Hey it's not theft if you get back a certain % of your stolen money later, is it? It is not theft if the government does it, is it?
So if you get robbed today 10-20% of your income, and get some of it back (not all) later in pensions, it's not even theft, is it? Well the same way can the bike thief can say that as well.
Of course the bike thief will go to jail nontheless, but who will go to jail for stealing all the taxes from you? Nobody.
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[1] Masterlocks