Is U.S. income tax invalid?

I already did.. but here it is again from the same IRS brochure....

Quote:

B. The Meaning of Income: Taxable Income and Gross Income
1. Contention: Wages, tips, and other compensation received for personal services are not income.
This argument asserts that wages, tips, and other compensation received for personal services are not income, because there is allegedly no taxable gain when a person "exchanges" labor for money. Under this theory, wages are not taxable income because people have basis in their labor equal to the fair market value of the wages they receive; thus, there is no gain to be taxed. A variation of this argument misconstrues section 1341, which deals with computations of tax where a taxpayer restores a substantial amount held under claim of right, to somehow allow a deduction claim for personal services rendered.
Another similar argument asserts that wages are not subject to taxation where a person has obtained funds in exchange for their time. Under this theory, wages are not taxable because the Code does not specifically tax these so-called "time reimbursement transactions." Some take a different approach and argue that the Sixteenth Amendment to the United States Constitution did not authorize a tax on wages and salaries, but only on gain or profit.
The Law: For federal income tax purposes, "gross income" means all income from whatever source derived and includes compensation for services. I.R.C. § 61. Any income, from whatever source, is presumed to be income under section 61, unless the taxpayer can establish that it is specifically exempted or excluded. In Reese v. United States, 24 F.3d 228, 231 (Fed. Cir. 1994), the court stated, "an abiding principle of federal tax law is that, absent an enumerated exception, gross income means all income from whatever source derived.

And the refresher on the law itself for Section 61

Quote:

(a) General definition
Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items:
(1) Compensation for services, including fees, commissions, fringe benefits, and similar items;

My prediction is that you will now argue semantics because they didn't use your exact words.

0 Replies

parados wrote:

I already did.. but here it is again from the same IRS brochure....

Quote:
B. The Meaning of Income: Taxable Income and Gross Income
1. Contention: Wages, tips, and other compensation received for personal services are not income.
This argument asserts that wages, tips, and other compensation received for personal services are not income, because there is allegedly no taxable gain when a person "exchanges" labor for money. Under this theory, wages are not taxable income because people have basis in their labor equal to the fair market value of the wages they receive; thus, there is no gain to be taxed. A variation of this argument misconstrues section 1341, which deals with computations of tax where a taxpayer restores a substantial amount held under claim of right, to somehow allow a deduction claim for personal services rendered.
Another similar argument asserts that wages are not subject to taxation where a person has obtained funds in exchange for their time. Under this theory, wages are not taxable because the Code does not specifically tax these so-called "time reimbursement transactions." Some take a different approach and argue that the Sixteenth Amendment to the United States Constitution did not authorize a tax on wages and salaries, but only on gain or profit.
The Law: For federal income tax purposes, "gross income" means all income from whatever source derived and includes compensation for services. I.R.C. § 61. Any income, from whatever source, is presumed to be income under section 61, unless the taxpayer can establish that it is specifically exempted or excluded. In Reese v. United States, 24 F.3d 228, 231 (Fed. Cir. 1994), the court stated, "an abiding principle of federal tax law is that, absent an enumerated exception, gross income means all income from whatever source derived.

And the refresher on the law itself for Section 61

Quote:
(a) General definition
Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items:
(1) Compensation for services, including fees, commissions, fringe benefits, and similar items;

Yeah thats not what I asked. Those terms and cites can all be refuted and indeed already have been. The 'law' if you will is so intentionally deceptively written I for one am surprised that you haven't been a stickler to research it deeper than that.

Since you tout the IRS website so much, why dont you try something?
Why dont you email them and ask them "What law requires me to pay income tax?" Really do this, and when they dont answer your question ask them AGAIN.

0 Replies

Richard Saunders wrote:

Yeah thats not what I asked. Those terms and cites can all be refuted and indeed already have been. The 'law' if you will is so intentionally deceptively written I for one am surprised that you haven't been a stickler to research it deeper than that.

It seems pretty clear to me that they are answering your question
But I am curious how you think they can never cite a law but at the same time cite a law that is intentionally deceptive. Either they cite a law or not. Whether you agree with the law is immaterial in the question of whether they cited one or not. This is more of your disingenuous argument. You say something doesn't exist then when presented with evidence of it existing you declare you don't believe it.

Quote:

Since you tout the IRS website so much, why dont you try something?
Why dont you email them and ask them "What law requires me to pay income tax?" Really do this, and when they dont answer your question ask them AGAIN.

More of the same from you.. I showed you specifically where the IRS cites the law. Arguing that they won't answer me if I email them doesn't make their citation go away. If I did email them and they emailed me a link to the same brochure you would still argue they didn't cite any law. No matter what evidence you are presented with you will deny that it exists. You have proven that here.

As for the law itself, which you claim is deceptively written, when given an opportunity to discuss specifics you refuse. You claim it is deceptive but have pointed to no language in the law other than to be deceptive yourself about what the law contains.

0 Replies

The IRS brochure is NOT the law.

Unless I am mistaken; INCOME is not legally defined.

AMERICA DECEIVED

By law (check the Congressional record), we can buy back the FED for the original investment of the FED's 300 shareholders, which is $450 million (Reference 1, P. 227, Reference 17, P. 36). If each taxpayer paid $25, we could buy back the FED and all the profit would flow into the U.S. Treasury. In other words, by Congress allowing the constitutionally illegal FED to continue, much of your taxes go to the shareholders of the FED and their bankers.

Note: The people who enacted the FED started the IRS, within months of the FED's inception. The FED buys U.S. debt with money they printed from nothing, then charges the U.S. taxpayers interest. The government had to create income tax to pay the interest expense to the FED's shareholders, but the income tax was never legally passed (Reference 20 shows details, state-by-state why it was not legally passed). The FED is illegal, per Article 1, Section 8 of the United States Constitution. Not one state legally ratified the 16th Amendment making income tax legal.

Currently, fewer and fewer Americans are being convicted for refusal to pay income taxes. In IRS jury trials, the jury, by law, must decide if the law is just. If taxpayers do not believe the law is just, the jury may declare the accused innocent. Judges are legally bound to inform juries of their right to determine the fairness of a law. Judges often do not disclose this information so they can control the court outcome. Luckily, more and more citizens are becoming informed. If one juror feels the law is unfair, they can find the defendant innocent (Reference 19). In Utah, the IRS quit prosecuting taxpayers because jurors verdict is not guilty. Please tell your friends and sit in the next jury.

If we eliminate the FED and uphold the Constitution, we could balance the budget and cut personal income tax to almost nothing. In Congressional hearings on September 30, 1941, FED Chairman Eccles admitted that the FED creates new money from thin air (printing press), and loans it back to us at interest (Reference 17, P. 93). On June 6, 1960, FED President Mr. Allen admitted essentially the same thing (Reference 22, P. 164). If you or I did this we would go to jail.

It is time to abolish the FED! Tell your friends the truth and win America back. We don't even need to buy back the FED. We only need to print money the way the Constitution requires, not the new proposed international money. We want to keep our sovereignty and print real U.S. money.

Why has Congress allowed the FED to continue? If a Congressperson tries to abolish the FED, the banks fund the Congressperson's opponent in the next election (Reference 17, P. 35). The new Congressperson will obviously support the FED. When Congress people retire, political campaign funds are not taxed. Get elected and be a millionaire if you vote right. By the way, the profit of the FED is not taxed either (Reference 1, 9). Once America understands, and takes action, Congress people will then gladly abolish the FED. In 1992, Illinois Congressman Crane introduced a bill, co-sponsored by 40 other Congressman, to audit the FED. This is a step in the right direction.

0 Replies

Tryagain wrote:

The IRS brochure is NOT the law.

FED, the banks fund the Congressperson's opponent in the next election (Reference 17, P. 35). The new Congressperson will obviously support the FED. When Congress people retire, political campaign funds are not taxed. Get elected and be a millionaire if you vote right. By the way, the profit of the FED is not taxed either (Reference 1, 9). Once America understands, and takes action, Congress people will then gladly abolish the FED. In 1992, Illinois Congressman Crane introduced a bill, co-sponsored by 40 other Congressman, to audit the FED. This is a step in the right direction.

THE FED. RESERVE DOESNT PAY TAXES??? HOW CAN THAT BE?
THEY ARE THE LARGEST CORPORATION IN THE WORLD; IF THEY DIDNT PAY THEIR TAXES THEY WOULD BE ARRESTED AND HAVE THEIR ASSETS SEIZED BY THE IRS RIGHT?!?!?

BUT BUT BUT THE LAW SAYS EVERYBODY HAS TO PAY TAXES!!!... IT SAYS SO ON SOME BROCHURE I GOT OFF IRS.GOV!!! Of course nobody from the IRS will ever tell me, write me or email me where or what this supposed law is, But they will give me this nice little brochure and warn me to watch out for scams..

IM BEN FRANKLIN GOD DAMMIT.... IM THE GOD-DAMNED GINGERBREAD MAN.

Ben Franklin used to print up paper money for some of the colonies. truly colonial scrip. Issued debt-free by the aforementioned colonies. IT allowed the colonies to be truly prosperous before the British did away with it with the various Currency Acts..

0 Replies

Eagle eyed and perceptive Richard picks up on:

THE FED. RESERVE DOESNT PAY TAXES??? HOW CAN THAT BE?
THEY ARE THE LARGEST CORPORATION IN THE WORLD; IF THEY DIDNT PAY THEIR TAXES THEY WOULD BE ARRESTED AND HAVE THEIR ASSETS SEIZED BY THE IRS RIGHT?!?!?

Remember, this whole cartel was setup between corrupt politicians and corrupt bankers, I have more to disclose but things are getting hot around here, if I suddenly disappear; tell them to look near Jimmy Hoffa.

0 Replies

Tryagain wrote:

The IRS brochure is NOT the law.

Nobody said it was the law. That would be your strawman.

It is where the IRS cites the law which some people seem to keep claiming the IRS has never done.

It would be helpful if you bothered to cite the people you are stealing from Try. I realize you won't because you have no morals but I can at least ask I guess.

0 Replies

Tryagain wrote:

Unless I am mistaken; INCOME is not legally defined.

And you still haven't shown me how "income" has to be defined since taxes are based on "taxable income" which IS defined. "Taxable income" is figured from "gross income" which is ALSO defined.

As for your 1992 article. It has little relevence in its claim that the number of convictions are down and that there are no longer any IRS prosecutions in Utah.

I am curious as to which measure you use to declare the FED the largest corporation in the world? I assume it isn't because of the number of employees. But perhaps you can provide something to support that specious claim.

0 Replies

Parados slanderously wrote, "Try.I realize you won't because you have no morals"

This time Sir, you have not gone too far enough!

One spring day, a fish was swimming about a foot below the surface of a lake and saw a fly hovering just out of striking distance.

The fish said to itself, "If that fly comes six inches closer, I'll jump up and have myself a meal." Just then, a bear on the shore of the lake looked up and said to itself, " If that fly gets any closer to that fish, the fish will jump up, and I'll catch the fish and have myself a meal."

As luck would have it, a hunter saw what was happening. He thought to himself, "If that fly moves closer to the fish, the fish will jump, the bear will lean over to grab the fish, and I'll shoot the bear."

Just then, a rat was standing behind the hunter saying to itself," If that fly moves closer to the fish, the fish will jump, the bear will lean over to grab the fish, the hunter will lean over to shoot the bear, and I'll grab the sandwich from the back pocket of the hunter.

However, unbeknownst to the rat, a cat was observing everything and thinking, "If that fly moves closer to the fish, the fish will jump, the bear will grab the fish, the hunter will shoot the bear, the rat will grab the sandwich, and I'll snatch the rat."

At that very moment, the fly dropped a few inches, the fish grabbed the fly, the bear grabbed the fish, the hunter shot the bear, the rat grabbed the sandwich the cat jumped, missed the rat and landed in the lake.

The moral of this story is:

If the fly drops six inches the pussy will get wet.

I call on you to recant.

0 Replies

I see no reason to recant my belief that persons that repeatedly steal from others have no morals.

0 Replies

Tryagain wrote:

I don't come here to be condemned without a fair trialI only have to read the papers!

However, in the sprit of reconciliation and forgiveness; I am prepared to say that the information came from part of a report I commissioned on the history of the FED, as a direct result of the thought provoking comments made by Richard.

Did you go back in time to commission this report since it seems to have been written in 1992.

Quote:

Quote:

Does it not fit:

"a) General definition
Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items:
(1) Compensation for services, including fees, commissions, fringe benefits, and similar items;" ?

Who are you claiming is compensated with those campaign funds? I suggest you check out US Title 2 section 439a in its current form. (You might want to stop using 1992 information in general.)

Quote:
Please provide evidence of the Fed ever making a profit. They are "non profit"

Quote:

Despite the cost of living, have you noticed how popular it remains?

Over to you.

0 Replies

Parados politely writes;

"Please provide evidence of the Fed ever making a profit. They are "non profit"

Taken from your link:

BUDGET OF THE UNITED STATES GOVERNMENT

THE BUDGET FOR FISCAL YEAR 2008, HISTORICAL TABLES

Page 45:

Federal Reserve Deposits *

* In millions of dollars

1995 .....23,378
1996 .....20,477
1997 .....19,636
1998 .....24,540
1999 .....25,917
2000 .....32,293
2001 .....26,124
2002 .....23,683
2003 .....21,878
2004 .....19,652
2005 .....19,297
2006 .....29,945

2007 estimate 32,638

Although the FED is indeed required to give back most of its PROFITS back to the Treasury Dept., there is NO ORGANIZATION that has the power to AUDIT the FED (not even the Congress or the IRS).

We are doomed I tell ya'. Doomed!

0 Replies

If those are your basis for calling the FED the largest corporation then it isn't even the largest bank...
http://nyjobsource.com/banks.html
Bank Deposit in thousands of dollars Deposits in millions.
Bank of America 563,906,844 563,906
JPMorgan Chase Bank 434,752,000
Wachovia Bank 306,348,000
Wells Fargo Bank 298,672,000

It seems Bank of America is almost 20 times larger than the FED.

And the truth to refute your latest specious claim....

How the Fed is audited

Quote:

Operations at each Federal Reserve Bank also are subject to review by the General Accounting Office (GAO), the audit arm of the U.S. Congress.

0 Replies

Hey TRY,

Good news! The IRS has a *NEW* Brochure out..

NEW IRS BROHURE YAY!

This time its baby blue instead of violet. And the first question it asks is "Why do I have to pay taxes." (They dont answer the question. Though my answer would be so we could pay for our money we buy from the federal reserve)

But hey, there is hope.. Underneath that there is a heading that says "Understanding the law..." But I get down to the 16th ammendment and then I immediately realize that my "income" isnt "derived" from anything. Good thing I read this.. Now I realize that my 'income' doesnt apply to this 'income tax.'

Im glad I read this. It made things so much clearer for me. Oh, and be sure to stay away from those phony tax schemes and such. It says there are a lot of those out there. Guess it takes one to know one eh?

0 Replies

So your income doesn't come from anything?

How does it arrive then Richard? Does it just magically appear in your bank account without you doing anything?

0 Replies

Thanks for the laugh Richard.

If this is right

"Congress used the power granted by the Constitution and Sixteenth Amendment, and made laws requiring all individuals to pay tax."

This is wrongand vice versa!

"The tax law is found in Title 26 of the United States Code. Section 6012 of the Code makes clear that only individuals whose income falls below a specified level do not have to file returns."

They go on to say

"Vigorously apply both civil and criminal sanctions, including prosecution and prison sentences, against those who persist in violating the tax laws."

Strange; I thought the courts handed out prison sentences!

A law unto themselves.

0 Replies

Hidden for 46 years; the document that would leave us defenceless.

Freedom From War
The United States Program
for General and Complete
Disarmament in a Peaceful
World

U.S. DEPARTMENT OF STATE
DEPARTMENT OF STATE PUBLICATION 7277
Disarmament Series 5
September 1961
Office of Public Services

BUREAU OF PUBLIC AFFAIRS
INTRODUCTION

The revolutionary development of modern weapons within a world divided by serious ideological differences has produced a crisis in human history. In order to overcome the danger of nuclear war now confronting mankind, the United States has introduced at the Sixteenth General Assembly of the United Nations a Program for General and Complete Disarmament in a Peaceful World.

This new program provides for the progressive reduction of the war-making capabilities of nations and the simultaneous strengthening of international institutions to settle disputes and maintain the peace. It sets forth a series of comprehensive measures which can and should be taken in order to bring about a world in which there will be freedom from war and security for all states. It is based on three principles deemed essential to the achievement of practical progress in the disarmament field:

THIRD STAGE
During the third stage of the program, the states of the world, building on the experience and confidence gained in successfully implementing the measures of the first two stages, would take final steps toward the goal of a world in which:

States would retain only those forces, non-nuclear armaments, and establishments required for the purpose of maintaining internal order; they would also support and provide agreed manpower for a U.N. Peace Force.

The U.N. Peace Force, equipped with agreed types and quantities of armaments, would be fully functioning.

The manufacture of armaments would be prohibited except for those of agreed types and quantities to be used by the U.N. Peace Force and those required to maintain internal order. All other armaments would be destroyed or converted to peaceful purposes.

State Department document 7277 calls for the disarming of America, thus turning US sovereignty over to a one-world government. Again, the media is pushing to eliminate guns. Our forefathers believed that the right to bear arms would prevent a takeover of our government. History shows that before any government took over, they disarmed the citizens. Hitler did it, and before our Revolutionary War, King George told us to disarm - good thing we didn't!

Under the Federal Reserve Bank Act, the bankers control our economy. The FED controls interest rates and the amount of money in the economy. These factors determine either economic prosperity or the lack thereof. Bankers are now pushing for a one world government and a cashless society. Why cashless? No cash means no money for drugs, no theft, and the ability to collect taxes on the underground economy.

Anyone who wouldn't support a cashless society must be a drug dealer, thief, or tax evader, right? What a cashless society really means is the banks can now control you. Today you fear the IRS. In a cashless society, if you disagree with the bankers' political goals, you'll find your money gone via computer error.

If you could accurately predict future interest rates, inflation and deflation, you would know when to buy or sell stocks and make a bundle of money. The FED has secret meetings (per Congressional Record) to determine future interest rates and the amount of money to be printed. The Securities Exchange Commission (SEC) by law, stops insiders from profiting by privileged information. Congressional records prove that FED bankers routinely hold secret meetings to profit by manipulating the stock market via interest rates and the amount of money they create.

FED bankers also profit greatly from economic disasters like the Depression (Reference 22, P. 56). The bankers create inflation, sell their stocks before the market crashes, then buy up stocks at cheaper prices. Bankers admitted this to Congress. This violates the law, yet Congress does not act because these bankers are large political contributors .

Thomas Jefferson predicted this scenario if we ever allowed a private bank, like the FED, to create the currency.

FED Chairman Burns states "Killing can be made simply by knowing the next few months newspapers ahead of time." Congressman Patman said "The FED officials own more than 100 million dollars (of stocks) while making decisions influencing these stock prices..." History proves that banks profit from bankrupting a nation.

Congress consistently defeats balanced budget amendments. In the past 30 years, Congress has raised our taxes 56 times and balanced the budget only once. We need the sound banking system our forefathers wanted us to have. History proves that banking systems like the FED don't work. Major world powers have been destroyed over similar banking systems. If we don't change this system NOW, in five years the only thing our taxes will pay is the interest on the national debt.

Section 7 of the Federal Reserve Act, passed December 23, 1913, states that much of the profit of the FED should flow into the U.S. Treasury. In 1959, new legislation allowed the FED to transfer bonds to commercial banks at no cost to the bank. Now the FED receives less interest income and less profit for the U.S. Treasury because the money is diverted to other banks through an accounting entry.

Congress and the IRS do not have access to the financial records of the FED. Every year Congress introduces legislation to audit the FED, and every year it is defeated. The FED banking system could easily be netting 100s of billions in profit each year. Through "creative accounting" profit can easily be reclassified as expense.

Within the first few years, the shareholders of the FED received their initial investment back with no risk. All the income is tax-free, except for property tax, according to the Federal Reserve Act. When are the profits of the FED going to start flowing into the Treasury so that average Americans are no longer burdened with excessive, unnecessary taxes?

Clearly, Congress cannot or will not control the FED.

IT IS TIME TO ABOLISH IT!

0 Replies

Well, wicked Wednesday rolls round once more; how have ya'll been?
Now I have seen off the unbelievers, we have the space to flesh out some of the facts:

Below is quote from Representative Louis T. McFadden, Chairman of the Committee on Banking and Currency for 12 years as quoted from the Congressional Record:

The Federal Reserve Board, ..., has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt...

Our people's money to the extend of $1,200,000,000 has within the last few months been shipped abroad to redeem Federal Reserve Notes and to pay other gambling debts of the traitorous Federal Reserve Board and the Federal Reserve Banks...............

SUMMARY OF QUICK FACTS

1a. The Federal Reserve (FED) is a PRIVATELY OWNED, organization. Unbelievable? Check the ENCYCLOPAEDIA BRITANNICA.

b. Below is the list of the owners of the 12 Central Banks:

Rothschild Bank of London
Rothschild Bank of Berlin
Lazard Brothers of Paris
Israel Moses Seif Banks of Italy
Warburg Bank of Amsterdam
Warburg Bank of Hamburg
Lehman Brothers of New York
Kuhn Loeb Bank of New York
Goldman, Schs of New York
Chase Manhattan Bank of New York

In all, there are about 300 VERY POWERFUL, partly foreign individuals that own the FED.

The owners of the FED own the controlling interests in ALL major media in the US. Rockefeller, through Chase Manhattan bank, controls CBS and ABC and 28 other broadcasting firms. Each of the other owners of the FED also have controlling interest in the US media. This explains why the media have been silent about the FED scam. The FED fraud is the biggest and longest cover-up in the US today.

According to Article 1, Section 8 of the Constitution, the US Congress has the power to print money (The Congress shall have the power...to coin money, regulate the value thereof, and of foreign coin, ...). According to the Supreme Court, the Congress cannot transfer its power to other organizations like the FED.

HISTORY OF THE FED

After several attempts to push the Federal Reserve Banking Act through Congress, a group of bankers funded and staffed Woodrow Wilson's campaign for President. In 1913, Nelson Aldrich, maternal grandfather to the Rockefellers, pushed the Federal Reserve Act through Congress just before Christmas, when most Congressmen were on vacation. Naturally, President Wilson passed the Act when he was elected as a pay-back to the bankers.

HOW THE OWNERS OF THE FED PROFIT AT OUR EXPENSE!

Did you know

The US government runs a $400 billion deficit annually. To cover this, the US government issues bonds which are bought by the FED.

Since the FED has the POWER TO PRINT MONEY, it can buy any amount of the US Government bonds at almost NO COST, save for the expense of printing money (~3 cents/$100).

At this point, the owners of the FED already profit $99.97 for every 3c they invest to print the money. Basically, they exchange something that costs almost nothing to them with the US Government Bonds.

Since the FED CANNOT be AUDITED by the IRS (or even by Congress), most of this profit can go anywhere the FED owners want it to. BTW, did I mention that the profit is TAX-FREE?

After buying the bonds, the owners of the FED can either:

1. Keep the bonds, and collect the interest the US Government now OWES them.

2. Sell the bonds to the US Tax Payers or foreigners.

In either case, the FED owners have profitted $99.97 for every 3 cents they invested to print the money. Remember, the FED is a PRIVATELY OWNED corporation, just like Federal Express. The profit of the FED goes to the FED owners.

The US Government now owes the FED owners the interest on those bonds. Remember that the FED owners DO NOT EARN the bonds. They simply PRINT the money to buy the bonds. In other words, they created money out of thin air, and exchanged it for the interest bearing bonds.
In order to pay for the bonds' interest, the US Government taxes the US population.

When a US Citizen holding US Government bonds receives his/her return of investment on the bonds, essentially the money he/she receives is the tax money he/she is paying to the Government.

When the OWNERS of the FED receive the interest on the BONDS they're holding, they are receiving that money for FREE (save the initial 3cent/$100 investment to print the money)! Not only that, the FED owners receive the money TAX FREE.

Under the LAW, the FED is REQUIRED to RETURN its PROFIT back to the US Treasury. However, NEITHER the Congress NOR the IRS have the POWER to AUDIT the FED. The FED has used this obvious loophole to profit via 'creative accounting'.

Consider this: every year, the FED profits by hundreds of billions of dollars by buying US Government Bonds. Yet it only returns ~$20 billion to the US Treasury. The rest of the profit has been spent as "Operational Expenses".

The FED expects us to believe that the FED operational expenses amount to $100's billion dollars annually!!!

The truth is, those profits were spent as "DIVIDENDS TO SHAREHOLDERS"!!!!

Year after year, the FED owners bleed the US Tax Payer dry by hundreds of billions of dollars. Keep this going, and the US will go bankrupt in a few more years. Small wonder why the National Debt is increasing at its current rate.

When or if I return.I give reasons why the FED should be abolished.

0 Replies

More stupidity from the nut cases..

Most of this has been answered before..

But..

Quote:

At this point, the owners of the FED already profit $99.97 for every 3c they invest to print the money. Basically, they exchange something that costs almost nothing to them with the US Government Bonds.

This has to be the one of the stupidest arguments I have ever seen? And what pray tell does the US government pay off its bonds with? That would be dollars purchased from the Fed.

If you want to argue that a dollar is only worth 3 cents then the Federal government is only providing 3 cents in bonds for every dollar it gets since the bond is redeemable for its face value in dollars.

0 Replies

Is U.S. income tax invalid?

Related Topics

Quick Links

My Account

able2know