ABOLISH THE FEDERAL INCOME TAX

Monday, April 18, 2011
By Paul Martin

By Attorney Jonathan Emord
April 18, 2011
NewsWithViews.com

Outlays for President Obama’s federal stimulus programs (to make work) are slated to exceed $787 billion. The money goes to finance government jobs in education, housing, health care, law enforcement, the arts, Americorp, highway construction, public transit, environmental and water projects, and energy projects. Once the funds are expended the jobs will disappear unless next year another stimulus package is passed, adding to the national debt. In short, the make work jobs cannot compare with private sector employment because they neither create sustainable wealth nor provide for long-term employment. They are dead end investments. Economic recovery is largely unaffected by the stimulus programs. The best way for the economy to recover is for those who earn wealth to retain it rather than pay it to the government for redistribution to the politically favored. Retention of wealth will ensure that funds are spent in direct response to consumer demand for goods and investments, bringing about a true economic recovery, sustained economic growth, and a massive increase in employment. Feed government and you will grow an anemic economy. Allow the private sector to feed itself and you will grow an ever expanding economy capable of lifting the standard of living to new heights. Obama’s planned economy rests on deprivation of individual liberty, while tax reform that seeks to ensure that Americans retain wealth rests on maximization of individual liberty. If given freedom, taxpayers will succeed in transforming the American marketplace into one of wealth that benefits all Americans.

2010 tax revenues to the federal government will equal approximately $2.5 trillion, of which $1.08 trillion comes from the individual income tax. The federal government derives revenues from income taxes, payroll taxes (including social security taxes), corporate income taxes, excise taxes, estate and gift taxes, remittances from the Federal Reserve, customs duties, and miscellaneous fees and fines. While government receipts for 2010 are $2.5 trillion, the Obama Administration has caused it to spend $3.456 trillion in that year, adding approximately $1 trillion dollars to the nation’s $14 trillion national debt.

Median household income in the United States is about $50,000 for 2010.

The typical taxpayer will pay about $12,500 in income taxes in 2010. Imagine what would happen if the federal government discontinued collecting income taxes this April 15. Imagine if the typical American taxpayer retained, rather than paid to the government, $12,500 each year.

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