Tax Laws.
Myths
M1. The world has been brainwashed into believing that the only way to raise revenue for State Expenditure is by Taxes – False!
Without any Tax on Income or Spending, GIPE uses Collateralism to provide Instant Abundant Revenue eg £750Bn for State Expenditure.
M2. The Financial Crisis was caused by excessive lending – False.
The Bank of England (& foreign counterparts) caused the Financial Crisis by reckless raising of Bank Rate from an affordable 3.5% in 2003, to an unaffordable 6.5% in 2008, causing borrowers to default on repayments and web of interlinked Banks to go bust. Bank Rate is now 0.5% – which is excellent but not enough – the world needs Taxless Collateralism.
M3. Recession is caused by the Banks - False.
Recession is caused by Taxes – Income Tax, Corporation Tax and VAT, mistakenly believed (by today’s Economic Advisers) to be the only way to raise State Revenue. This mistaken belief – Taxation has caused past & present Recessions.
Anti-Prosperity Taxation makes it Unlawful to Earn money and Spend money.
Misconcepts
M4. Inflation is caused by too much money chasing too few goods - False.
This is a 19th Century Myth before Lower Prices from Mass Production was known.
It is the rlght definition for appreciation of buildings & art. Appreciation is good.
Inflation is when goods in surplus unavoidably rise in price. That’s not good.
M5. We pay income tax to pay for roads & street lighting? False!
No money collected from Income Tax is spent on roads & street lighting. On the contrary,
less than, 10% collected from Tax Discs & Taxes on petrol & diesel is spent on roads.
The rest squandered on salaries of nearly useless civil servants & quangos.
M6. Presently the rich pay the highest proportion of Tax? FALSE!
If a rich Duke owns half of Britain and his Accountants certify ”No Profit”! His Tax is Nil.
M7. Presently High Rate Tax Payers are rich people in Britain? FALSE!
Presently high rate tax payers are those with high salaries - their assets may be Nil.
M8. GDP, GNP & Productivity measure economic activity & success? FALSE!
Gross Domestic Product, Gross National Product & Productivity are merely turnover of a Company or Country, and do not measure economic activity nor success.
Proof: In the 70s Laker & Rolls Royce had their peak turnover – both went bust.
GNC - Gross National Collateral is the accirate measure of economic success.
If GNC is up, we are doing well, if GNC is down, badly, if GNC is Nil – Bankrupt.
Bizare Anti-Prosperity Tax Laws that caused Recession!
M9. It is lawful to earn money honestly, efficiently & by hard work. False!
Earning money honestly, efficiently and by hard work is unlawful see “The Finance Acts”
The penalty for breaking this Law is a fine called “Income Tax” of 20p to 50p per £1 earned.
Failure to pay fine – confiscation of goods & prison. Remember Lester Piggott.
M10. It is lawful for a Corporation to make a Profit. False!
It is unlawful for a Corporation to make a Profit see “The Finance Acts”.
The fine, for breaking this Law is called “Corporation Tax” of up to 50p per £1 earned.
M11. In Britain, it is lawful to sell goods & services to others. False!
It is unlawful to sell goods and services to others.
The fine for breaking this Law is VAT – (Victimize All Transactions) currently 17.5%.
M12. It is lawful to give employment to others. False!
It is unlawful to give employment to others.
The fine for breaking this Law is Employers NI Contribution.
M13. How reliable are present Treasury Advisers’ Economic Forecasts using Modern Statistics & Keynesian Macroeconomics?
As unreliable as the Ancient Astronomers who believed the Earth was flat!
