The Federal Income Tax Absolutely Sucks.............

Well, if the government didn't owe any money to the bankers anymore, bankers would lose a MAJOR source of income, 6% of over 8 trillion a year. Big problem for them

 

Ok then, enlighten me.

 

I am freaking crying. For my day job, i have to pay tax for two state. My income is so low that i am don't need to pay federal and state tax because of withholding. (i put single one so 300 buck is taking away from my paycheck every month)

I work in NJ and live in NY. Because of that, i have to pay tax for both state..1500 for New York state tax

take about H&R, they almost screw me more. I am suppose to have a 478 dollar refund. However, the account told me that i have to pay 478. Lucky i double check my tax form after i went home.

 

Haha, I missed this post.
The government doesn't borrow money from banks; the Department of Treasury issues government securities.

 

Not anymore

 

Not anymore what?

 

Treasury doesn't issue money anymore, it borrows from Federal Reserve Bank

 

The idea of the flat tax (or fair tax, either way) is that there are no exemptions. So lawyers fees are taxable, churches have to pay tax, services are taxable, etc.

I'm for a commerce tax in replacement of all the other taxes. Whenever money changes hands, a tax is paid. if you invest in stocks, you pay a tax. If you buy a burger you pay a tax, if you donate to a church, that's taxed. If you are a merchant and buy goods to resell, that is taxed.

If you remove exemptions, the tax base increases greatly and a much lower overall rate can be applied for everything.

 

Where did I say that they issued money?

 

The biggest problem I have with paying an income tax that is there is no specific law that says we have to. Yet if we don't, we are arrested and thrown in jail. Has anyone watched America: Freedom To Fascism?

That movie really sums up what is wrong with our tax system. And man, filing for my taxes was SO complicated. They asked me all sorts of questions, like what is the square foot of my home. Give me a break. I paid more to file for self employment than I ever did while I was employed.

The U.S. government does not want people self employed. They are either Democrats(Who want you to rely on the state), or Republicans(who want you to be dependent on Corporations). Anyone who wants to be independent(free) is stepped on and squashed like a bug.......or they attempt to.

This is the absolute truth. Doesn't the U.S. Constitution give the treasury power to coin money? Why in the hell is a private bank loaning money to the U.S. government?

And check this out, for those of you who support the income tax, or think it is "fair," you should know that the Fed has never been audited. It is private corporation, not a government agency.

I know because I'm writing an ebook about it. So you and I can be audited, but the Fed doesn't have to be? This country is definitely not a republic or a democracy.

Some words to describe America today:

1. Borderline Fascism(some here would say we are already there)
2. Neofeudalism
3. Plutocracy

America was built on Independence and freedom, but there are forces at work who want us to either be reliant on the government or corporations, something that the founding fathers never wanted. Whether you believe in Hillary or Bush, it is the same game, just a different side of the coin. All roads lead to the same destination: The end of the middle class, and the end of America

 

Any individual, corporation, country, etc. can loan money to the government...
I'm looking forward to reading (or reviewing) your e-book.

 

The U.S. government does have the power to borrow money from any source, but as with any loan, there is the issue of paying it back. When you loan money from someone, they are the master, and you're the slave, because you are in debt to them.

Essentially, the U.S. government is in debt to the federal reserve. It should not be this way. If the government simply printed its own money, we wouldn't have the problems with see today. Like any corporation, the Fed is concerned about profits.

Ben Bernanke, the current Fed chairmen, is supposely keeping interest rates under control. Alan Greenspan, who came before him, also said the same thing. But the truth is, the Fed creates inflation. They are the reason it is so prominent.

Hillary Clinton is not going to save us. Barack Obama won't either. John McCain, John Edwards, Jeb Bush, and Rudy Giuliani will not go after the fed if they are elected president in 2008.

There is only one man who has said he will go after the Fed and the Income Tax, and that man is Ron Paul. Never heard of him? Because "they" don't want you to. Ron Paul will change the U.S. for the better, because he will use the principles of the founding fathers and the Constitution, which made this country strong.

Ron Paul will attack the income tax and the fed. If Hillary, Barack, John McCain, Jeb Bush, Rudy Giuliani, or John Edwards are elected, you can either expect:

1. Higher taxes to pay for social programs (democrats) Those who work hard for their money(like people here at digital point) will have to pay to support dead beats that live off the system. Democrats will also have aggressive foreign policy, attacking Iran.

2. You get in a republican who gives more power to large companies, and more tax cuts to rich. Continues to weaken middle class further. Will more than likely attack Iran. Will make it harder for small businesses to operate.


You see, third party rep like Ron Paul is our only hope. Yes he is running under republican, but make no mistake, he is a libertarian at heart. He believes in things such as:

1. Getting rid of the Fed
2. Getting rid of the Income tax
3. Non-interventionism aka staying out of other country's affairs (George Washington believed in this to)
4. Support for small businesses(that means us Digital Point members!)
5. Net Neutrality(really good news for Digital Point members!)
6. More power given to states rather than Federal government

Unfortunately, most people won't vote for Ron Paul because they never heard of him. Hillary will probably get in, and that pretty much the end of the U.S...

 

The Fed owns slightly below 10% of the debt. The Fed will always have to hold government securities in order to engage in open market operations.

The function of the Fed is not to keep interest rates under control; they control the discount rate to stabilize inflation. To clarify, the Fed controls the disount rate, but they are not there to keep it "under control". The discount rate fluctuates in response to inflation. They are trying to keep inflation under control.

Please explain how this is true.

 

The Federal reserve causes inflation by printing money "out of thin air." Because the U.S. dollar is not backed by a gold standard, which it was before Brettonwoods ended during the 1970s, the American dollar cannot be redeemed into gold, because the U.S. government doesn't have any reserves for it.

Think of it this way. If 20% of Americans suddenly wanted to redeem their money in gold, the U.S. government and the Fed doesn't have enough in reserve to offer it to them. The U.S. uses a fiat currency. The more money the Fed prints, the less valuable it is, since there is a lot in circulation. In then takes more dollars to buy stuff, because the dollar loses its value.

The value of something is based on its rarity. This is why rare antiques are worth so much. When you have too much of anything, its value goes down. Most people think the prices of everything continues to go up. This is not technically true. In actuality, the value of the American dollar is dropping, and it takes more dollars to buy the same products. This is because there are too many in circulation.

The Fed is the cause of this. If the US Government backed the dollar with gold reserves, they would be limited in the number of dollars they could print, because if people want their dollars redeemed, they would have to have enough in reserves.

Before anyone responds to this post, please go to Youtube to watch Ron Paul talk about the Fed. He is saying the same thing I'm saying, but he is running for President in 08:http://www.youtube.com/watch?v=ji_G0MqAqq8

The fed should not have the power to keep inflation under control. This job should go to the U.S. government. For a government to borrow money from a bank, is like me or you going to borrow money instead of raising our own.

Once we borrow it, we will have to pay it back, plus interest. The bank is the master. Is it not better for us to make our own money, and owe nothing to no one?

This is the same policy the U.S. government should use. It is in a deficit, because it borrows what it doesn't have. Congress has the power to abolish the Fed if it wants.

If you look at any civilization throughout history, they failed when they tried to use a paper currency that was not backed with hard money(gold, silver etc). The reason for this is simple. When you don't have your paper money backed by an equal or comparable amount of hard money, it can be abused, being printed in such large quantities that inflation is caused.

Have you heard about the Argentine banking crisis? They had single bills worth tens of thousands. That is how bad their inflation was. In Germany, inflation got so bad it was better for families to burn their currency to warm their homes.

America is headed there, and it scares the living daylights out of me. Imagine your money in the bank suddenly become like tissue paper. It is enough to make someone put a gun to their head, and pull the trigger...........

The proper name for it is hyperinflation, and to be quite frank, it sucks. Hyperinflation makes inflation look like sunday school. the price of everyday good will go up like 50%. When you see this, its time to run to the bank, get your money out, and buy as much gold and silver as you possibly can.

I hope and pray that hyperinflation doesn't happen in the U.S. If it does, there is truly no hope. Anyone who is not concerned about hyperinflation of the dollar does not know enough about economics.