Rubbish. Money is fungible. No income tax revenue, individual or corporate, is earmarked for any particulat purpose. It all goes into the U.S. Treasury general fund.
1040 taxes pay for interest on the national debt and for waste.
More rubbish. Usually the claim is that "individual income taxes are all eaten up by the interest on the national debt," which is an old tax protestor myth.
FY07 individual inoome tax receipts were about $1.17 trillion.
FY07 net interest on the national debt was about $239 billion, or less than than 25% of individual income tax receipts.
film produced by an award-winning Hollywood director
Russo's idiotic movie is a pile of recycled tax protester nonsense and garbage, suitable for viewing only if you want a few laughs.
Sounds like you lost the argument so much that you can’t argue it anymore other than to throw out insults.
Russo’s film is not idiotic as you will see this summer as it gets distributed. And he calls out the income tax receipts and explains how they get distributed. So your snipe gets nowhere.
Taxes are not ‘fungible’.
FICA taxes cannot be used for any other purpose than what it was intended. But the government can borrow from it which they do. However, they must make a ledger entry to show their borrowings, i.e. an IOU. Same with any other lawful tax.
Taxes are appropriated for defense and are matched by corporate taxes. They have always been matched by corporate taxes. Defense budgets are set and if there was no personal income tax, the government would get the funds from corporate taxes in the same manner they did before the personal income tax was snuck in and expanded.
Tax laws are always passed for a purpose. There is no law for the 1040 taxes. There are regulations but no law. So don’t go linking to regulations because that’s been done before and the person who did could not find the original law. In order for a law to exist a President must have signed it into law. No President signed the 1040 income tax into law.
You don’t like Russo because he is waking people up. You obviously have a tie in to the business and have an attitude towards those that are questioning the current monster. And your predecessors were clever to inch those personal income taxes up real slooooww like a frog brought to a slow boil. Personal income taxes started out voluntary, applied only to a few wealthy individuals at a very low rate and over the decades especially since the 1960s have mushroomed to soak the middle class. As long as they were small they were not bothersome but now the tax gorilla has grown from a cute baby to a dangerous silverback.
And with the so-call ‘Federal’ Reserve creating money out of thin air and causing inflation, people’s earnings get diluted, weakened and that is effectively a tax.
There are so many taxes in American society at so many strata that in order to get an estimate on the true tax rate, a group of academics have to be tasked to conduct a study and write a report.
There is no transparency and for good reason. If people could see the amount of embedded taxes they pay in all the products they buy, they would be complaining more than they do now.
It’s a shell game, a massive one.
And Russo never says don’t pay taxes. He merely wakes people up so they will listen to people that are going to reform this pig. And reform is coming that’s a fact because of demographic changes. You can’t snipe away all you want you’re just one tax guy against the nature of an aging population, and a society that thorws alot of unborn Americans into the abortion mill because they can’t afford a living, because of taxes and inflation.
And are you going to tell us inflation is low? Bread and milk maybe but what about housing? What about the rising property taxes on those inflated homes?
The American casino game has as it aim to get ahead of the IRS and the Federal reserve in terms of tax breaks and activities that best inflation. More than 90% of Americans lose at that game. A few get ahead and think they won.
One of those protestors was Ronald Reagan.