Article I, Section 7 of the Constitution states, “All Bills for raising Revenue shall originate in the House of Representatives.” In other words, the Framers wanted to make sure that, when taxes are imposed on the people, the legislation giving rise to those taxes springs from the people’s House, the body closest to the nation’s citizens. No doubt the Framers thought that the taxing power of the federal government should not be taken lightly or at a distance from the people. Just last Monday, speaking in New York to the Council on Foreign Relations, Federal Reserve Board Vice Chairman Stanley Fischer reiterated the Fed’s long-standing position that monetary policy should achieve an annual rate of price inflation of two percent. This targeted inflation is specifically in consumer prices. As anyone with common sense understands, such deliberate price inflation amounts to a tax on income earners, savers, and holders of cash assets -- essentially all...(Read Full Article)