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When I had fevered visions of doing work somewhere near my level of education, my father told me that the federal government has a dirty little secret.
An implicit threat to audit hangs over every small business if they do not add more value to their inventory, so that the government can tax the additional value, even if said value ceases to exist or is even false.
I always assumed it's true and with the top financial authorities about to drop interest rates to zero in a bid to "reflate" values it seems axiomatic that this forty plus year old game the federal government always wins is coming to a grinding and noisy halt.
Constitutionally,the federal government has the authority to tax, vested by Congress, but nowhere in the Constitution do I see an implicit con game to add more false valuations for the purposes of additional takings. It by definition fraud the federal government has been committing. From the point of view of businesses it is extortion the government has been committing, the profile of a tyrant.
In this current crisis, despite once and futures cries to contrary, the government's hands are very, very dirty, and that helps to explain why authorities are giving away cash that no one wants.
At the moment businesses are being punished as the truth comes out about their very valuation of assets, but it seems to me that in a republic we should be blaming the perpetrator of criminal acts, the federal government, not businesses.
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