Cash Flow Via Theft

Friday, August 29, 2003
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You mean there is a time value of money? Really?

Just when you think you’ve seen it all, look what they are doing in Arizona. A new state law forces employers to take more out of employee paychecks each week to fund the government. Are tax rates higher? No, the state tells taxpayers that they’ll make up for their overpayments at the end of the year, meaning, that what we observe here is interest-free loans, to the state, via legislative fiat.

“Arizona takes taxes as a percentage of federal withholding, so legislators thought the best way to regulate cash flow was to slightly increase the withholding percentage rates in the wake of the federal tax cut.

“We can’t run a deficit,” said Rep. Steve Huffman, R-Tucson. “We can either cut programs or try to figure out some way to manage cash flow. A lot of people call them accounting gimmicks or floating payments.’”

Wrong. It’s not kiting, it’s not gimmickry, it’s outright THEFT. Forced, coerced, legislated, interest-free loans are theft. You know — stealing, pilfering, pillaging, plundering, taking, ripping off, stuff like that. Hurrah, hurrah – the legislators are proud of themsleves for balancing the budget without actually raising taxes. Theft is the answer; brilliant!

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