Governments will become more desperate as they become bankrupt.
We are entering volatile and somewhat dangerous times, especially for those of who enjoy economic freedom and liberty.
Greece is introducing all sorts of new taxes, which include a property and sales tax, to try to pay down its deficit. The United Kingdom raised the Value Added Tax to cut down its deficit. However, these are mild in nature.
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What will be worse are the smaller things that are more discrete on the surface that they will do to raise revenue and invade your rights.
For example, the IRS is strongly pushing for 1 million US and dual citizens who live in Canada to pay American taxes and file with the IRS. Really, they have no jurisdiction. These people live in and world in another sovereign nation. You should not be able to force them to pay U.S. taxes. However, the government, with record deficits, is desperate for money.
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We will also see much more at the municipal and state level.
Look for more petty crimes to have higher fines, such as traffic offenses, speeding, etc. These are all ways governments can try and fill their empty coffers.
These things may seen minor in nature. However, they will hurt the economy as more resources will be used to collect revenue, and enforce petty violations. This takes away from productive activity and will just cause more of a lag in the economy.
For example, instead of making it more appealing for those with dual citizenship living in Canada to come back to the United States to work, the government will just waste resources going after these people.
In the end, all of us will suffer. Instead of promoting creativity and a good work environment, we will be stuck paying for petty violations to stuff the coffers of governments which are bankrupt financially and morally.
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