Income tax and national debt

[Gump9005]

I know he wants to get rid of the Federal income tax. What I'm wondering is how much of the total revenue that the government gets each year is from the income tax. I've searched all over and can't find it.


The other thing that is more complex is if we get rid of the income tax, will we still be able to get out of the national debt we are in?

More basic is this: Will cutting the income tax and many federal programs/wars be better for paying down the national debt than keeping the income tax and continuing all the federal programs/wars?

 

[Chester Copperpot]

I know he wants to get rid of the Federal income tax. What I'm wondering is how much of the total revenue that the government gets each year is from the income tax. I've searched all over and can't find it.


The other thing that is more complex is if we get rid of the income tax, will we still be able to get out of the national debt we are in?

More basic is this: Will cutting the income tax and many federal programs/wars be better for paying down the national debt than keeping the income tax and continuing all the federal programs/wars?

The income tax represents around 40%.. IF you got rid of it youd have the same revenue as arounbd 10 years ago.

In order to get out of debt we have to change the money system. Right now under the federal reserve system it is quite impossible to get out of debt. well, virtually impossible.

 

[Gump9005]

If anyone has a link to the source of that 40% number I would appreciate it.

 

[MikeSmith]

Paul isn't going to be able to completely eliminate the income tax during his presidency. I've heard him state that no one president could. The fact that he isn't willing to stiff people who have paid into social security or dismantle medicare make it entirely impossible. He will get taxes as low as he can, allow young people to opt out of social security, and either pay down the debt or, at the very least, keep a balanced budget. He would not allow us to get further into debt.

 

[Eponym_mi]

Even if RP is unable to eliminate the income tax entirely during his presidency, his foreign policy would save trillions of dollars over that time and that money could be applied toward debt reduction.

 

[Brutus]

We've seen that any money saved doesn't go towards debt reductions, it goes towards new programs (Prescription drugs and further socialization of medicine) which more directly benefit the voters the politicians are buying off. That is why none of these other bozos running for office can be trusted. If they DO cut the military budget they'll just shift the damage elsewhere and hurt us in a different way.

Dr. Paul really is unique in that you can believe him that he'll not create new debt monsters and do all in his power to stop others from doing so. Even Ronald Reagan <those inclined may bow now> didn't expend much effort at that.

 

[Truth Warrior]

Every dollar of individual income tax collected west of the Mississippi River goes ONLY to pay the on the annual INTEREST on the national debt.

 

[Chester Copperpot]

Every dollar of individual income tax collected west of the Mississippi River goes ONLY to pay the on the annual INTEREST on the national debt.

Its more like ALL individual income tax from the entire country

 

[RustyBrewster]

If anyone has a link to the source of that 40% number I would appreciate it.

http://www.gpoaccess.gov/eop/2006/2006_erp.pdf B-80, p377

 

[Jeremiah]

This is vital

Every dollar of individual income tax collected west of the Mississippi River goes ONLY to pay the on the annual INTEREST on the national debt.

I believe this is the most important information that voters need to have:

1. They need to know how much revenue the Federal Income Tax actually generates.

2. They need to know how much interest is being paid by the government on the national debt and how much that bill increases every MONTH as the Federal Reserve continues to lend the government money created out of thin air.

3. They need to know how much of the national debt is now held by member banks of the Federal Reserve System and the banks who own the Federal Reserve System.

This will identify clearly who is actually benefiting from the multi-generational scam perpetrated by the Federal Reserve. It is not enough to finger the Chinese and the Japanese for buying T-Bills, T-Notes and T-Bonds. Those are cheap political shots and unworthy of Dr. Paul. Whatever happened to friendship and trade with all, entangling alliances with none? How do you make friends with nations that you malign by blaming them for lending you money? These countries bought the debt after selling us real goods and accepted this fiat paper created by the Fed with interest paid by the American taxpayer. The Fed banks, commercial and investment banks, receive interest on debt money they lent but did not earn. They just created it out of thin air. The government did NOT create the money, the Fed did. Let's put the blame where it belongs. The public must be informed of this racket.

The first step must be to take back the currency issuance authority from the Fed and place it with the Treasury. This will be an interim step on the way back to a gold standard. There is a model Monetary Reform Act here: http://www.themoneymasters.com/mra.htmwebsite.

Then all the debt can be paid off with newly minted United States Notes (mostly digitised) which will move it from M3 into M1 and the banking system moved to full reserve banking within one year. This will immediately erase all the interest obligations of the United States government and at least one of the reasons to have a Federal Income Tax. When the American public know the whole truth about the Fed scam they will understand fully the need for reform and indeed demand it. This will make the passage of the Liberty Amendment introduced by Congressman Ron Paul in 1998 very easy. Check it out: http://www.house.gov/paul/press/press98/pr042898liberty.htm

Another major saving in government spending will be the repatriation of the American troops policing the American Empire. The Medicare, Medicaid and Social Security "entitlement" programs must transition from full dependency to zero dependency on Federal government spending in such a way as to protect those who are dependent on them. This will be much simpler when the Federal Treasury has complete authority to issue the currency without incurring debt.

 

[VIDEODROME]

Yeah it seems to me Paul's greatest infuence will be his power as Commander in Chief to redirect the military and work with the generals to bring our troops home. I don't think Congress is an obstacle to that.

 

[TSOL]

I believe this chart shows:

http://www.heritage.org/research/features/BudgetChartBook/charts_R/r4.cfm

That in 2006, Federal Indivual Income Tax was a staggering 43% of the Federal Budget with Corporate Tax coming in at 15%. (I'm a business owner, and it pisses me off)

They alsp use the Social Security Money we put in as 35% of their budget.

-

 

[Jeremiah]

The Real Revolution is still to come.

Yeah it seems to me Paul's greatest infuence will be his power as Commander in Chief to redirect the military and work with the generals to bring our troops home. I don't think Congress is an obstacle to that.

This is true as far as his authority as President is concerned and therefore what he can do immediately. However as I noted in my other post, if he exposes the Federal Reserve scam, with an accounting of all the money they have stolen from the American public since 1913, he will have complete authority from the People to pass the Liberty Amendment, end the Fed and the income tax and repeal ALL Acts of Congress and Treaties, foreign and domestic, that do not conform with the Constitution. Any Representative or Senator who opposed him would lose their seat at the next election.

Today people will say you are a conspiracy nut for believing this, but when the President exposes it, root and branch, how long do you think the whole rotten system will last?

 

[Feelgood]

Mike Smith, you are completely wrong. Please do not post about things you dont seem to know anything about. It really isnt helpful. And with as few a post as you have, youll quickly be dismissed as a troll. FYI...

Gump9005, these questions have been answered by me and others here on the forums in GREAT detail with links provided, at least a million times now. Please spend a little more time searching the forums and youll find your answers.

 

[dehydratedwater]

I believe this chart shows:

That in 2006, Federal Indivual Income Tax was a staggering 43% of the Federal Budget with Corporate Tax coming in at 15%. (I'm a business owner, and it pisses me off)

They alsp use the Social Security Money we put in as 35% of their budget.

-

Damn. So where does all this money collected is spent on. Is there a connection showing how much income tax is used to manage our overseas empire ? if someone can find this out, it would be quite an informative handout to give out while canvassing too!

 

[qh4dotcom]

Question

The income tax represents around 40%.. IF you got rid of it youd have the same revenue as arounbd 10 years ago.

In order to get out of debt we have to change the money system. Right now under the federal reserve system it is quite impossible to get out of debt. well, virtually impossible.

Where does the other 60% of government revenue come from?

 

[areyou4real]

Receipts for fiscal year 2007 were $2,407 billion. FY2007 on-budget receipts were $1,798 billion. FY2007 off-budget receipts were $608 billion. Off-budget receipts include Social Security and Medicare payroll taxes, as well as the net profit or loss of the U.S. Postal Service.

$1,163 billion - Individual income tax
$869.6 billion - Social Security and other payroll taxes
$370.2 billion - Corporate income tax
$65.1 billion - Excise taxes
$26.0 billion - Customs duties
$26.0 billion - Estate and gift taxes
$47.2 billion - Other

http://en.wikipedia.org/wiki/United_States_federal_budget,_2007

Over $429 billion spent on interest payments for the $9.1 trillion national debt in 2007. Disgusting!

http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm

 

[AceNZ]

Have a look at this thread for a discussion of the numbers:

http://www.ronpaulforums.com/showthread.php?t=76545


First, the Revenue: $2.5671 trillion

* $1,163 billion - Individual income tax
* $869.6 billion - Social Security and other payroll taxes
* $370.2 billion - Corporate income tax
* $65.1 billion - Excise taxes
* $26.0 billion - Customs duties
* $26.0 billion - Estate and gift taxes
* $47.2 billion - Other

Now the expenditures: $2.8874 trillion total

* $586.1 billion (+7.0%) - Social Security
* $548.8 billion (+9.0%) - Defense[2]
* $394.5 billion (+12.4%) - Medicare
* $367.0 billion (+2.0%) - Unemployment and welfare
* $276.4 billion (+2.9%) - Medicaid and other health related
* $243.7 billion (+13.4%) - Interest on debt
* $89.9 billion (+1.3%) - Education and training
* $76.9 billion (+8.1%) - Transportation
* $72.6 billion (+5.8%) - Veterans' benefits
* $43.5 billion (+9.2%) - Administration of justice
* $33.1 billion (+5.7%) - Natural resources and environment
* $32.5 billion (+15.4%) - Foreign affairs
* $27.0 billion (+3.7%) - Agriculture
* $26.8 billion (+28.7%) - Community and regional development
* $25.0 billion (+4.0%) - Science and technology
* $23.5 billion (+0.0%) - Energy
* $20.1 billion (+11.4%) - General government

 

[meemes]

Income Tax, the Federal Reserve and Links

duplicate

 

[meemes]

Income Tax, the Federal Reserve and Links

The MSM is trying to block out Dr. Paul’s message because they are afraid of him. The good doctor is merely a very intelligent man speaking the truth! Why wouldn’t all US citizens including all the MSM talking heads prefer to have the IRS abolished and take home 100% of their paychecks?! The reason that they might object is simple … if the income tax were to be cancelled it would most likely be replaced be something like a tax on the sale of luxury items. In other words, a tax on the purchase of things that most common citizens cannot afford but people with bigger salaries like the TH’s can. Think yachts, 6 carat diamond rings, etc, etc.

Also, how many of these talking heads have friends or family members becoming disabled or dying in Iraq or Afghanistan?! Are these “wars on terror” just reruns of Viet Nam?! Senseless battles where those who are financially fortunate can spare their loved ones from going into combat? I’m sure that Sean Hannity’s kids will never see the front lines.

Anyway, if Dr. Paul was just some joker who had no chance there would be no need for anyone to attempt to discredit him or edit him out of broadcasts of debates etc. His supporters will not give up now! There is way too much to lose!

It is very important to understand exactly the issues that Ron Paul is concerned about. They have been ignored by most citizens because in the past they were not aware and there have not been many in government willing to try to make a change. One who tried to get rid of the Federal Reserve was JFK and we know what his fate was:

http://www.john-f-kennedy.net/thefederalreserve.htm
(please note some info is outdated as the article was written in 1999)

Also reality sometimes can be heartbreaking. Who wants to hear that their hard efforts to work and have a nice retirement could be in vain? If something isn't done ASAP it won't matter how many US dollars anyone has because none of them will be worth anything. Please take a look:

http://www.talktoandre.com/Andre's Books.htm re: Thieves in the Temple