Words and ideas bounce around inside minds in different ways. To Bentley, Title 26 establishes an excise tax on the use of Federal Reserve Notes (debt obligations). When you loan Federal Reserve credit (notes) to the bank, by endorsing your checks, the bank loans your credit onward, and the IRS taxes you for the privilege of being a state bank, ie, dealing in Federal Reserve securities. By demanding redemption of FRN's for lawful money, your transactions now avoid the excise tax, thus, no IRS, no duty to report income. For David, the question comes down to the SS tax, which is also an excise tax (not within the authority of the Constitution, but a contract with a corporation: the IRS), and which is also prescribed in Title 26, uses the same income reporting data to calculate the SS tax as it does to calculate the income tax. Line 69 of this year's Form 1040 is where you would ask for a refund of excess Social Security tax paid. If you notice your bank of your demand for lawful money, you can then file a Form 1040 and ask for a refund of all your income tax paid. You can also ask for a refund of all (or some of) your Social Security taxes paid. Any refund would have the effect of reducing your reportable income for SS purposes, ie, it would reduce the amount of income upon which you paid SS tax; this would have the effect of reducing your eventual SS benefits. By refunding all your SS taxes paid, you reduce your reportable income to zero for SS purposes, such that you are not accumulating the '40 quarters' of payments into SS required to qualify you for eventual benefits (which may not be much of a loss, seeing where the Fed's unpayable debts are headed).
Freed
ps edit: I am sure that the requirement for a SSN for a bank account is due to the desire by the IRS to track all income for (both) tax purposes. It is also a way to force everyone to file a return, in order to demand refund of taxes withheld. Since SS tax is withheld by 'employers', presumably the proper defense there is with the filing of the proper W-4, or refusal to file a W-4 (a W-8 would make you a non-resident alien, exempt from SS tax, ie, not a party to the SS contract). F
Last edited by Freed Gerdes; 03-27-13 at 09:14 PM.
Actually Freed, I've never even considered that it is an excise tax on the use of Federal Reserve notes. I don't believe a private sector employee is liable for any income tax anyway, (but the feds are: http://www.law.cornell.edu/uscode/text/4/111) regardless of what bucket it is put in. Only the employer is liable for income tax, (see attachment-Liberty for Dummies) and I believe that employer is the federal government. Income tax is being unconstitutionally applied to everyone when it should only apply to Federal employees.
Actually Freed, I don't establish an excise tax on the use of Federal Reserve notes. I don't believe a private sector employee is liable for any income tax, (but the feds are: http://www.law.cornell.edu/uscode/text/4/111) regardless of what bucket it is put in. Only the employer is liable for income tax, (see attachment-Liberty for Dummies) and I believe that employer is the federal government.
Reply With Quote