There seems to be a broad misunderstanding of our income tax system. Many argue that our nation could not function without the personal income tax revenue. Let’s break this down a little bit. Fuel tax that is built into the price at the pump pays for our roadways and infrastructure. Property taxes pay for the public school system, county government, roadways, etc. The federal corporate income tax pays for essential government services such as military, etc.
So, where does the personal income tax go? It all goes to the privately owned Federal Reserve. That’s right……a private, for-profit entity prints our currency and charges us for it. Sorry, they are not selling anymore shares of stock. We can go over inflation in a future column.
