Posts Tagged ‘Constitutional’
The Centre finally makes it clear that it is not possible to bring Aviation Turbine Fuel (ATF) under the scope of the proposed Goods and Services Tax (GST), as per the model suggested by the states.
The Oil Industry came out with a demand to include crude oil and its products, and natural gas in the upcoming GST regime. We often used to see different fuel prices from states to states and the main reason for this is the different tax rates structure followed by the states according to their budgetary targets.
Earlier our Finance Ministry proposed to keep crude oil, petrol, diesel, ATF and natural gas permanently outside GST through a Constitutional Amendment. There are many states in India who heavily depends on collections from levies on oil products to make up for their budgetary targets. So this has been proposed basically to protect the finances of states. However, recently a letter has been written by the Petrofed, a body representing both public and private sector companies like Indian Oil Corp, seeking inclusion of crude oil, petrol, diesel, aviation turbine fuel (ATF) and natural gas in the Goods and Services Tax .
Problem: It has become settled knowledge, within the freedom and tax honesty movements, that the current enforcement of the tax code is unconstitutional and therefore illegal. It is also well known that the tax system is designed to feed the banking system to pay the interest on the money that Congress is supposed to mint, but they have given that power to the private bankers. This would be akin to a fox guarding the hen house scenario.
I have written in the past about the illegality of the current income tax scheme; or more correctly, the illegal and unconstitutional methods the IRS uses to force people who are not liable for income tax to pay income tax. Congress has specific and limited means by which it may raise revenue (taxes) for the operation of the federal government. This limitation was made by design to ensure that the abusive taxation endured by the colonists would not be repeated by their newly formed government.
Congress passed the Income Tax Act of 1894 which imposed a direct tax upon the income of U.S.
Investor extraordinaire Eric Sprott and Dr. Larry Parks are this week’s special guests. Dr. Parks leads off with a discussion on the U.S. Constitutional framework for gold and silver as money. He discusses how the use of fiat money to replace gold and silver has led to massive financial problems but more importantly to social injustice and untold riches for the banks, who now control our political and economic system. His focus is on how our present fiat monetary system operates to destroy savings, pensions and jobs and what to do about it.
Eric Sprott provides evidence that our financial system is bankrupt and that gold and silver values are heading for the moon relative to increasingly worthless paper money. Eric is even more bullish on silver than gold although he is unwavering in his view that gold prices will rise dramatically in the years to come. He agrees with Dr.
Parks in noting that only a relative few investors have yet purchased gold and silver. As such the bull market in the Precious Metals is still quite young.