At least twice last week, CNBC publicly backed countries that shelter the income of US citizens from US taxes. According to CNBC's Larry Kudlow, these tax havens provide "tax competition."
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All this time, for the last 8 years, we were apparently, without knowing, just a 4.6% tax hike away from being socialist.
The two hallmarks of a banana republic are very high rates of inflation coupled with substantial government controls over the economy, which lead to high rates of unemployment and poverty.
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