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Public Debt

Money or credit owed by a central (or state or local) government to creditors foreign or domestic. The size of the public debt reflects how much of public spending is borrowed. Since government revenue comes mainly from taxation, public debt translates into future taxation.

 

Antony Davies - What are the Dangers of Too Much Debt (LearnLiberty.org)

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The Lowdown on Crude Keynesianism

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You mean we don't owe it to ourselves?

FEE Timely Classic
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July/August 2014

The United States' corporate tax burden is the highest in the world, but innovators will always find a way to duck away from Uncle Sam's reach. Doug Bandow explains how those with the means are renouncing their citizenship in increasing numbers, while J. Dayne Girard describes the innovative use of freeports to shield wealth from the myriad taxes and duties imposed on it as it moves around the world. Of course the politicians brand all of these people unpatriotic, hoping you won't think too hard about the difference between the usual crony-capitalist suspects and the global creative elite that have done so much to improve our lives. In a special tech section, Joseph Diedrich, Thomas Bogle, and Matthew McCaffrey look at various ways these innovators add value to our lives--even in ways they probably never expected.
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