Did you know that all the income taxes paid every year just covers the interest on debt to banks?

Answer 1

Thats true very true, if we got rid of The Federal reserve Bank we could do away with The income tax, Irs and such eveil 1913 Income tax was never radtified,, but snuck thru in the wee wee hours,, Freedom to Fasisum Arron Russo watch the film

Answer 2

He sounds like a clueless loser. except he shows you a letter from the IRS that states that his furnish in Compromise has been prevalent, the unique debt became the $5,698. An OIC is particularly difficult to get authorized and if he has the flexibility to earn $17 to $21 an hour there is little if any hazard that they might settle for his furnish. additionally the IRS has as much as two years to contemplate an furnish, wherein era the taxpayer would desire to proceed making money on the debt. A greater probably subject is that he did some figuring out to purchase and promoting and did not checklist it. The IRS assumed that it became all benefit and assessed tax to that end. He supplied the fee foundation thoughts and the IRS adjusted the tax bill. If he had a pile of trades, that would desire to generate a pile of place of work work as each and every commerce must be pronounced one after the other. Is there a particular reason which you have have been given been with this giggle-head for 8 years??

Answer 3

Don't know why I am answering this question, you probably just want somebody to reinforce your delusions.

The total debt is $8.89 trillion. It's a lot, but considering the size of our economy, it is still consistent with some other industrialized nations.

T-bills and treasury notes carry interest rates of between 4 and 6 percent. Even if all of the debt was at 6%, which it is not, then the interest payments would be close to $533 billion. Individual income tax receipts alone totaled $1.04 trillion. This does not include social security and medicare receipts. It also doesn't include corporate income tax receipts. So, it is obvious that the premise behind your question is false.

There is another fact about the debt that tax protestors tend to ignore. About 44% of the U.S. debt is held by the U.S. Government. This allows the government to shift money from one portion to the other without having to rewrite a budget. Only $4.96 trillion is actually held by agencies, people, countries outside of the U.S. Government. In order for all of our tax dollars to only go to pay interest held by people outside of our government, the interest rate would have to be over 20% and it is nowhere near that rate.

Only about 7% of the U.S. debt is held by the Federal Reserve. By law, the Federal Reserve has to refund to the U.S. Treasury about 95% of the interest payments collected on the debt. Look it up for yourself. BTW, the Federal Reserve system is covered under Title 12, Chapter 3 of the U.S. Code. http://www.law.cornell.edu/uscode/html/uscode12/usc_sup_01_12_10_3.html

The movie, "Freedom to Fascism" is full of misconceptions and falsehoods. I only made it through about 10 minutes of it because I couldn't stand the stupidity.

1. The 16th amendment was properly ratified. This has been discussed in court many times and every time, the court has upheld the validity of that amendment. It is a moot point anyway, since it is now a part of the Constitution, it would take an act of Congress, signature of the President and ratification by the states to have it repealed.

In U.S. v. Thomas, 788 F.2d 1250 (7th Cir. 1986), cert. den. 107 S.Ct. 187 (1986)
“Although Thomas urges us to take the view of several state courts that only agreement on the literal text may make a legal document effective, the Supreme Court follows the “enrolled bill rule.” If a legislative document is authenticated in regular form by the appropriate officials, the court treats that document as properly adopted. Field v. Clark, 143 U.S. 649, 36 L.Ed. 294, 12 S.Ct. 495 (1892). The principle is equally applicable to constitutional amendments. See Leser v. Garnett, 258 U.S. 130, 66 L.Ed. 505, 42 S.Ct. 217 (1922), which treats as conclusive the declaration of the Secretary of State that the nineteenth amendment had been adopted."

The 19th amendment had similar and some more serious discrepancies about its' ratification than the 13th amendment. By Russo's and some other tax protestor's thinking, women shouldn't be allowed to vote either.

2. The quote attributed to Woodrow Wilson is false. Other than the first line, which I cannot find anywhere, the rest of the quote was taken out of context from his book, "The New Freedom". "The New Freedom" was a compilation of some of his campaign speeches and was published in 1913. Since he made those speeches in 1911 and 1912, how can they be attributed to the passage of the Federal Reserve act or to the passage of the 16th amendment? Short answer is, they can't. You can read his book for yourself at the Gutenberg project at http://www.gutenberg.org/etext/14811

I'm going to finish with a few short comments. There is a law concerning income taxes, it is Title 26 of the U.S. Code.
http://www.law.cornell.edu/uscode/uscode26/usc_sup_01_26.html
There is a law that says people must file returns, it is Title 26, Subtitle F, Chapter 61, Subchapter A, Part II, Subpart A, § 6011 which states (in part), "When required by regulations prescribed by the Secretary any person made liable for any tax imposed by this title, or with respect to the collection thereof, shall make a return or statement according to the forms and regulations prescribed by the Secretary. Every person required to make a return or statement shall include therein the information required by such forms or regulations."
http://www.law.cornell.edu/uscode/uscode26/usc_sec_26_00006011----000-.html

Answer 4

Considering that 58% of Federal revenue was from income tax (individual & coroprate) last year, and 13% of the budget went to servicing the interest on the national debt (which is apalling, BTW), I know that assertion to be false.


(Another 35% is obtained from the Social Security tax, meaning individual taxpayers carry - directly - 78% of the burden of funding our government)

Answer 5

Yes, I became aware of this fact watching the documentary, America: From Freedom to Facism.

Also note, that the income tax is illegal and was never ratified.

Most people believe there income tax supports public programs , but like you stated, it goes to paying off interest to the Federal Reserve.

Also note, the Federal Reserve is NOT a branch of the government. It was founded and operated by private bankers/banks. That is why we pay interest.

Answer 6

Your facts are wrong, sorry.

The debt is appoximately 9 trillion, primarily owned to U.S. citizens holding savings bonds and Tbills.

In Fiscal Year 2006, the U. S. Government spent $406 Billion of your money on interest payments to the holders of the National Debt.
http://www.federalbudget.com/

Tax revenues were approximately $2.4 trillion, or six times that.

IF we used all the taxes to pay off the debt, it could be gone in five years w/o changing rates.

Answer 7

Nope.
Is that why the Democrat Politicians want to Raise Taxes?????
Is that why the Democrats want our Paychecks????
Is that why the Democrats want to keep people poor, down, and on the Democrat Plantation????

If the Democrat Voters got off Welfare and got jobs, the Democrat Politicians would get more taxes.
That would be Cool!!!!!

Answer 8

on chinese banks you mean to say.