Posted on 03/24/2025 7:30:35 AM PDT by delta7
Good news for the people of Mississippi—lawmakers have finally removed the state income tax. Mississippi is now joins Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Washington, Texas, and Wyoming in eliminating this excessive and predatory taxation practice.
The first income tax was created in 1861 during the Civil War as a mechanism to finance the war effort. In addition, Congress passed the Internal Revenue Act in 1862, which created the Bureau of Internal Revenue, an eventual predecessor to the IRS. The Bureau of Internal Revenue placed excise taxes on everything from tobacco to jewelry. However, the income tax did not last and was not renewed in 1872. In the Springer v. United States 102 US 586 (1881), the Supreme Court upheld the income tax.
The origin of the current income tax on individuals is generally cited as the passage of the 16th Amendment, passed by Congress on July 2, 1909, and ratified February 3, 1913. It was on June 16, 1909, President William Howard Taft, in an address to the Sixty-first Congress, proposed a two percent federal income tax on corporations by way of an excise tax and a constitutional amendment to allow the previously enacted income tax.
Once this Marxist concept of direct taxation was created, then the government must know everything we do, track us for it assumes we all cheat and lie, and in the process, it is hunting money globally to the point that world economic growth has been declining.
Those against Mississippi eliminating the income tax are proponents of big government. They are concerned that the lost revenue will hurt the public sector and low-income residents will be disproportionately burdened as other taxes are likely to rise. Yet, eliminating the income tax will directly lead to Mississippians receiving a larger take-home pay. Businesses, especially small businesses, end up taking on this tax as is passed through from entities to the individual owner who is unable reinvest those funds into his or her company. Businesses will now have the ability to become more competitive and attract a more desirable workforce.
The state has until 2037 to determine how to manage its budget without robbing its citizens and punishing workers. Income tax will fall from 4% to 3% in 2027 and then will see a 0.3% reduction until it is eliminated entirely.
Income tax is a relic of failed economic policies that governments refuse to abandon because it gives them direct control over the wealth of the people. When you tax income, you reduce incentives to work, invest, and innovate.
Governments use the tax as a reason to continue perpetual spending that always leads to deficits. States do not need this tax to function. States need to operate within their means to function without punishing the people for fiscal mismanagement.
Your Armstrong Derangement Syndrome is showing again.
The hate for Armstrong by Bitccoiners derives from his ECM models showing not a bright future for them. Matters little, many more are following Armstrong’s Socrates forecasts…..
….I follow him as he reports many newsworthy events that MSM doesn’t report. His daily news is a must read….as Socrates tracks worldwide money movements, which often reveals many events before they occur.
Hell will freeze over before California eliminates the State Tax.
Those who don’t pay it anyway, illegals, et.al, will continue to vote for the likes of Gavin Newsom and his punishing tax policies.
Gas is about to go up in California another .65 cents/gallon - it’s already around $4.69/gallon, highest in the nation including Hawaii.
No wonder so many are fleeing California.
And new toll roads. Florida is great with not having income tax, but we more than make up for it.
“Your Armstrong Derangement Syndrome is showing again.”
I post a link to your video showcasing your predictions and you claim it shows my ADS?
Why don’t you want people to watch your videos?
“I follow him as he reports many newsworthy events that MSM doesn’t report.”
Like this recent one which was “unreported” by the MSM.
A SECRET STASH OF TSAR’S GOLD WORTH BILLIONS WAS FOUND IN AN OLD RAIL TUNNEL NEAR LAKE BAIKAL
Got suckered by fake story https://freerepublic.com/focus/news/4304515/posts?page=40#40
Sales tax would cover every “service” a municipality provides that is worth having. Much of the welfare would have to go but that is a feature not a bug. Perhaps a 30% sales tax would get people to stop voting for every moronic bond issue that shows up.
“I follow him as he reports many newsworthy events that MSM doesn’t report. His daily news is a must read….as Socrates tracks worldwide money movements, which often reveals many events before they occur.”
You have stated multiple times that you followed him for over two decades.
Eleven years of that were jail time?
Were you his cellmate?
Do recall you have been suspended and banned from FR times in the past. Have you learned anything at all?
What is the problem? In the post you replied to I gave your website a free bump.
States need to eliminate or massively curtail property taxes. So that people actually own there homes. That would be a more sensible goal than this.
In Puerto Rico it is extremely convoluted, but if you learn to game the system and take advantage of every loophole you can get your bills way down.
Thanks for that link!
Good read!
I notice that Preet “Preeck Bwahaha” Bharara was involved in the lawfare against Armstrong.
Armstrong: The only reason I was released because I got to the Supreme Court.
The truth: Supreme Court Refuses To Hear Armstrong Appeal
https://www.law360.com/articles/38764/supreme-court-refuses-to-hear-armstrong-appeal
What is your point. I don’t have a Bloomberg subscription.
In or about June and July
1999, ARMSTRONG represented to approximately 43
investors in their monthly statements that they held
investments in “Internet Venture Capital.” This
“Internet Venture Capital” ranged from approximately
$600,000 to approximately $20 million, and the
purported aggregate investment in “Internet Venture
Capital” was approximately $136 million.
As ARMSTRONG well knew, no
“Internet Venture Capital” investment was ever made
either using funds from these Noteholder Accounts,
nor from PEI funds on behalf of these Noteholders.
When investors with purported “Internet Venture
Capital” investments sought early redemption of their
Princeton Notes, ARMSTRONG falsely represented that
they could not receive the portion of their
investment in “Internet Venture Capital” because that
investment was illiquid.
Moreover, in order to perpetuate his
scheme, and have greater control over the marketing
and sale of Princeton Notes, ARMSTRONG, in or about
October 1995, purchased CFE, an Asia-based broker-
dealer. To generate the funds for this purchase,
ARMSTRONG looted approximately five different client
accounts. ARMSTRONG, without authorization from any
client, transferred from client accounts over $12
million to a PEI account at Republic Securities, and
then further transferred these funds to the previous
owners of CFE to complete the CFE purchase.
42. By in or about March 1999,
ARMSTRONG’s trading losses had depleted investor assets to such an extent that he was running out of
funds to maintain the Ponzi-like nature of his scheme
and to repay old investors whose Princeton Notes were
coming due. From in or about March 1999 through in
or about April 1999, ARMSTRONG effected a series of
transactions, which ARMSTRONG termed “Netting Out”
transactions, that he well knew were contrary to the
terms of the Princeton Notes, were a fraud upon his
investors, and which were designed to keep his
fraudulent scheme operating.
Pg 29
ARMSTRONG’s continued trading
resulted in substantial additional net losses from in
or about November 1998 through in or about August
1999 of approximately $67 million. Indeed,
ARMSTRONG’s recurring, massive trading losses caused
Rogers to remark that “a doofus flipping a . . . coin
every day” would have more success than ARMSTRONG.
In total, between in or about March 1995 and in or
about September 1999, ARMSTRONG’s trading on behalf of all of the Princeton Note-related accounts
resulted in net losses of more than approximately
$550 million.
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