Sen. Paul Introduces Audit the Fed Bill

[Beazy]

A Congressman pushing a Congressional power grab? No way, you'd never expect that.

Congress has always had the power to coin money. . . its not even remotely close to a power grab in any way, shape or form.


I cant believe people actually applaud the Fed Reserve. I'm fucking speechless.

And to the guy who said we should go back to the gold standard. No. Not even Ron Paul wanted to back to a full gold standard because he knew that the fed would print the money it needed to buy it all back up again.

We need our fiat currency, we just need its quantity controlled by elected officials. Not foreign bankers who give away our earnings to banks across the pond and put us on the fucking tab.

[smelltheglove]

We need our fiat currency, we just need its quantity controlled by elected officials. Not foreign bankers who give away our earnings to banks across the pond and put us on the fucking tab.

while i understand your frustration, have you really thought this through? putting economic health into the hands of people with political agendas? we see how well that works with the budget and "fiscal cliff" crap. and which elected officials do you think are qualified to handle this?

[Beazy]

while i understand your frustration, have you really thought this through? putting economic health into the hands of people with political agendas? we see how well that works with the budget and "fiscal cliff" crap. and which elected officials do you think are qualified to handle this?

I 100% agree. My plan wouldnt be to abolish the fed overnight and just start electing democrats or republicans.

We need so much reform of our bloated government before we can even start to fix our monetary issues.

For starters, each state needs to charter a state bank, with local elected managers. These banks can make state infrastructure loans at 1 to 0 % and help local economies flourish. Think it wont work? Its worked for over 100 years in the state of North Dakota. The bank of ND is amazing, and i suggest anyone looking for a real monetary solution to check it out. Also read the book "No More National Debt" by Bill Still. Great read. If your not a fan of reading, watch "The Secret Of OZ" by Bill Still, covering most of the book I mentioned above.

[Buckwald]

Not to mention that Rand Paul is fucking looney.

You might be thinking of his father. Who views are far more extreme than his.

[lavafoxx]

Pfft, i'd rather have something that both replaces federal income taxes including personal, estate, gift, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes with a single flat consumption tax and the 16th amendment removed.

bye bye IRS.

You might be thinking of his father. Who views are far more extreme than his.

that is true, but many of his ideas are something the USA needs right now.

[Beazy]

Pfft, i'd rather have something that both replaces federal income taxes including personal, estate, gift, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes with a single flat consumption tax and the 16th amendment removed.

bye bye IRS.

ShhHHhhH, its not a good idea to talk about cutting government jobs on an, almost, 100% democratic message board.

[Reeve]

Pfft, i'd rather have something that both replaces federal income taxes including personal, estate, gift, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes with a single flat consumption tax and the 16th amendment removed.

bye bye IRS.




that is true, but many of his ideas are something the USA needs right now.

Right. A single flat consumption tax. That's a good way to get money moving in our economy. That's not going to impoverish the poor at all. /sarcasm

[Buckwald]

Right. A single flat consumption tax. That's a good way to get money moving in our economy. That's not going to impoverish the poor at all. /sarcasm

50% (roughly) of Americans wage earners don't even pay income tax. A flat tax wouldn't effect those who currently do not pay income tax. But, what should happen is, instead of a 6.45% tax (which is capped at $110,000) for SS and then a 1.20% tax for medicare, they should make a standard (let's say) 10% tax for all income that goes to OSDI.

[lavafoxx]

Right. A single flat consumption tax. That's a good way to get money moving in our economy. That's not going to impoverish the poor at all. /sarcasm

Guess you'd have to implement something that like a single-rate, federal retail sales tax that is collected only once, at the final point of purchase of new goods and services for personal consumption. while used items and Business-to-business purchases for the production of goods and services are not taxed. while sending a "prebate" check to every United states resident to cover the things that are nontaxable, effectively untaxing those that live at or below the poverty line

[Reeve]

50% (roughly) of Americans wage earners don't even pay income tax. A flat tax wouldn't effect those who currently do not pay income tax. But, what should happen is, instead of a 6.45% tax (which is capped at $110,000) for SS and then a 1.20% tax for medicare, they should make a standard (let's say) 10% tax for all income that goes to OSDI.

The person I was quoting wanted a consumption tax, which is something entirely different.

[Garnier Fructis]

Oh god, the last thing we need is Congressional Oversight of monetary policy.

I'm with Reeve on this one.

[Reeve]

Guess you'd have to implement something that like a single-rate, federal retail sales tax that is collected only once, at the final point of purchase of new goods and services for personal consumption. while used items and Business-to-business purchases for the production of goods and services are not taxed. while sending a "prebate" check to every United states resident to cover the things that are nontaxable, effectively untaxing those that live at or below the poverty line

OK, so you've covered certain necessities as "nontaxable." Now that you've gotten rid of income taxes, capital gains taxes, estate taxes, etc. though, the incentive is to hold onto money instead of spending it. In fact, because you now have a large consumption tax, you're actively disincentivizing the spending of money. Since the movement of money is what generates value in an economy, you've just thrown the whole US into a massive recession, or possibly depression.

[Buckwald]

The person I was quoting wanted a consumption tax, which is something entirely different.

I know. But if you added/adjusted a consumption tax and then adjust the others (which usually happens), there isn't much of a see-able change. Sorry I didn't make that clear.

[ScottsdaleHokie]

Money auditing the Federal Reserve would be better spent forcing all the money out of those offshore bank accounts of the rich and back into the tax revenue stream. Imagine what you could do with hundreds of billions of dollars in tax revenue that is tied up in international accounts but should rightfully be taxed by the American government?

Waste it on some other worthless federal project. Kinda like what they are doing today?

When are you guys going to figure out that it doesn't matter how much the federal government brings in, they are always going to spend exponentially more?

[lavafoxx]

because you now have a large consumption tax.

actually, it'd only be 23%.

The income tax bracket most people fall into is 15 percent, and all wage earners pay 7.65 percent in payroll taxes. That’s 23 percent right there, without taking into account the 7.65 percent employer matching, On top of that, you have to add in the business taxes and associated compliance costs passed on to consumers in higher prices.

by the by, you have to take into account you'd get 100% of the money you'd make. remember, no income tax in this theory.

[This name sucks]

Would have preferred "abolish the Federal Reserve, and return the gold standard."

Won't be getting it.

Its about 40 years late to return to the gold standard.

[lavafoxx]

Its about 40 years late to return to the gold standard.

sadly I'll have to agree with ya.

[Dallan]

You might be thinking of his father. Who views are far more extreme than his.

No, they are both looney.

[Buckwald]

sadly I'll have to agree with ya.

And, unfortunately, I can't think of anything that would fix the fiat dollar.

[lavafoxx]

And, unfortunately, I can't think of anything that would fix the fiat dollar.

If we did, we wouldn't be on this silly little forum complaining about things would we? =3