76% of ALL Personal Income Tax Goes to Servicing the $34 trillion National Debt
76% of all personal income tax last month went to servicing the $34 trillion national debt.
Who in their right mind would vote for this?
And Kamala is campaigning on more insane, communist spending.
76% of all personal income tax last month went to servicing the $34 trillion national debt.
Who in their right mind would vote for this?
WATCH: 76% of ALL Personal Income Tax Goes to Servicing the $34 trillion National Debt
AUTHOR
Pamela Geller
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EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.
A financier elite embroils us in all manner of disastrous conflicts domestically and worldwide, all the while debasing our currency and living high on the hog off the so-called interest on credit they create ex nihilo!
We must stop flailing away at the branches and strike at the root! The current model of banking and currency is based on the Bank of England model, founded in 1694. Benjamin Franklin stated that the main reason for the American Revolutionary War was the insistence by George III that the American colonies accept Bank of England banknotes, which were issued as promissory notes, rather than use the increasingly successful American fiat script, issued by the colonies in the CORRECT quantity and not bearing debt! We must be prepared for a new monetary system, an honest one, when our present debt-based banking cartel collapses. Kindly read and critique this proposed Constitutional Amendment. But first, a little background…
Here is one possible solution—-To Hell with Fractional-Reserve Debt-Based Banking Constitutional Amendment
(1) Rescind the Federal Reserve Act of 1913 and rename existing Federal Reserve notes and check book balances, in all U.S. banking and credit-creating institutions as well as foreign holdings of dollars, on a 1-to-1 basis, as U.S. Treasury Dollars and U.S.Treasury-Denominated bank balances. All currently existing financial contracts of the Federal Reserve Banking System, including United States Treasury Bills, Notes, Bonds, and Inflation-Protected Securities, remain in effect.
(2) Henceforward, ex nihilo credit creation by banking and financial institutions in the United States is prohibited. Loans are required to originate from previous savings of U.S. Treasury Dollars and U.S. Treasury-Denominated bank balances from accounts only authorized by account holders for lending purposes. Each loan is held in and paid from a specified, sequestered loan account by the various financial institutions, with interest charges and term limits for each loan to be determined solely by the bank management and the contracting party. Non-cash reserves held in the regional Federal Reserve Banks in accounts of the member institutions of the Federal Reserve System no longer form the basis for credit creation and are extinguished via accounting erasure. Any further payments of principal and interest on currently-existing promissory notes owned by any bank are required to be distributed to holders of savings accounts and checking accounts in that bank in a manner to be determined by each bank, such procedures to be transparent to savings or checking account holders at that bank in terms of amount and frequency of payment. Regional Federal Reserve Banks continue to provide check-clearing operations for the member banks.
(3) Monetary transactions of the regional Federal Reserve banks or of its member banks with international banks, including the Bank of International Settlements and the International Monetary Fund, can not include ex nihilo credit creation.
(4) The U.S. Treasury supplies Treasury Dollars as needed to any member bank of the Federal Reserve system to satisfy demands for cash by deposit and savings account holders in excess of cash reserves held by banks at the time of enactment of this amendment.
(5) Fund the U.S. government and its agencies and projects directly via Treasury Dollars authorized by the Congress in its yearly federal budget. The borrowing of money from the Federal Reserve system of banks or from other institutions or individuals to pay for federal government expenditures is prohibited. All outstanding Treasury Securities are henceforward redeemed on demand via payment with U.S. Treasury Dollars.
(6) Abolish the Federal Income Tax on individuals, corporations, and business enterprises while maintaining a social security tax on individual incomes. Social security retirement revenues are strictly sequestered in Federal Government Retirement Accounts held by the U.S. Treasury and managed by the Social Security Administration. The Sixteenth Amendment to the U.S. Constitution is hereby rescinded and the Internal Revenue Service disbanded.
(7) Institute a federal sales tax with a varying yearly tax rate adjusted by the U.S. Congress in session, the sole aim of such adjustments being to maintain a stable or decreasing Consumer Price Index based on data collected by the Federal Government. Any such federal sales taxes taken in by the Federal Government are extinguished from the currency supply to keep the Consumer Price Index stable or decreasing and are not utilized for further funding.
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