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#21
Old 05-29-2010, 11:24 PM
TheJoker
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Agreed with all but 4 and 5...

The federal income tax goes towards a multitude of government programs which the people of the US seem to want. If you want to abolish things like welfare, public housing, medical assistance, etc. then sure. The majority of American citizens don't seem to want to repeal those programs though. It is not unconstitutional or illegal either. Amendment 16 was properly ratified and is legal. The Pollock case was repealed. The claim it is illegal is oft used and just as oft debunked.

As for number 5, I have already pointed out that there is no cycle of debt as the surplus is paid creating no debt cycle. You're being disingenuous at best and at worst you're outright lying.

Quote:
Originally Posted by http://www.federalreserve.gov/boarddocs/rptcongress/annual07/sec6/c3.htm
The Board of Governors requires the Reserve Banks to transfer excess earnings to the U.S. Treasury as interest on Federal Reserve notes, after providing for the costs of operations, payment of dividends, and reservation of an amount necessary to equate surplus with capital paid-in. This amount is reported as "Payments to U.S. Treasury as interest on Federal Reserve notes" in the Statements of Income and Comprehensive Income and is reported as a liability, or as an asset if overpaid during the year, in the Statements of Condition. Weekly payments to the U.S. Treasury may vary significantly.

In the event of losses or an increase in capital paid-in at a Reserve Bank, payments to the U.S. Treasury are suspended and earnings are retained until the surplus is equal to the capital paid-in.

In the event of a decrease in capital paid-in, the excess surplus, after equating capital paid-in and surplus at December 31, is distributed to the U.S. Treasury in the following year.
The rest you are spot on. I don't do drugs myself but the revenue is just wasted and if properly regulated it would actually be a boon to the economy.

An efficient and properly run public transit system is sorely needed. The problem with your plan is that cutting the income tax leaves what revenue (which the government already doesn't have, though the bailouts would have been a good start up capital) to pay for such a system and sustain it?
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