While we all happily pay our hard earned dollars to the Federal Government today I came upon this great article Tweeted by Economist @stephaniekelton this morning from January 1946:
It’s an interesting read written by Beardsley Ruml in 1946, who was the Chairman of the Federal Reserve Bank of New York. The gist of it is, there is no reason for the Fed to tax us for revenue because when they do they are merely taking money OUT of the economy that we could all be spending, especially now when we need it most! The ONLY reasons to tax are to use it as a means of stabilizing things like an overheated economy (when we all have too much money and are spending it like CRAZY), to prevent too high a concentration wealth (i.e.: what the inheritance tax is all about), and for various costs associated with certain businesses.
He even goes on to show that even corporate taxes don’t make sense as they end up causing: low wages, higher prices for goods (that sounds like inflation to me), double taxation, and of course modern-day things like offshore tax havens which result in massive amounts of money going OUT of our country, not staying in.
Here is the article:
You can download the whole PDF over at The Constitution.Org website.