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General Discussion

Elmergantry

(884 posts) Fri Jul 17, 2015, 08:44 PM Jul 2015

Why have a Federal income tax at all?

When the govt has the power to create fiat money, it can fund itself by simply spending it into existence.

Abraham Lincoln did it, as did Hitler.

Instead, the govt has delegated the Fed Reserve to loan money into existence. Every dollar is owed ultimately to the Fed. That's why your dollar bill says "Federal Reserve NOTE"

When money was "real" that is made of something tangible like gold and silver, the King had to tax the peons because it was a lot easier to obtain the gold he needed that way than plundering/mining for it. No need to collect taxes with fiat money.

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General Discussion

Elmergantry

Why have a Federal income tax at all?

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