If you have a bank savings account or own Stocks or Bonds, The Government
taxes every penny of reported income just as if it was a salary. If
you think this is fair you are wrong! While your bank account is paying
you 6 percent interest, Inflation is probably reducing the value of
your principal by 3 percent , You may be actually paying double the
taxes you think you are.
All Financial Institutions report your income to you and to the IRS
on a Form 1099. The taxable income after subtracting the loss due
to inflation could easily be taken into account on this form.
This common sense solution will prevent The Government from taxing
us on its failure to maintain the value of the dollar.
Ref: CSL Proposal
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