Paul J Chrisco

U.S. History of Money and Taxation

Creature from Jekyll Island

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Article I U.S. Constitution – Congressional Duties and Powers

Section 8:

“To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;”

Congress was specifically tasked with Money creation and to hold it to precious metals to secure its value.

1oz of gold was worth $20 in 1913 through to the 1970s when President Nixon was forced to take us off the Gold Standard. It shot up to about $100 when he did this.

Taxation in the U.S. Prior to the Federal Reserve Act of 1913

-Cities, Counties, and States were fully funded from Sales Taxes and Bonds with surpluses generated.

-The Federal Government was fully funded from Tariffs on imports and U.S. Treasury Bonds with surpluses generated.

-There was NO forced income tax!

-The United States of America was the most powerful and richest county in the WORLD!

The Effects of The IRS and Income Taxes

Once money creation was turned over to a Privately held and controlled cartel of international bankers, interest was suddenly tacked onto money created out of thin air. In today’s costs, it costs 13cents to print a $100 bill. That is 13/100 of 1%!

Yet the Federal Reserve Rate sets the interest rate on currency created out of thin air and loaned to the Government or to the lower level banks who lend it out to We The People.

They are literally charging us interest on currency created out of thin air with no intrinsic value! That sure sounds like Fraud to me! Fraud vitiates everything after said fraud! i.e. The Debt created is born out of fraud, so it is fraudulent!

Income taxes rob the Cities, Counties, and States of Sales Tax, as people have about 40% less of the money they EARNED through their hard work. Less money in your pocket, means you save and spend less money.

This forced the States to also collect income taxes.

This also forced the Counties to charge Property Taxes.

Money In – Money Out = Net Income/Debt!

Effect of Eliminating the IRS and Income Taxes

There are short term and long term effects. An economist is better as explaining these than I am, but I will give you a brief run down on the long term. The short term effects will last about 1 year as I understand it.

Long Term: People have over 50% of their income in their pockets. They will save, invest, and spend this money. All of these activities drive the economy to grow organically through growth in GDP. This creates small businesses, jobs, industries, opportunities, and ultimately generational wealth.

Based upon my research, we would be 1 generation out from Americans having the generational wealth for their grandchildren to never run out of money!

Generational Wealth

It was not uncommon for immigrants to immigrate to America and their kids be gifted a home PAID FOR by their parents or grandparents as a wedding gift. They started out in life with a home free and clear of a mortgage as they begin their careers, lives, and raising a family.

By the time the grandchildren of the immigrants got married, their parents were very wealthy. Their grandchildren received college educations and were encouraged to study hard and work hard in school to receive scholarships or even the opportunity to attend the Ivy League Universities! They didn’t have student loans or student loan debt!