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In the Bizarro World we live in, the day is ruled – for now – by MONEY PRINTING, MARKET MANIPULATION, and PROPAGANDA.  Thus, the gross capital misallocations caused by four decades of central planning are exponentially worsening; care of “record stock prices,” largely ignored by the media and public…

Does a strong market mean a recovering economy?

In other words, the BLARING SIRENS of warning have been discounted by the majority; such as – for example – the PIIGS crisis; MF Global; Cyprus; “Abenomics”; “QE to Infinity”; the fiscal cliff and debt ceiling; and, of course, a dramatically worsening, GLOBAL economic meltdown.

Are we in a Global Recession? More than Half say Yes

Thus, it didn’t surprise me in the slightest when the following news emerged last week, without even a whimper from the media or markets; i.e., a potentially “KILLER TAX” to be imposed amidst an already horrific economic environment.  It’s only a matter of time before it becomes law; and from what I hear, it will NOT just incorporate “online sales”; but potentially, ALL retail sales currently exempt from taxation…

Senate Passes Online Sales Tax Bill

U.S. online sales were estimated at $262 billion in 2012; anticipated to rise to $370 billion by 2017, according to internet consultant Forrester Research.  Adding an 8% sales tax would reduce consumer purchases by $20-$30 billion over this period; sending said money directly into government coffers – where it will promptly be wasted away.  It will further cripple an already dying economy, and deliver a potentially MORTAL BLOW to the burgeoning online retail business; in turn, making the economy less efficient and raising overall infrastructure costs – which, of course, will be passed on to consumers…

According to Forrester, U.S. Online Retail Sales to Rise 10 Percent Annually

Some Congressman say this bill promotes “fairness” in business; when in fact, it simply raises the costs of doing it; and in turn, patronizing it.  This “KILLER TAX!” will simply be another nail in the coffin that is collapsing U.S. economy; as usual, hammered in by the government!