[NTBKtrader]

"The nation is broke (by 2014 the US won't be able to pay the interest on their loans), corporate tax credits will probably be eliminated and tax payments will increase for business entities and individuals...... Of course, that means inflation should be forthcoming because the feds will start printing more money."

Above is what I was told by a friend who has been in the IRS for a long time. Thoughts?

[aahala]

I agree the US is in poor shape and some of the actions you
mentioned may occur to some degree.

On the other hand, claims the US would soon go broke have
been made frequently and regularly since about 1790.

[gego]

Government spending is the main problem.

If the government taxes directly to fund its spending or prints money to purchasing power from you via this inflation of the currency, the problem of too much government does not go away.

What is really staring us in the face is that we cannot afford so much government, else the problem described in the thread would not exist. Government keeps spending and spending, promising and promising, but the desires of politicians to do so and the ability of the public to shoulder the burden do not match.

Of course this will not stop the public from demanding more and more from government because they think they are getting something for nothing.

[EnergyHog]

The US has been broke for awhile, that's why we need the global empire tax dollars we take in via reserve currency inflation.

Lose that reserve currency status and broke will look like a good day.

[coyote]

We could easily afford to pay for the size of the government, even our ridiculously costly military. What we can't afford is the massive interest payments we taxpayers make, through the government, to the big banks. The banks are getting obscenely fat on us through this interest, and the continual devaluation of our spending currency. If I thought a penny of my taxes went toward anything other than paying off the banks, I wouldn't get so pissed about paying them.

We shouldn't call ourselves 'taxpayers' any more. We're 'interestpayers.' New coyoteism for the day.

[NEOPO]

$this->bbcode_second_pass_quote('NTBKtrader', '"')The nation is broke (by 2014 the US won't be able to pay the interest on their loans), corporate tax credits will probably be eliminated and tax payments will increase for business entities and individuals...... Of course, that means inflation should be forthcoming because the feds will start printing more money."

Above is what I was told by a friend who has been in the IRS for a long time. Thoughts?

[americandream]

$this->bbcode_second_pass_quote('NTBKtrader', '"')The nation is broke (by 2014 the US won't be able to pay the interest on their loans), corporate tax credits will probably be eliminated and tax payments will increase for business entities and individuals...... Of course, that means inflation should be forthcoming because the feds will start printing more money."

Above is what I was told by a friend who has been in the IRS for a long time. Thoughts?

[JustinFrankl]

One of the few useful things I learned in grad school was that a business can be run indefinitely without showing profit. It cannot be run for long, however, without cash flow.

As long as the US can keep the "cash" flowing, it can be as broke as it wants. If necessary, to "resolve" debts or boost resources, it can turn to military intervention. Or propaganda. Or covert manipulation. I wouldn't be surprised if things like this have already happened.

Another useful thing I learned in academia, however, is that the party always ends, and you should plan accordingly.

[Tyler_JC]

$this->bbcode_second_pass_quote('NEOPO', '
')
1913 to 2014 - only took them 100 years to break it.
Please ask your friend if there is a law that requires us to pay federal income taxes on income obtained as a direct result of our own labor/work

[gg3]

Re. income taxes, don't even try to make a case that you don't have to pay. IRS will win. They always have. As a practical matter get a good accountant and take all the legal deductions you can get.

---

Re. the US going broke: The game works as long as growth continues. When we hit the limits to growth, the growth stops and the game stops. Think of a flywheel where the bearings seize up suddenly. Not pretty.

Look, anyone reading this board should know by now that the shit is about to hit the fan all over the place and it's time to start preparing for the collapse. No surprises there. Get land with a bunch of friends, get it paid off, invest heavily in tools particularly those that do not require petroleum fuels to operate, and learn how to grow your own food & go self-sufficient. Support your local law enforcement and court systems, support your local economy, become indispensible to your community-at-large, and then batten down the hatches. Prepare for the worst, hope for the best, and remember that what matters most in life are your relationships with the people around you.

[Kingcoal]

$this->bbcode_second_pass_quote('gg3', 'R')e. income taxes, don't even try to make a case that you don't have to pay. IRS will win. They always have. As a practical matter get a good accountant and take all the legal deductions you can get.

[NEOPO]

America Freedom to Fascism Authorized version

or for those with little or no time - the trailer:
Freedom to Fascism - trailer 4:21

I like Wiki yet it has limitations.
I think we were "bulldogged" just like we were with HR 6166.
Unless someone stands against these "laws" then these "laws" stand.
These laws usually turn to monolithic stone in the majority of peoples minds to the point where they may never question it.

The creation and continued existence of the Federal Reserve bank is a similar situation.
I am sure a case can be made that the fed is/was needed just like an income tax on pretty much everything we do...........as is the will of tyrants.