Forum Post: Federal Reserve tax
Posted 13 years ago on Oct. 4, 2011, 9:38 a.m. EST by ZorkArgh
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Please do a little arithmetic. Go to www.federalreserve.gov and see how many dollars flow thru it each month. Ask yourself what percentage of that needs to be skimmed to pay the entire Federal budget, instead of using the tax code that favors the 1%. There is no way for the 1% to evade a tax on Federal Reserve transactions, and it would save every middle-class family a bundle. (Check your work: the answer is one-tenth of one percent. If you spend $50,000/year, your total annual tax would be $50, but then, you're not running a hedge fund...those are the ones who will get hit.)
I gripe about paying 27% tax, but handle it. What I refuse to accept are the citizens of wealth that pay the 1 to 2%. Why is it that they are not paying their fair share? I loose 27% of my less than 100,000 per year income, and they loose less than 2% on their OVER one million dollar income.... MATH: I pay $27,000 on less than 100,000 gross, they pay less than $20,000. on a million. How is that fair?
I have nothing against making money, lots of it. It is why we live in a capitalist state, but the government has failed to make it an equal opportunity for all. We are becoming surfs once again.
Economics lesson, if you have a debt based fiat currency, you cannot repay the debt or the money supply ceases to exist. Simple maths.
Right. We need new money that's controlled by and dedicated to a green economy: http://paulglover.org/1107.html
You need a money that cannot be controlled.
over taxation is not why I suffer
The National Debt can never be paid back.. see article below "" How to Make Money in America ""
except that you would have to pay your share of the fees that your bank would have to pay. Most bank to bank interactions somehow wind through the fed so you would have a new unintended fee. Sort of like the $5 ATM fee from BofA which was caused by the Dodd-Frank Act limiting ATM transaction fees.
That's one interpretation. It's likely, however, that if BoA wasn't giving million-dollar bonuses AND making poor investments in failing mortgage companies, they would not be passing on the $5 fee to consumers.
Anyway, I found a bank that give me an interest-bearing account with the provision that I USE my debit card a certain number of times/month. BoA is only one model for doing things.