The Federal Reserve System is a private, for profit corporation which operates independently of our Federal Government. Over the past 111 years it has enriched the wealthy private owners beyond imagination by loaning money to the government at interest. This loan is paid back at the expense of the American citizens with an unconstitutional income tax, among other taxes. The Federal Reserve literally creates money out of thin air, called counterfeiting, which you or I would be sentenced to prison for but the government allows the FED to do. See the tax history below where the 16th Amendment just happens to coincide with the passage of the Federal Reserve Act.
- 1862: The U.S. government initiates a progressive federal income tax to offset Civil War expenses. It levies a 3 percent tax on incomes between $600 and $10,000 and 5 percent on incomes over $10,000.
- 1872: The tax is repealed.
- 1894: Federal income tax makes a short-lived comeback, but is ruled unconstitutional the very next year.
- 1913: The federal income tax resurfaces with the 16th Amendment to the Constitution, giving Congress legal authority to tax income.
- 1943: The Current Tax Payment Act is signed into law. It is designed to make income tax collection easier. The act requires employers to withhold federal income tax from an employee’s paycheck each pay period and send the payment directly to the IRS on behalf of the employee—a practice that remains today.
- 1953: The former federal Bureau of Internal Revenue is renamed the Internal Revenue Service we still know today.
- 1975: The Tax Reduction Act of 1975 creates the earned income tax credit. It reduces the tax burden on low- to moderate-income workers, particularly those with children.
Our Federal Government can print its own money, without interest, as has been done in the past. We not only do not need the Federal Reserve, who is neither federal nor holds any reserves. We will never have a chance at a healthy and thriving country again if they are not dismantled and abolished.
Watch this full documentary of the truth on how the Federal Reserve can to be: https://www.youtube.com/watch?v=mDlnM481Gcg