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| *Loan,banking and credit>>>income tax |
Are we truly capable of paying "income taxes?"? |
Since the "money" we receive is a Federal Reserve Note (which is nothing more than a promissory note), how is it that this promissory note pays income tax? Some food for thought on this is if you go the United States Treasury FAQ page, you will find that the United States Treasury says that a Federal Reserve Note is good for nothing more than what it will buy in the economy. Furthermore, they say that Federal Reserve Notes are only backed by the goods in the economy. So with that in mind, do we really pay income taxes or are we just paying off our national debt with promissory notes? Exactly. That's the reason why we truly need the gold standard back. Everything we do is 'promissory and based on premise'. As a long as I can use and they can accept it, I'm not too worried about it. Edit: You are correct. We use promissory notes to pay off debt. However, I wouldn't say it's like an IOU with your buddy. It is legally binding in the case of the government. If we do run deficits, we sell bonds and pay interest on it. It's not like we go to another country and ask for our money back. Our credit is quite good. If you're getting at it being a problem that it's "promissory", I wouldn't be too worried since the government knows better than to do anything to cause lost confidence in our currency. |
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