Sep 27, 2006

The venerable Richard Russell on taxes and the FED

On average, one millionaire leaves France every day. They leave to escape France's onerous taxes. France has a wealth tax which comes in on top of income, capital gains, inheritance and social security taxes -- this can cause the tax bills of wealthy individuals to outstrip their income.

Two million affluent American households gain nothing from the Bush tax cuts. This is because they are ensnared by the Alternative Minimum Tax.

Offshore tax havens help the wealthy avoid paying between $40 billion and $70 billion in taxes each year. The IRS complains that an armada of professional advisors help the wealthy dodge taxes and the IRS is hard-presssed to keep up with their strategies.

Russell Comment --
The income tax is a product or a result of the central bank system
. If the US government issued its own money instead of issuing debt, there would be no need to tax its citizens. The Federal Reserve has caused the US to be loaded with debt. The Federal Reserve has been an unbelievable boon for bankers and a never-ending curse to US citizens. A curse? Yes, via inflation and taxes, both of which rob workers of the fruits of their labor.

If the above is true, how is it that the citizens of this great country put up with the Federal Reserve? Easy, very few people understand how money is created in this country, and that includes our law-makers in DC. Nothing remains more of a mystery to the average citizen than our central bank system. People complain about taxes, they complain about inflation, but they never move their butts to ask, "How does the system work? And who does it work for? And why doesn't the US government issue is own money, instead of issuing debt?

The cental bank system is the greatest fraud ever perpetrated on the American public. It was installed through the ignorance and laziness of Congress. And it exists through the ignorance of the US public. The rationale for the Federal Reserve is never even questioned. It's legitimacy has never been debated before the Supreme Court. It's establishment was never legitimized by a Constitutional amendment. Its existence is a disgrace and a curse upon the nation.

So in the end, maybe taxes and inflation are what we deserve. And when did you last question our money system, or, for that matter, our money?



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