he collected personal information will be utilized for regulatory purposes to ensure

full and timely disclosure of material information, protect the investors, and minimize
if not eliminate fraudulent or manipulative devices and practices that create distortion
in a free market.

Furthermore, SEC, as a supervising authority, is mandated to contribute in effectively

implementing the provisions of Anti-Money Laundering Act, and to obtain, keep and
make accessible information necessary to detect and prevent money laundering and
terrorist financing in the country.

Also, information provided in the GIS must be true, accurate, timely and complete.

Since such fundamental insights seem to have been forgotten, or at least no longer appear
obvious today, let me, as my first task, present anew a praxeological account and
explanation for Say's central argument and its validity, and in so doing refute some popular
"counterarguments" claiming to show that taxation need not obstruct the formation of
property and wealth. In light of this general explanation, I will then demonstrate the
fundamental logical fallacy in the standard textbook analysis of tax-incidence.
That taxation — foremost and above all — is and must be understood as a means for the
destruction of property and wealth-formation follows from a simple logical analysis of the
meaning of taxation.

Experience cannot beat logic.