John Locke

Locke argued in support of individual property rights as natural rights. Following the argument the fruits of one’s labor are one’s own because one worked for it. Furthermore, the laborer must also hold a natural property right in the resource itself because exclusive ownership was immediately necessary for production.

But Locke also indicated that he was delib- erately using “property” in a broad sense, as meaning anything properly. one’s own, i.e., that which “no-body has any right to but himself.”‘ Thus. one’s property is his life, his liberty and finally his material goods.

Libertarianism is often thought of as ‘right-wing’ doctrine. This, however, is mistaken for at least two reasons. First, on social—rather than economic—issues, libertarianism tends to be ‘left-wing’.

Libertarians seek to maximize autonomy and political freedom, emphasizing free association, freedom of choice, individualism and voluntary association. Libertarians share a skepticism of authority and state power, but some of them diverge on the scope of their opposition to existing economic and political systems.

Taxation. Some deontological libertarians believe that consistent adherence to libertarian doctrines such as the non-aggression principle demands unqualified moral opposition to any form of taxation, a sentiment encapsulated in the phrase “Taxation is theft!”.

Most libertarians oppose capital punishment. They argue that capital punishment is an extreme exertion of state power, that it is contrary to the values of a free society, and that authoritarian countries tend to be retentionist, and liberal-democratic societies generally abolitionist.

Libertarian Party (United States)

The 19th-century French economist Frédéric Bastiat described taxes as legal plunder. Bastiat held that the state’s only legitimate function was to protect the life, liberty, and property of the individual.

Those who don’t pay often face civil penalties. When Americans fail to pay their federal income taxes without “reasonable cause,” they may be charged a late penalty of 0.5% of the taxes owed for every month or part of the month the tax remains unpaid, up to 25% of the total amount, according to the IRS.

Definition of Taxpayer A taxpayer may be an individual or business entity that is obligated to pay taxes to a federal, state, or local government. Taxes from both individuals and businesses are a primary source of revenue for governments.

Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return if the loss is caused by a federally declared disaster declared by the President. It includes a major disaster or emergency declaration under the Act.

If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tips you should know about deducting casualty losses: Casualty loss. You may be able to deduct losses based on the damage done to your property during a disaster.

Incomes above the annual AMT exemption amounts typically trigger the alternative minimum tax. AMT payers, who typically have relatively high incomes, essentially calculate their income tax twice — under regular tax rules and under the stricter AMT rules — and then pay the higher amount owed.

A business loss occurs when your business has more expenses than earnings during an accounting period. The loss means that you spent more than the amount of revenue you made. But, a business loss isn’t all bad—you can use the net operating loss to claim tax refunds for past or future tax years.

Hobby Loss Rules The “hobby loss” rule limits a taxpayer’s deductions if the Service determines that the taxpayer did not enter into the activity with a profit motive or that the taxpayer continued in a money-losing venture after the possibility of profit had lost its importance.

Capital Losses A net capital loss is carried back 3 years and forward up to 5 years as a short-term capital loss. Carry back a capital loss to the extent it doesn’t increase or produce a net operating loss in the tax year to which it is carried.

Capital losses that exceed capital gains in a year may be used to offset ordinary taxable income up to $3,000 in any one tax year. Net capital losses in excess of $3,000 can be carried forward indefinitely until the amount is exhausted.

Losses from Non-speculative Business (regular business) loss : Can be carry forward up to next 8 assessment years from the assessment year in which the loss was incurred. Can be adjusted only against Income from business or profession. Not necessary to continue the business at the time of set off in future years.

Can I deduct my capital losses? Yes, but there are limits. Losses on your investments are first used to offset capital gains of the same type. So, short-term losses are first deducted against short-term gains, and long-term losses are deducted against long-term gains.

Your Schedule K-1 loss will first offset long-term capital gains from the same year. If the loss isn’t absorbed that way, it offsets short term capital gains. If a loss still remains, you can reduce future ordinary income by up to $3,000 per year on page one of Form 1040 until you use up all of the loss.

Thomas Hobbes

John Locke’s version of social contract theory is striking in saying that the only right people give up in order to enter into civil society and its benefits is the right to punish other people for violating rights. No other rights are given up, only the right to be a vigilante.

Often credited as a founder of modern “liberal” thought, Locke pioneered the ideas of natural law, social contract, religious toleration, and the right to revolution that proved essential to both the American Revolution and the U.S. Constitution that followed.

Jefferson explains the social contract theory that when you are alone, you are sovereign, and when you join with others you have to negotiate what is for the commonwealth, and negotiate what natural rights you get to keep after adjustment by the government.

John Locke In his Second Treatise of Government, Locke identified the basis of a legitimate government. If the government should fail to protect these rights, its citizens would have the right to overthrow that government. This idea deeply influenced Thomas Jefferson as he drafted the Declaration of Independence.

Both have important predecessors—our Constitution was influenced by the Magna Carta and the English Bill of Rights of 1689, and the Declaration by John Locke’s writings on the consent of the governed and by a document close to home for Thomas Jefferson, the draft version by George Mason of Virginia’s Declaration of …