Government sponsored inflation and tax creeping
Guest: Jon Bischel
Government sponsored Inflation is a tax like any other tax. Value of 1959 dollar is now about $.10. The value of the US dollar has depreciated 90% and that continues. At 3% annual inflation, in 22.5 years, that money becomes worth less than 50 percent. It used to be that being a millionaire was something to strive for. If you’re not a millionaire today, you will probably need social security. Looking at the tax system from a longer point of views and the historical reasons certain taxes were put into place permits us to see whether in fact the current taxation system is progressive or regressive and whether in fact we are experiencing a creep in taxes. Jon Bischel, is an international taxation attorney and expert who has written 13 books and numerous articles on international and high technology taxation as well as having been cited as an authority by the Tax Court and US Supreme Court is my guest as we look at our taxation system and how it has also affected the value of the US dollar and inflation. He is currently engaged in authoring the revision to the UN Tax Treaty Negotiation manual.
Jon Bischel, International Taxation Attorney
For the past 40 years, Professor Jon Bischel has specialized in international taxation, principally as a law professor at Syracuse University and the first director of the first American Bar Association approved on-line law graduate LLM program while at Regent University. He has frequently testified before Congressional tax committees and was appointed to the Advisory Committee to the Commissioner of Internal Revenue by President Ronald Reagan. Since 1971, he has variously served as Assistant Secretary, special advisor and rapporteur for the UN Expert Group on Tax Treaties and its successor, the UN Committee of Experts on International Cooperation in Tax Matters. Currently, he is engaged in authoring the revision to the UN Tax Treaty Negotiation Manual.