Posts tagged income tax
How does money move between the States and Feds?
Published by NextNewsNetwork
Constitutional scholar Dr. Edwin Vieira sits down with Gary Franchi and answers the question… How does money move between the States and Feds?
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By Rick Wells
Abolish The IRS and End Income Tax Legislation Introduced in Congress
Three American Congressman are taking a stand for the citizens of this nation and leading an effort to steer us back in line with the Constitutional government as it was given to us by our founders. It is a large step but one that is sorely needed if we are to ever free ourselves from the shackles of our global government protagonists.
Congressman Jim Bridenstine, R-OK, along with Reps. Ron DeSantis, R-FL., and Thomas Massie, R-KY., has introduced House Joint Resolution 104, “an amendment to the Constitution of the United States to repeal the 16th article of Amendment.”
Among the arguments made in favor of this legislation is a resolution to the conflict which exists between the 16th amendment and the 4th Amendment protections to be secure in our persons, houses, papers and effects from unreasonable searches and seizures. Bridenstine’s contention is that the methodology of IRS seizures and IRS data-mining in the form of intrusive mandatory tax form submissions violate the fourth amendment protections.
Repealing the 16th Amendment would eliminate the personal and corporate income taxes, the estate and gift taxes and the taxes on investment earnings at the federal level.
The process is not difficult but does require some time and the involvement of the states and citizens. There is a simple three-fourths of the states approval threshold which must be met in order to repeal an amendment.
After ratification, there would be a two-year period which is more than enough time in which to determine a replacement revenue system.
During The Best Period Of Economic Growth In U.S. History There Was No Income Tax And No Federal Reserve1
During The Best Period Of Economic Growth In U.S. History There Was No Income Tax And No Federal Reserve
How would America ever survive without the central planners in the Obama administration and at the Federal Reserve? What in the world would we do if there was no income tax and no IRS? Could the U.S. economy possibly keep from collapsing under such circumstances? The mainstream media would have us believe that unless we have someone “to pull the levers” our economy would descend into utter chaos, but the truth is that the best period of economic growth in U.S. history occurred during a time when there was no income tax and no Federal Reserve. Between the Civil War and 1913, the U.S. economy experienced absolutely explosive growth. The free market system thrived and the rest of the world looked at us with envy. The federal government was very limited in size, there was no income tax for most of that time and there was no central bank. To many Americans, it would be absolutely unthinkable to have such a society today, but it actually worked very, very well. Without the inventions and innovations that came out of that period, the world would be a far different place today.
It is amazing what can happen when the government just gets out of the way. Check out all of the wonderful things that Wikipedia says happened for the U.S. economy during those years…
The rapid economic development following the Civil War laid the groundwork for the modern U.S. industrial economy. By 1890, the USA leaped ahead of Britain for first place in manufacturing output.
An explosion of new discoveries and inventions took place, a process called the “Second Industrial Revolution.” Railroads greatly expanded the mileage and built stronger tracks and bridges that handled heavier cars and locomotives, carrying far more goods and people at lower rates. Refrigeration railroad cars came into use. The telephone, phonograph, typewriter and electric light were invented. By the dawn of the 20th century, cars had begun to replace horse-drawn carriages.
Parallel to these achievements was the development of the nation’s industrial infrastructure. Coal was found in abundance in the Appalachian Mountains from Pennsylvania south to Kentucky. Oil was discovered in western Pennsylvania; it was mainly used for lubricants and for kerosene for lamps. Large iron ore mines opened in the Lake Superior region of the upper Midwest. Steel mills thrived in places where these coal and iron ore could be brought together to produce steel. Large copper and silver mines opened, followed by lead mines and cement factories.
In 1913 Henry Ford introduced the assembly line, a step in the process that became known as mass-production.
When hard working, industrious people are given freedom to pursue their dreams, great things tend to happen. The truth is that we were all designed to create, to invent, to build, and to trade with one another. We all have something that we can contribute to society, and when families are strong and the invisible hand of the free market is allowed to work, societies tend to prosper.
It is not a coincidence that the greatest period of economic growth in U.S. history was between the Civil War and 1913. The following information comes from Wikipedia…
The Gilded Age saw the greatest period of economic growth in American history. After the short-lived panic of 1873, the economy recovered with the advent of hard money policies and industrialization. From 1869 to 1879, the US economy grew at a rate of 6.8% for real GDP and 4.5% for real GDP per capita, despite the panic of 1873. The economy repeated this period of growth in the 1880s, in which the wealth of the nation grew at an annual rate of 3.8%, while the GDP was also doubled.
Wouldn’t you like U.S. GDP to double over the course of a decade now?
So why don’t we go back to a system like that?
In 1913, the Federal Reserve and a permanent national income tax were introduced. Today, the unelected central planners at the Federal Reserve totally run our financial system and the U.S. tax code is about 13 miles long. The value of our currency has declined by more than 96 percent since 1913, and the size of our national debt has gotten more than 5000 times larger.
Meanwhile, control freak bureaucrats seemingly run everything. Almost every business decision is heavily influenced either by taxes or by the millions of laws, rules and regulations that are sucking the life out of our economic system.
My favorite example of how suffocating red tape in America has become is the magician out in Missouri that was forced by the Obama administration to submit a 32 page “disaster plan” for the rabbit that he uses during his magic shows for kids.
It is no wonder why we don’t have any economic growth. The central planners in the federal government are killing our economy.
And the central planners over at the Federal Reserve are killing our financial system. In school we are taught that the Fed was created to bring stability to our financial system, but the truth is that they have been responsible for financial bubble after financial bubble, and now Federal Reserve Chairman Ben Bernanke has created the largest bond bubble in the history of the world. When that thing bursts, and it will, we are going to see financial carnage on an unprecedented scale.
Image credit: http://theeconomiccollapseblog.com
Fed Czars go to War – Chuck Morse
Published by NextNewsNetwork
For what may be the first time in the 100-year history of the Federal Reserve System, two candidates are publicly contending to replace the Fed’s outgoing chairman, Ben Bernanke.
Janet Yellen, vice chairwoman of the Fed’s Board of Governors, is said to be locked in a dead heat with Larry Summers, former President of Harvard and a former high-ranking economic adviser to Presidents Clinton and Obama.
As is the case in electoral politics, the contest between Yellen and Summers has included dirty campaigning — with supporters of Yellen accusing Summers of sexist behavior as Harvard President. They also point out that Mr. Obama would make history by appointing Yellen to be the Fed’s first female chairman.
In substantive terms, there’s not much difference between Yellen and Summers. Both of them support the Keynesian model of economics in which debt-driven government spending is seen as the key to expanding the economy.
During the 1990s, Summers played a key role in creating the real estate and mortgage bubble and the huge derivatives market that grew out of it — all of which led to the financial panic of 2008 and the ongoing recession.
Yellen, for her part, believes that Bernanke’s energetic expansion of money and credit has been inadequate. If she is appointed as Fed chairman, Yellen might well inaugurate an era of hyperinflation.
The Fed Chairman has more power over the U.S. economy — indeed, the world economy — than either the president or the Congress. Why is this so? Why does the Federal Reserve exist, and are we stuck with it? We’ll discuss this today with radio host and economic analyst Chuck Morse.
In addition to hosting the nationally syndicated “Chuck Morse Speaks” program on the IRN/USA Radio Network, Chuck has written two books — The Art and Science of American Money, and The Socialist Bible. He is also a columnist whose work has appeared in the Boston Globe, the Washington Times, WorldNetDaily, and numerous other publications.
With a tax code that exceeds 72,000 pages in length and consumes more than six billion person hours per year to determine taxpayers’ taxable income, with an IRS that has become a feared law unto itself, and with a government that continues to extract more wealth from every taxpaying American every year, is it any wonder that April 15th is a day of dread in America? Social Security taxes and income taxes have dogged us all since their institution during the last century, and few politicians have been willing to address these ploys for what they are: theft.
Texas Gov. Rick Perry caused a firestorm among big-government types during the Republican presidential primaries last year when he called Social Security a Ponzi scheme. He was right. It’s been a scam from its inception, and it’s still a scam today.
When Social Security was established in 1935, it was intended to provide minimal financial assistance to those too old to work. It was also intended to cause voters to become dependent on Franklin Delano Roosevelt’s Democrats. FDR copied the idea from a system established in Italy by Mussolini. The plan was to have certain workers and their employers make small contributions to a fund that would be held in trust for the workers by the government. At the time, the average life expectancy of Americans was 61 years of age, but Social Security didn’t kick in until age 65. Thus, the system was geared to take money from the average American worker that he would never see returned.
Over time, life expectancy grew and surpassed 65, the so-called trust fund was raided and spent, and the system was paying out more money than it was taking in — just like a Ponzi scheme. FDR called Social Security an insurance policy. In reality, it has become forced savings. However, the custodian of the funds — Congress — has stolen the savings and spent it. And the value of the savings has been diminished by inflation.
Today, the best one can hope to receive from Social Security is dollars with the buying power of 75 cents for every dollar contributed. That makes Social Security worse than a Ponzi scheme. You can get out of a Ponzi investment. You can’t get out of Social Security. Who would stay with a bank that returned only 75 percent of one’s savings?
The Constitution doesn’t permit the feds to steal your money. But steal, the feds do.
At one of last year’s Republican presidential debates, a young man asked the moderator to pose the following question to the candidates: “If I earn a dollar, how much of it am I entitled to keep?” The question was passed to one of the candidates, who punted, and then the moderator changed the topic. Only Congressman Ron Paul gave a serious post-debate answer to the young man’s question: “All of it.”
Every official foundational government document — from the Declaration of Independence to the U.S. Constitution to the oaths that everyone who works for the government takes — indicates that the government exists to work for us. The Declaration even proclaims that the government receives all of its powers from the consent of the governed. If you believe all this, as I do, then just as we don’t have the power to take our neighbor’s property and distribute it against his will, we lack the ability to give that power to the government. Stated differently, just as you lack the moral and legal ability to take my property, you cannot authorize the government to do so.
Here’s an example you’ve heard before. You’re sitting at home at night, and there’s a knock at the door. You open the door, and a guy with a gun pointed at you says: “Give me your money. I want to give it away to the less fortunate.” You think he’s dangerous and crazy, so you call the police. Then you find out he is the police, there to collect your taxes.
The framers of the Constitution understood this. For 150 years, the federal government was run by user fees and sales of government land and assessments to the states for services rendered. It rejected the Hamiltonian view that the feds could take whatever they wanted, and it followed the Jeffersonian first principle that the only moral commercial exchanges are those that are fully voluntary.
This worked well until the progressives took over the government in the first decade of the 20th century. They persuaded enough Americans to cause their state legislatures to ratify the Sixteenth Amendment, which was designed to tax the rich and redistribute wealth. They promised the American public that the income tax would never exceed 3 percent of income and would only apply to the top 3 percent of earners. How wrong — or deceptive — they were.
Yet, the imposition of a federal income tax is more than just taking from those who work and earn and giving to those who don’t. And it is more than just a spigot to fill the federal trough. At its base, it is a terrifying presumption. It presumes that we don’t really own our property. It accepts the Marxist notion that the state owns all the property and the state permits us to keep and use whatever it needs us to have so we won’t riot in the streets. And then it steals and uses whatever it can politically get away with. Do you believe this?
There are only three ways to acquire wealth in a free society. The inheritance model occurs when someone gives you wealth. The economic model occurs when you trade a skill, a talent, an asset, knowledge, sweat, energy or creativity to a willing buyer. And the mafia model occurs when a guy with a gun says: “Give me your money or else.”
Which model does the government use? Why do we put up with this?
Submitted by Ian56
Ben mentions some of the other items of Corporate Welfare and how the vast majority of taxpayers are going to pay more in taxes in 2013.
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On May 3rd, 2012 at the University of California at Davis Ron Paul spoke to thousands of cheering, sign waving supporters. Wherever he goes Ron Paul is supported by The Many.
A range of topics were covered included tolerance in society, non-violence, compassion towards others, the free speech issues of today, and a peace through trade foreign policy citing historic and present day examples.
Touching on the cornerstone of his monetary policy, Dr. Paul explained how current economic policies hurt the purchasing power of the middle class, how to solve the inflation issues of today, and how freedom can bring people together to create prosperity.
by Michael Tennant
Because April 15 is a Sunday and April 16 is a holiday in the District of Columbia, the deadline for filing federal income-tax returns this year falls on April 17. Coincidentally, that is also Tax Freedom Dayfor 2012: the day on which the average American will have worked long enough to pay his share of all the taxes government will extract from the populace this year.
Each year the Tax Foundation, a nonpartisan tax research group based in Washington, D.C., calculates Tax Freedom Day by dividing the total of all federal, state, and local taxes collected that year by national income, then multiplying the result by 365. For 2012 the total tax burden — $2.62 trillion in federal taxes and $1.42 trillion in state and local taxes — comes to 29.2 percent of income; thus, Americans must work 107 days to pay all their taxes. Counting from January 1 and skipping Leap Day to keep things comparable from year to year, that means Tax Freedom Day falls on April 17.
According to the Tax Foundation, Americans will have to work 40 days to pay all their income taxes, 27 days for all social insurance taxes (e.g. Social Security, Medicare), 14 days for all sales and excise taxes, 12 days for state and local property taxes, 10 days for all corporate income taxes (because, the foundation notes, “all taxes on businesses are ultimately passed on to individuals”), and 7 days for all other taxes. In fact, government costs so much that “Americans will spend more in taxes in 2012 than they will on food, clothing, and housing combined,” the foundation observes.
This year’s Tax Freedom Day is four days later than last year’s and seven days later than when Barack Obama assumed the presidency. It would be an additional three days later this year had the payroll tax holiday not been extended through 2012. This is not the latest Tax Freedom Day has fallen, however; that honor goes to the year 2000, in which it fell on May 1.
By Dan in News
Ron Paul smashed attendance records last night at UC Berkeley finally putting to rest the question of how big will his rallies in California be. The campaign estimates that over 8,500 people gathered to listen to Paul speak on the steps of Doe Library. This is of course the latest and largest gathering that the congressman has had in this election cycle.
UC Berkeley has a reputation of left-wing politics and activism however as these videos show freedom is probably the most popular view on campus these days.