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I don't understand your core mechanism. As you've described it, joe taxpayer pays, say, $600 in taxes to the IRS. The IRS gives that money to the federal rese
by ksherlock 1y ago
I don't understand your core mechanism. As you've described it, joe taxpayer pays, say, $600 in taxes to the IRS. The IRS gives that money to the federal reserve. The federal reserve runs their money printer and gives $2,700 back to joe taxpayer and $2,700 to the treasury. That's just inflation with extra steps. It would be interesting to see people clamoring to pay -more- taxes though.
- SDedu 1y agoKsherlock, thank you for your response but it’s not a tax! The 600 dollars is paid out from the employer then goes to the IRS/Fed who verify then the money (ADP) is used from a 1 - 9 (600 to 5400 which is split to 2700 dollars) which I know it not in Basel III or JPmorganChase or Citigroup but it’s the federal government! Then 50% of federal taxes for the worker will not be needed to be deducted but the Fed will just move the money over at the top! More money for everyone!